The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Strong Growth in Recent Years

• The vitamins and minerals market has experienced substantial growth recently.
• From 2023 to 2024, the market size is projected to grow from $67.64 billion to $73.08 billion.
• This growth represents a compound annual growth rate (CAGR) of 8.0%.
• Key drivers include:
  • Increasing health awareness.
  • Aging population trends.
  • Lifestyle and dietary changes.
  • Preventive healthcare practices.
  • Fitness and sports nutrition trends.

Promising Future Prospects

• The market is expected to continue its strong growth trajectory.
• By 2028, it is anticipated to reach $99.22 billion with a CAGR of 7.9%.
• Factors contributing to this growth include:
  • Rising popularity of plant-based and specialty diets.
  • Increased focus on immune health.
  • Elderly population health management.
  • Emphasis on women’s health and prenatal nutrition.
  • Trends in personalized nutrition and wellness.
• Major trends in the forecast period:
  • Innovative delivery formats.
  • Natural and clean label products.
  • Growth in the nutricosmetics market.
  • Age-specific supplements.
  • Sports and fitness nutrition advancements.

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Role of Dietary Supplements in Immune Health

• Dietary supplements play a crucial role in supporting immune health.
• Nutrition helps maintain immune system balance.
• Micronutrients like vitamins C and D, zinc, and omega fatty acids are essential.
• These supplements offer a cost-effective strategy to support immune function.
• COVID-19 highlighted the importance of immune-supporting supplements.
• Innovations include high-protein and fibrous foods developed by the Indian Research Institute.
• Avida Health’s chocolate ball functional food aims to improve children’s immunity.

Major Players in the Market

• Key companies in the market include:
  • Pfizer Limited
  • BASF Aktiengesellschaft
  • Bayer AG
  • Abbott Laboratories
  • GlaxoSmithKline PLC
  • Suntory Holdings Ltd.
  • Otsuka Holdings Co. Ltd.
  • Daiichi Sankyo Company Limited
  • AMWAY India Enterprises Pvt. Ltd.
  • Salus Haus
  • Nestlé Health Science
  • Lonza Group
  • Eisai Co. Ltd.
  • Glanbia PLC
  • DuPont Nutrition & Health
  • CSPC Pharmaceutical Group

Dietary Supplements: A Strategic Focus for Companies

• Major companies are emphasizing dietary supplements to stay competitive.
• These supplements complement diets by providing essential nutrients.
• Example: In August 2023, Modicare launched gender-specific dietary supplements.
  • Women’s supplement: 30 essential nutrients, 4 herbal extracts, and 3 amino acids.
  • Men’s supplement: Nutrients promoting overall health and well-being.

Nestlé Health Science’s Strategic Acquisition

• In August 2021, Nestlé Health Science acquired The Bountiful Company for $5.75 billion.
• This acquisition expands Nestlé Health Science’s health and nutrition portfolio.
• It aims to enhance customer well-being globally.
• The Bountiful Company specializes in vitamins, minerals, and specialty supplements.

Market Segmentation

• The vitamin and minerals market is segmented by:
  • Type: Multivitamin, Single Vitamin, Multi Mineral, Single Mineral.
  • Application: Energy and Weight Management, General Health, Bone and Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-Cancer, Other Applications.
  • Distribution Channel: Pharmacies and Drug Stores, Supermarkets and Hypermarkets, Online Channels.
  • End-User: Adults, Geriatric, Pregnant Women, Children, Infants.

Regional Insights

• In 2023, North America was the largest region in the vitamins and minerals supplements market.
• The Middle East is expected to be the fastest-growing region during the forecast period.

Conclusion

• The vitamins and minerals market is poised for robust growth, driven by health trends, dietary changes, and innovative products.
• With significant investments and strategic expansions by key players, the market is well-positioned to meet increasing consumer demands for health and wellness products.

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