Vitamin & Mineral Supplements Market Share Expected to Grow at a CAGR over 6% from 2022 to 2030

March 2022, Market Research Future has published a Report on the Global Vitamin & Mineral Supplements Market.

Vitamin & Mineral Supplements Market Highlights

Global Vitamin & Mineral Supplements Market is estimated to be valued at USD 195 Billion by 2030, registering a CAGR of 6% during the forecast period. The global vitamin & mineral supplements market is expected to register a notable growth rate during the forecast period. Increasing consumer awareness regarding the importance of preventive healthcare and untapped markets in developing countries are driving the market growth. Moreover, the expansion of the organized retail sector in developing economies offer growth opportunities for manufacturers. However, the side effects associated with the overconsumption of these supplements are restraining the growth of the vitamin & mineral supplements market.

Asia-Pacific constituted a dominant share of the global vitamin & mineral supplements market in 2021. The regional market is expected to exhibit a CAGR of 7.32% during the review period. The expansion of product portfolios by key manufacturers is a significant factor for the growth of the vitamin & mineral supplements market in Asia-Pacific. Moreover, increasing per capita disposable income of the consumers is also anticipated to act as a major factor in the growth of the Asia-Pacific vitamin & mineral supplements market. China accounted for the major market share in the Asia-Pacific region in 2018 and estimated to retain its dominance throughout the forecast period. North America accounted for a significant market share of the global vitamin & mineral supplements market in 2018 and projected to register a CAGR of 6.17% during the forecast period. The US accounted for a major market share of 84.91% of the North American vitamin & mineral supplements market in 2018 and estimated to retain its dominance throughout the forecast period. Europe accounted for a decent market share in 2018 and expected to expand at an above-average growth rate during the forecast period.

Segmental Analysis

The global vitamin & mineral supplements market has been segmented on the basis of type, end user, distribution channel, and region.

By type, the market has been divided into vitamin, mineral, and blends. The vitamin segment accounted for a major share of 78.50% of the global market and projected to record a CAGR of 6.65%. The geriatric population widely consumes vitamin supplements on a regular basis to address a variety of health problems. Vitamin supplements are available in tablet and capsule forms; however, lately, the demand for gummy supplements has increased, especially for children. The vitamin segment is further divided into vitamin B, vitamin C, vitamin D, multivitamins, and others. The mineral segment is bifurcated into calcium, magnesium, iron, zinc, multi-minerals, and others. However, the blends segment is projected to record the highest CAGR of 7.57% during the forecast period. The demand for blends has increased over the last few years mainly due to the multiple health benefits offered by the combination of two or more vitamins and minerals. Moreover, the availability of vitamin and mineral blends is exceptionally high in both developed and developing economies.

By end user, the market has been divided into men, women, and unisex. The unisex segment accounted for a significant market share of 64.37% in 2018 and it is estimated to retain its dominance throughout the forecast period. However, the women segment is projected to register the highest CAGR during the forecast period.

By distribution channel, the market has been bifurcated into store-based and non-store-based. The store-based distribution channel is estimated to retain its dominance throughout the forecast period. However, the non-store-based segment is projected to witness a higher growth rate during the forecast period. E-commerce channels help expedite this process so manufacturers may reach a wide consumer base. The various discounts and offers available on online shopping sites and services such as free delivery make non-store-based distribution channels the preferred choice among customers. Apart from that, the store-based distribution channel has been further divided into supermarkets & hypermarkets, specialty stores, and others.  

Regional Analysis

Geographically, the global vitamin & mineral supplements market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share in 2021. The market in Asia-Pacific is expected to register the highest CAGR of 5.92% during the forecast period. North America accounted for the second-largest market share in 2021.

Key Players

Market Research Future recognizes The Nature's Bounty Co. (US), Glanbia PLC (Ireland), Herbalife Nutrition Ltd. (US), Abbott Laboratories (US), Amway Corp (US), Bayer AG (Germany), GlaxoSmithKline plc (UK), Otsuka Holdings Co. (Japan), Nature's Way Products, LLC (US), and Nu Skin Enterprises, Inc. (US) as the Key Players in the Global Vitamin & Mineral Supplements Market.

Key Findings of the Study

• The Global Vitamin & Mineral Supplements Market is expected to register a growth rate of 6.70% from 2019 to 2025. Increasing geriatric population across the globe is anticipated to act as a major factor for the rising growth of vitamin & mineral supplements market.

• On the basis of type, the vitamin segment is expected to hold a dominant share of the market by 2025, registering a growth rate of 6.65%.

• The store-based segment accounted for the larger market share in 2018 and is expected to exhibit a CAGR of 6.55% during the forecast period.