Vitamin Supplements Market Outlook by Type (Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K), Form (Powder, Tablets, Capsules, Softgels, Gummies), Distribution Channel (Offline, Online), End-User (Adult Women, Adult Men, Elderly Citizen), Application (Food and Beverage, Healthcare, Personal Care) - Global Industry Growth Forecast to 2030

Market Overview

The global vitamin supplements market valued $47,328.60 million in 2021, and this number is expected to increase to $79,615.50 million by 2030, advancing at a CAGR of 5.9% during 2021–2030. This can be attributed to the growing aging population, rising demand for sports nutritional products, increasing consumer awareness about nutrition health and wellness, rising prevalence of chronic diseases and disorders, and shifting consumer preference. Moreover, the deficiency of essential vitamins, such as A, B, C, and E, among the population is responsible for the market expansion.

Multivitamins Generate Highest Revenue

Multivitamins accounted for the largest revenue share, of over 42%, in 2021, and this category is further expected to maintain its position during the forecast period. This can be ascribed to the growing number of people consuming improper diets, rising prevalence of chronic diseases, booming spending on health-related products, burgeoning geriatric population, and high R&D expenditure, to offer new products.

Moreover, the healthy eating awareness initiatives by government entities, non-government organizations, and enterprises around the world have made consumers realize the benefits of multivitamin supplements, which is expected to fuel the market size.

Offline Channels Contribute Majority of Revenue

Offline distribution channels accounted for the larger revenue share in 2021. This can be attributed to the availability of a wide range of products, ease of selecting the desired products, and advantage of being able to buy these products along with regular groceries under the same roof associated with brick-and-mortar stores. Moreover, hypermarkets/supermarkets are gaining acceptance owing to their organized product displays, willingness of customers to pay premium prices for specific goods, and the direct relationship between a sales executive and a customer aid in the understanding of consumer preferences for brands and products.

Online channels will register substantial growth during the forecast period. The growing popularity of online purchasing, as a result of the busy lifestyles, shopping convenience, and provision of product reviews and all relevant information on these platforms, is projected to increase the sale of vitamin supplements from e-commerce portals.

Healthcare Contributed Highest Revenue

Healthcare applications held the largest revenue share in 2021, and it is expected to maintain its position during the forecast period. This can be ascribed to the increasing number of pharmaceutical manufacturers, rapid launch of new products, and growing healthcare infrastructure associated with government initiatives.

Moreover, due to the rising cost of healthcare, people are turning toward vitamin supplements, as they provide various health benefits, such as helping in the proper functioning of the immune system, strengthening the bones and joints, and improving vision.

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Rising Consciousness of Vitamins’ Benefits Propels Industry Growth

With the increasing education level, coupled with the greater vitamin supplement visibility, the consumer awareness regarding such products is growing. Additionally, various sources, both offline and online, inform people of the positive effects of these products, which is encouraging consumers to choose them. Additionally, the growing knowledge of diseases caused due to vitamin deficiency is compelling consumers to consume more of these nutrients.

The deficiency of vitamins at an older age increases the risk of diseases such as night blindness, diminishing eyesight, fragile bones, and mental disorders, which is why the elderly require a more-nutritious diet. It is important to maintain a balance of nutrients, including vitamins, to keep the body functioning properly, which can be done by consuming additional supplements. Moreover, people aged 65 years and above do not go out that often, thus limiting their exposure to the sun, one of the major sources of vitamin D. Hence, the dependence on such products at this age increases.

Capsules To Witness Substantial Growth

Capsules will witness the fastest growth during the forecast period, with a CAGR of over 6%. This can be attributed to the faster digestibility and dissolvability of capsules in the gut than tablets. Additionally, capsules are less likely to have an unpleasant taste or odor, and they are also tamper-resistant. The increasing need for microencapsulating finished goods, to ensure controlled release, is another factor driving the demand for the capsule form.

Tablets hold the largest vitamin supplements market share in the form segment, owing to their cost-effectiveness, longer shelf life, and ease of consumption. Moreover, gummies contribute significant segment revenue, and their sales will advance with a substantial CAGR during the forecast period. Vitamin supplements in the gummy form resemble small fruit candies, such as jelly beans. Adults who love to eat and chew jelly candies are readily tempted to consume nutritional gummies because of their similar flavor and appearance to candies.

Majority of End Users Are Adult Women

Adult women accounted for the largest revenue share in 2021, and they are expected to dominate the end user segment during the forecast period as well. This is mainly attributed to the rising incidence of vitamin deficiency, growing awareness regarding health, high consumption of multivitamin products to protect the skin from UV rays, and growing need for vitamin-D-rich products for the growth of the bones in pregnant and breastfeeding women.

Additionally, the regular diet's inability to provide enough of the necessary nutrition leads to a reliance on dietary supplements, of which vitamin supplements are the key component. This is because these nutrients are responsible for the proper functioning of the nervous and immune systems, which is necessary for proper health.

North America Is Prime Revenue Contributor

North America accounted for the largest revenue share, of more than 30% in 2021, and it is further expected to maintain its position in the market during the forecast period. This high revenue can be attributed to the extensive consumption of nutritional supplements, rising ready-to-eat preference of consumers, large number of providers, and extensively usage of such supplements in medicines. Moreover,

• The U.S. contributes the majority of the revenue to the region owing to the large consumer base, rising elderly population, growing incidence of health problems, surging number of people with a desk job, and presence of prominent players in the nation.

APAC accounted a major revenue share in 2021 and it will grow with a substantial CAGR during 2021–2030 due to the increasing acceptance of nutritious and fortified meals, growing health concerns, booming geriatric population, rising healthcare expenditure, surging disposable income, and burgeoning number of local players. Additionally, the developments in healthcare infrastructure, government subsidies provided to industry giants to establish manufacturing facilities in the region, low cost of labor, and accessibility of raw materials increase the probability of the rapid market growth in the region in the coming years. Furthermore,

• China generated the highest revenue in 2021, and it is expected to continue the dominance during the forecast period. The huge manufacturing base for pharmaceuticals, advanced production technology, unhealthy lifestyles of adults, and increasing competitiveness among the players drive the market expansion.
• In emerging economies, the consumer preference for food products enriched with vitamins, which provide additional health advantages, has increased due to a growing awareness of health and wellness. This, combined with the high cost of healthcare, is expected to lead consumers to turn their emphasis away from medical procedures and toward preventative care.

Key Players in Vitamin Supplements Market Are:

• Glanbia plc
• Pfizer Inc.
• GlaxoSmithKline plc
• Amway Corp.
• Bayer AG
• NOW Health Group Inc.
• Herbalife International of America Inc.
• The Bountiful Company
• Nu Skin Enterprises Inc.
• Abbott Laboratories

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Type

• Multivitamin
• Vitamin A
• Vitamin B
• Vitamin C
• Vitamin D
• Vitamin E
• Vitamin K

Based on Form

• Powder
• Tablets
• Capsules
• Softgels
• Gummies

Based on Distribution Channel

• Offline
  • Hypermarkets/Supermarkets
  • Specialty stores
• Online

Based on End-User

• Adult Women (Aging 18 – 59 years)
• Adult Men (Aging 18 – 59 years)
• Elderly Citizen (aging 60 and above)

Based on Application

• Food and Beverage
• Healthcare
• Personal Care

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa