Vitamin Supplements Market Set to Reach $115.5 Billion by 2034, Driven by 7.5% Annual Growth Rate | Fact.MR
Rockville, MD., July 02, 2024 (GLOBE NEWSWIRE) -- As per the latest industry report by Fact.MR, a market research and competitive intelligence provider, the global Vitamin Supplement Market size is calculated at $56 billion in 2024 and is expected to reach $115.5 billion by 2034, growing at a CAGR of 7.5% from 2024 to 2034.
Increasing focus on health and wellness among the population and growing concerns about nutritional deficiencies are pushing the sales of vitamin supplements. Vitamin supplements enhance the immune system’s stance and maintain metabolism. Vitamin supplements are available in tablets, gummies, capsules, powders, and softgels. Tablets are most widely consumed due to their easy availability in various formulations and dosage concentrations, besides being more affordable than other forms.
The increase in the aging population across the world is directly influencing the demand for vitamin supplements. Senior citizens are more prone to chronic disorders such as arthritis, diabetes, and cardiovascular diseases. Vitamins help support overall health and vitality. Vitamin D increases bone strength and gives relief from joint pain.
North America is the leading market for vitamin supplements. Extremely busy lifestyles of individuals and the rising popularity of fitness sports are contributing to the increasing consumption of vitamin supplements.
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Key Takeaways from the Market Study:
- The United States is expected to capture 44.5% of the North American market share in 2024.
- Sales of vitamin supplements in Japan are approximated at US$ 3.63 billion in 2024.
- The market for vitamin tablets is estimated at a value of US$ 20.63 billion in 2024.
- Offline distribution of vitamin supplements is projected to hold 68% of the global market share by 2034.
“Expanding herbal and organic trend will push global demand for plant-based vitamin supplements over the coming years,” says a Fact.MR analyst.
Leading Players Driving the Vitamin Supplements Market:
Key industry participants like American Health Formulations (AHF); Amway Corp.; Nature's Bounty Co.; Vital Proteins LLC; Good Health New Zealand; Healthy Life Pharma (P) Limited; FullWell; Garden of Life LLC; NOW Foods; Nordic Naturals; Olly PBC; Klean Athlete; Llama Naturals; Pharmavite; and RBK Nutraceuticals are driving the vitamin supplements industry.
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Vitamin supplement Industry News:
Vitamin supplement producers are focused on the manufacturing of customized solutions according to different genetic makeup and health needs. The personalized trend is expected to offer profitable opportunities for vitamin supplement manufacturers.
Key players in the vitamin supplements market are also investing in the development of innovative delivery formats. Vitamin gummies are gaining popularity worldwide and in the coming years the key providers are anticipated to earn high profits. Partnerships and collaborations with healthcare institutions and fitness influencers are also expected to boost the revenues of leading companies.
- In April 2024, Nature Made announced the launch of its Nature Made® Pickle-flavored multivitamin gummies.
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the global vitamin supplement market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on form (powder, tablets, capsules, soft gels, gummies), distribution channel (online, offline), type (vitamin A, vitamin B, vitamin C, vitamin D, vitamin E, vitamin K, multivitamin), end user (adults, geriatric), and application (food & beverages, pharmaceuticals, personal care, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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OTC Vitamins & Dietary Supplements Market is projected to grow at a 6% CAGR, reaching over $160 billion by 2032.
Powder Dietary Supplements Market is expected to grow at a CAGR of 7.7% over the next decade, reaching $75.2 billion by 2032
Liquid Dietary Supplement Market is expected to reach $49.4 billion in 2024 and is projected to grow to $120 billion by 2034, with a robust CAGR of 9.2%.
Softgels Dietary Supplements Market is projected to reach $8.03 billion by 2022, with sales expected to grow at a CAGR of 7% from 2022 to 2032.
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