Key Insights into the Multivitamin Capsules And Tablets Market’s Growth Opportunities for 2024-2033
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What is the Estimated Growth Rate for the Multivitamin Capsules And Tablets Market Between 2024 and 2033?
The market of multivitamin capsules and tablets has experienced robust growth over past few years. It is predicted to expand from $27.1 billion in 2023 to $28.82 billion in 2024, growing at a compound annual growth rate (CAGR) of 6.4%. The growth during the historical phase has been attributed to elevated health awareness, the growth and broadening of the pharmaceuticals industry, the rise in dietary supplements, increased spending in healthcare, and heightened health worries linked to the covid-19 pandemic.
The market size of multivitamin capsules and tablets is anticipated to witness considerable growth in the coming years. The market is predicted to escalate to $36.87 billion by 2028, with a compound annual growth rate (CAGR) of 6.4%. The surge within the forecast period can be linked to the introduction of new products, the heightened intake of sports-related nutritional supplements, and the growing aging population. Product launches, increase in usage of sports-focused nutritional supplements, and a rising geriatric populace are the key trends for the forecast period.
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What Are the Primary Contributors to the Growth of the multivitamin capsules and tablets Market?
The escalating health awareness among people is fuelling the multivitamin capsules and tablets market growth. Doctors commonly recommend Multivitamin pills to remedy or prevent vitamin deficiency due to a poor dietary intake, certain health conditions, or during pregnancy, as they encompass various vitamins typically present in food and other natural commodities. The desirability for multivitamins has further surged due to the increasing health apprehensions linked with the COVID-19 outbreak. For instance, based on a survey released in January 2021 by Public Health England (PHE), a governmental health and social care organization in England, a poll of over 5000 adults revealed that 7 out of every 10 adults were encouraged to adopt healthier lifestyle modifications due to the COVID-19 catastrophe, and 8 out of every 10 adults over 18 chose to make lifestyle changes in 2021. Approximately 43% of adults felt more inspired to alter their lifestyles than the previous year. Thus, the burgeoning health consciousness is anticipated to propel the multivitamin capsules and tablets market throughout the projection period.
Which Key Segments Comprise the Multivitamin Capsules And Tablets Market?
1) By Type: Multivitamins Tablets, Multivitamins Capsules
2) By Distribution Channel: Store Based, Non-Store Based
3) By Application: Energy & Weight Management, General Health, Bone & Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-Cancer, Other Applications
4) By End User: Adults, Geriatric, Pregnant Women, Children, Infants
What Are the Key Trends Reshaping the Multivitamin Capsules And Tablets Market?
The shift in consumer preference to flavored gummy vitamins for individuals of all age groups is influencing the market for multivitamin tablets and capsules. People are on the hunt for supplement experiences that are both enjoyable and convenient, causing a surge in interest in flavored gummy vitamins. For instance, in April 2021, Persona Nutrition, a U.S.-based company that offers customized daily supplement packs, introduced daily gummy vitamin packs suitable for all family members. These packs are crafted to assist users to reach specific health targets, such as immunity health, focus, relaxation, daily support, and promoting health of hair, skin, and nails. Included in this family pack are multivitamins to enhance muscle and nerve functions.
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What Are the Top Regions Fueling Growth in the Multivitamin Capsules And Tablets Market?
Asia-Pacific was the largest region in the multivitamin capsules and tablets market in 2023. North America was the second-largest market in the multivitamin capsules and tablets market. The regions covered in the multivitamin capsules and tablets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Multivitamin Capsules And Tablets 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 multivitamin capsules and tablets market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Multivitamin Capsules And Tablets Market Include
1. Multivitamin Capsules And Tablets Market Executive Summary
2. Multivitamin Capsules And Tablets Market Segments
3. Multivitamin Capsules And Tablets Market Size And Template Market Growth Rate
4. Key Multivitamin Capsules And Tablets Market Trends
5. Major Multivitamin Capsules And Tablets Market Drivers
……
25. Key Mergers And Acquisitions In The Multivitamin Capsules And Tablets Market
26. Top Multivitamin Capsules And Tablets Companies
27. Multivitamin Capsules And Tablets Market Opportunities And Strategies
28. Multivitamin Capsules And Tablets Market, Conclusions And Recommendations
29. Appendix
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