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The global vitamins & supplements market size is projected to grow from USD 129.60 billion in 2021 and reach USD 196.56 billion by 2028. Consumers nowadays are shifting rapidly towards healthy products owing to the rising concerns regarding well-being and personal health. Their belief in the advantages of supplements and vitamins, as well as high spending power would affect growth positively. Fortune Business Insights™ provided this information in a new study, titled, “Vitamins and Supplements Market Size, Share & COVID-19 Impact Analysis, By Type (Multivitamins, Calcium Supplements, Pediatric Supplements, and Others), Form (Capsule, Tablet, Powder, and Liquid & Gel), Distribution Channel (Supermarkets, Convenience Stores, Specialty Stores, and Online Retails), and Regional Forecast, 2021-2028.” As per the study, the market stood at USD 119.66 billion in 2020. But, it is set to exhibit a CAGR of 6.13% during the forecast period between 2021 to 2028.
GNC Introduces ‘GNC4U’ Personalized Wellness Program to Cater to High Consumer Demand
In October 2019, GNC, a supplier of health and nutrition related products based in the U.S. introduced its unique personalized wellness program called GNC4U. As people are inclining towards personalization in their lives, the company decided to keep up with this trend with the help of this launch. This service is capable of delivering vitamins and supplements based on lifestyle goals and individual health needs to consumers at their doorsteps. On the basis of the person’s family health history, gender, and age, the program would develop a novel wellness plan backed by science to accelerate healthy living.
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Rising Adoption of Internet and Online Shopping Sites to Skyrocket Demand
The rising volatility of the health supplements industry and the surging dependency over the internet are set to increase the demand for personalized medicines. The internet helps in reducing various obstacles, such as distance and product’s availability owing to the presence of a large number of e-commerce sites. Hence, manufacturers are focusing on the delivery of vitamins and supplements through online shopping platforms.
The World Food India, for instance, published in a report that in the global nutraceuticals market, dietary supplement products account for more than 25% share. This factor is anticipated to bolster the vitamins and dietary supplements (VDS) market growth in the upcoming years. However, these products revolve around various stringent norms during the launching process, which is very time consuming and can cause delays. It may obstruct growth.
Key Players Aim to Gain Competitive Edge through New Product Launches
Companies present in this market are trying to attract more consumers by launching new products in various shapes and flavors. They are also creating unique plans to enable customization. At the same time, a few of them are introducing gummies so that even kids can consume them.
Fortune Business Insights™ presents a list of vitamins & supplements manufacturers operating in the market. They are:
A Noteworthy Industry Development-
Further Report Findings-
The global market can be segmented in this way:
Value (USD Billion)
By Distribution Channel