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 Introduction

The multivitamin capsules and tablets market has seen significant growth, expanding from $27.1 billion in 2023 to a projected $28.82 billion in 2024 at a CAGR of 6.4%. This blog explores the factors driving this growth, market trends, and what the future holds for the industry.

• Market growth from $27.1 billion in 2023 to $28.82 billion in 2024.
• 6.4% CAGR driven by health consciousness and industry expansion.

Historical Growth Drivers

Increased Health Consciousness

• More people are focusing on health and wellness.
• Surge in demand for dietary supplements.

Expansion of the Pharmaceuticals Industry

• Growth in pharmaceutical companies enhances market reach.
• Development of new multivitamin formulations.

Growth in Dietary Supplements

• Rising popularity of dietary supplements among various age groups.
• Increased awareness of nutritional deficiencies.

Increased Healthcare Expenditure

• Higher spending on healthcare and preventive measures.
• Governments and individuals investing more in health products.

COVID-19 Pandemic Impact

• Heightened health concerns due to the pandemic.
• Increased demand for immunity-boosting supplements.

Future Growth Projections

Market Size Expansion

• Expected to reach $36.87 billion by 2028.
• Sustained CAGR of 6.4% from 2024 to 2028.

Key Growth Drivers

• Product launches and innovations.
• Rising consumption of sports-based nutritional supplements.
• Growing geriatric population requiring more health supplements.

Trends in the Forecast Period

Product Launches

• Continuous introduction of new multivitamin products.
• Innovations catering to specific health needs.

Rising Consumption of Sports-Based Nutritional Supplements

• Increased interest in fitness and sports nutrition.
• Products targeting athletic performance and recovery.

Increasing Geriatric Population

• More older adults leading to higher demand for multivitamins.
• Supplements addressing age-related health issues.

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Surge in Health Consciousness

Impact of COVID-19

• Pandemic drove significant changes in health behavior.
• According to a survey by Public Health England, 70% of adults were motivated to make healthier lifestyle changes.

Multivitamin Benefits

• Multivitamins prescribed for vitamin deficiencies due to poor diet or certain conditions.
• Increasing awareness of benefits during pregnancy and illness prevention.

Key Players in the Market

Numerous major companies are leading the charge in the multivitamin capsules and tablets market, including:

• Abbott Laboratories
• Otsuka Holdings Co.
• GlaxoSmithKline PLC
• Herbal Life Nutrition
• Bayer
• Nature’s Bounty Co.
• Glanbia PLC
• Nu Skin Enterprises
• Arkopharma
• Nutramarks
• Nestle S.A
• Usana Health Sciences Inc.

Notable Mergers and Acquisitions

Catalent, Inc. Acquires Bettera Holdings LLC

• In August 2021, Catalent acquired Bettera Holdings for $1 billion.
• Strengthened Catalent’s product offerings in the nutritional and multivitamins market.

Nature’s Way Acquires Baze Labs

• In February 2021, Nature’s Way enhanced its personalized nutrition portfolio.
• Acquisition focused on personalized nutrition and home blood test services.

Market Segmentation

The multivitamin capsules and tablets market is segmented based on type, distribution channel, application, and end user:

By Type

• Multivitamins Tablets
• Multivitamins Capsules

By Distribution Channel

• Store Based
• Non-Store Based

By Application

• Energy and Weight Management
• General Health
• Bone and Joint Health
• Gastrointestinal Health
• Immunity
• Cardiac Health
• Diabetes
• Anti-Cancer
• Other Applications

By End User

• Adults
• Geriatric
• Pregnant Women
• Children
• Infants

Regional Insights

• Asia-Pacific was the largest market in 2023.
• Expected to continue leading in growth through the forecast period.

Conclusion

The multivitamin capsules and tablets market is set for robust growth, driven by increased health consciousness, innovative product launches, and rising demand among sports enthusiasts and the aging population. With a projected market size of $36.87 billion by 2028, the industry is poised to continue its expansion, offering vast opportunities for companies and consumers alike. The trend towards healthier lifestyles and preventive healthcare will further fuel this growth, making multivitamins a staple in daily health regimens.

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