How Is The Vitamin and Minerals Market Expected To Grow Through 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
According to The Business Research Company’s Vitamin and Minerals Global Market Report 2023, the vitamin and minerals market is expected to show promising growth in the forecast period.
The global vitamin and minerals market has witnessed a notable surge, escalating from $21.37 billion in 2022 to $22.65 billion in 2023, showcasing a robust compound annual growth rate (CAGR) of 6.0%. With projections pointing towards sustained expansion, the market size is anticipated to reach $26.27 billion in 2027, maintaining a steady CAGR of 3.8%.
Lifestyle Shift: Catalyst for Growth
- Dietary Supplements on the Rise: The increasing incorporation of dietary supplements into modern lifestyles emerges as a pivotal driver propelling the growth of the vitamins and minerals supplement market.
- Immune System Emphasis: Nutrition plays a crucial role in maintaining immune system balance, particularly during the fight against COVID-19 and other respiratory tract diseases.
- Safe and Effective Strategy: Supplementation with micronutrients like vitamins C and D, zinc, and omega fatty acids within recommended limits is identified as a safe, effective, and cost-efficient strategy to support optimal immune function.
- Innovations Amidst Pandemic: Initiatives, such as the development of high-protein and fibrous foods for COVID-19 patients, illustrate the dynamic response of the market to evolving health needs.
Market Players Driving Innovation
Major players shaping the vitamins and minerals supplements market include Salus Haus, Pfizer, Daiichi Sankyo, AMWAY, Eisai, Sanofi, GNC, CSPC Pharmaceutical Group, DSM, Otsuka Holdings Co. Ltd., Puritan’s Pride, Pharmavite, Jamieson, Webber Naturals, Hainan Yangshengtang, Nature’s Bounty, CCMP Capital, Pharmavite, Suntory Holdings Ltd., Glanbia PLC., Glaxosmithkline PLC., Abbott Laboratories, Bayer AG, Puritan’s Pride, General Nutrition CentersInc., Webber Naturals, CSPC Pharmaceutical Group, and Hainan Yangshengtang.
Embracing Organic Trends
- Consumer Preference Shift: A notable trend in the market is the increasing consumer preference for organic supplements.
- Vegan & Organic Surge: The transition towards vegan and organic food gained traction in 2020 and is evolving into a lifestyle choice for many, accelerated by the impact of COVID-19.
- Cautious Consumption: Global concerns related to the COVID crisis and its perceived association with animal meat consumption drive consumers to become more conscious of their food choices.
- Rise of Plant-Based Products: Small and medium enterprises are capitalizing on the trend by promoting plant-based goods and diets in response to the growing demand for organic and vegan food products.
The global vitamin and minerals market is segmented into various categories, providing a comprehensive overview of its diverse landscape:
- By Type:
- Single Vitamin
- Multi Mineral
- Single Mineral
- By Application:
- Energy And Weight Management
- General Health
- Bone And Joint Health
- Gastrointestinal Health
- Cardiac Health
- Other Applications
- By Distribution Channel:
- Pharmacies And Drug Stores
- Supermarkets And Hypermarkets
- Online Channels
- By End-User:
- Pregnant Women
- North America: Emerging as the leader, North America dominated the vitamins and minerals supplements market in 2022.
- The Middle East: Anticipated to witness significant growth, the Middle East is poised to become the largest growing region in the global vitamin and minerals market during the forecast period.
View More On The Vitamin and Minerals Market Report 2023 – https://www.thebusinessresearchcompany.com/report/vitamin-and-mineral-supplement-global-market-report
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The Vitamin and Minerals Global Market Report 2023 offers a comprehensive overview on the vitamin and minerals market size, growth rate, trends and drivers, opportunities, strategies, and competitor landscape. The countries covered in the vitamin and minerals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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 Vitamin and Minerals 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
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