Vitamin Supplements Market To Generate Revenue worth $79,615.50 Million by 2030

The global vitamin supplements market is projected to generate $79,615.50 million revenue in 2030, advancing at a CAGR of 5.9% during 2021–2030. The significant growth of the market can be attributed to the increasing health consciousness among consumers, growing aging population, and increasing number of manufacturers. Moreover, the increase in the prevalence of vitamin insufficiency is projected to propel the market growth.

Healthcare Industry Contributes Majority of Revenue

The healthcare industry accounted for the largest vitamin supplements market in 2021, and it is expected to dominate the market during the forecast period as well. This can be attributed to the wide usage of a variety of vitamins in the preparation of nutrient-rich medicinal products, increasing R&D investments in the pharmaceutical industry, rapid economic growth, presence of a large number of small and medium-sized pharmaceutical companies, and government initiatives for the healthcare sector.

Furthermore, the multivitamins category, based on type, is expected to contribute the majority of the revenue. This will be owing to the increasing prevalence of chronic diseases, rising number of people consuming improper diets, growing popularity of these products among adults, and increasing count of product launches.

Based on form, the market is categorized into powder, tablets, capsules, soft gels, gummies, and others. Among these, the tablets category accounted for the largest revenue share in 2021, and it is expected to continue the same trend during the forecast period. This will be due to the high consumption of vitamins in form of tablets owing to the fact that they are the easiest way of intake, apart from their cost-effectiveness and longer shelf life.

Gummies will witness a significant growth rate during 2021–2030 owing to the considerable consumption of these variants among the elderly and adults because of their softness and diverse flavor compositions.

The offline category, based on distribution channel, accounted for the larger revenue share in 2021. This is due to the wide range of health supplements and wellness products available at hypermarkets/supermarkets, which gives consumers the ease of scouting and purchasing.

The online category will witness the faster growth during the forecast period. This is credited to the benefits offered by online retailers, such as heavy discounts, on-time delivery, and easy payment. Furthermore, the rising penetration of the internet and smartphones continue to make e-commerce popular around the world.

Geographically, North America accounted for the largest revenue share in 2021, and it is further expected to maintain its position in the market during the forecast period. This can be ascribed to the increasing prevalence of lifestyle-related diseases associated with nutrient deficiency, such as scurvy and anemia, increasing consumption of ready-to-eat foods, associated with the sedentary lifestyles, and ballooning aging population.

APAC will register the fastest growth, with a CAGR of over 6%, during the forecast period due to the rapid urbanization, increasing aging population, developing healthcare infrastructure, and growing number of health supplement manufacturers in the region.

Some of the major players in the 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., and Abbott Laboratories.