2024 Vitamin and Minerals Market Analysis: Market Size, Key Drivers, and Segment Insights
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What Will Be the Growth Trajectory of the Vitamin and Minerals Market from 2024 to 2033?
The market for vitamins and minerals has expanded significantly over the past few years. The size is projected to escalate from $67.64 billion in 2023 to $73.08 billion in 2024, highlighting a compound annual growth rate (CAGR) of 8.0%. The formidable growth during the historical period is linked to factors such as heightened health consciousness, aging demographics, modifications in lifestyle and diet, preventive health maintenance trends, and patterns in fitness and sports nutrition.
The market size for vitamins and minerals is predicted to expand significantly in the upcoming years. It’s projected to reach $99.22 billion by 2028, with a compound annual growth rate (CAGR) of 7.9%. The anticipated growth during this forecast period is associated with factors such as plant-based and specialty diets, an enhanced emphasis on immune health, healthcare for the elderly populace, women’s health and prenatal dietary needs, customized nutrition and wellness trends. Key trends anticipated during this forecast period include innovative product delivery methods, natural products with clean labels, the expansion of the nutricosmetics market, age-tailored supplements, and sports and fitness nutritional supplies.
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What Are the Primary Growth Drivers for the vitamin and minerals Market?
The increased consumption of dietary supplements in our current lifestyle significantly contributes to the progression of the vitamins and minerals supplement market. Proper nutrition is essential in maintaining a balanced immune system, and taking micronutrients such as Vitamins C and D, zinc, and omega fatty acids within approved safety limits can be a cost-effective, safe and efficient approach to support optimum immune functioning in patients battling COVID-19 and other respiratory infections. The Indian Research Institute has created a range of high-protein and fibre-rich foods, including cookies, bread and rolls, specifically for COVID-19 patients. In Singapore, dietary supplement firm Avida Health has initiated a chocolate ball functional food to enhance the immunity of children. A strong focus on immune-centric nutrition can potentially help reduce the implications of the ongoing COVID-19 outbreak and other health issues. Therefore, the application of dietary supplements in daily routines is projected to further drive the growth of the vitamins and mineral supplement market.
What Are the Defining Segments of the Vitamin and Minerals Market?
1) By Type: Multivitamin, Single Vitamin, Multi Mineral, Single Mineral
2) By Application: Energy And Weight Management, General Health, Bone And Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-Cancer, Other Applications
3) By Distribution Channel: Pharmacies And Drug Stores, Supermarkets And Hypermarkets, Online Channels
4) By End-User: Adults, Geriatric, Pregnant Women, Children, Infants
What Trends Are Revolutionizing Standards in the Vitamin and Minerals Market?
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What Regions Are Propelling Growth in the Vitamin and Minerals Industry?
North America was the largest region in the vitamins and minerals supplements market in 2023. The Middle East is expected to be the largest growing region in the global vitamin and minerals market during the forecast period. The regions covered in the vitamin and minerals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Vitamin and Minerals Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the vitamin and minerals market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Vitamin and Minerals Market Include
1. Vitamin and Minerals Market Executive Summary
2. Vitamin and Minerals Market Segments
3. Vitamin and Minerals Market Size And Template Market Growth Rate
4. Key Vitamin and Minerals Market Trends
5. Major Vitamin and Minerals Market Drivers
……
25. Key Mergers And Acquisitions In The Vitamin and Minerals Market
26. Top Vitamin and Minerals Companies
27. Vitamin and Minerals Market Opportunities And Strategies
28. Vitamin and Minerals Market, Conclusions And Recommendations
29. Appendix
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