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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, 2020-2027

Region : Global | Format: PDF | Report ID: FBI104051

 

KEY MARKET INSIGHTS

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The global vitamins and supplements market size was USD 108 billion in 2019 and is projected to reach USD 185.16 billion by 2027, exhibiting a CAGR of 6.4% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Vitamins and Supplements Market

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With a fast-developing interest and concerns over personal health and well-being, the consumers are increasingly shifting towards incorporating vitamins and supplements as a part of their daily routine. More than 60% of consumers worldwide are taking vitamins (functional food products) on a daily basis, whereas, approx. 55% are enticed towards consuming supplements to maintain the health-life balance. Consumers’ optimism and belief in the benefits, and increased spending capacity have opened-up several opportunities for premium brands to continue to expand in 2019 and beyond.


COVID-19 Pandemic is Surging Demand for Immunity-boosting Products


Although there are strict market closure and reduction in purchasing trends in the food and beverage sectors, the nutraceuticals industry has seen a spike in demand for healthy and nutritional products. In the wake of the outbreak of the COVID-19 pandemic, consumers are seeking these products to develop their natural defense system of the body. Recent findings and innovations of function-specific antioxidants for immunity-boosting products are expected to create new opportunities for vitamins and supplements manufacturers. According to the U.S. National Health and Nutrition Examination Survey, more than 50% of the U.S. population has reported the consumption of these products during the pandemic. The trend is expected to continue all across the world, while innovation and technological advancements will play an important role.


LATESTTRENDS


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 High Demand for Herbal Supplements to Enhance Immune System is a New Trend


 Consumers are seeking innovative and healthy products enriched with nutrients to avoid symptoms associated with the coronavirus such as shortness of breath, chest pain, diarrhea, tiredness, and others. Thus, the nutraceuticals industry is seeing a huge demand for protein, pediatric nutrition, multivitamins, and other products that would reduce health risks. The manufacturers are emphasizing on delivering immunity-boosters in the market along with the benefits of natural herbs and botanicals. According to a report published by Wright Enrichment Inc. 2018, the incorporation of herbs and botanicals in the nutraceuticals industry rose by 6.7% in 2017 and is expected to grow in the current year.


DRIVING FACTORS


Technological Advancements and Rising Consumer Spending to Boost Growth


The growing geriatric population, as well as children all across the world, has improved the consumers’ spending on dietary supplements for the past few years. Several food standards and governments are updating the regulations and the approvals for the overproduction of vitamins and supplements that have made the market more competitive. Furthermore, the rising focus of consumers on preventative healthcare products has increased the effectiveness of production and marketing efforts. Manufacturers are increasingly incorporating the latest technologies with high production efficiency to serve these products in the market. The increasing acceptance among the consumers and heightened innovations in the products would further assure the vitamins and supplements market growth over the next several years.


Increasing Self-directed Care & Ease of Access to Proliferate Growth


With the rising dependency on the internet and the increasing volatility of the health supplements market, consumers are becoming increasingly attentive to personalized medicines and care.  The internet is one of the crucial mediums for shopping which helps to reduce barriers to access the dietary supplements in the market. The manufacturers are emphasizing on delivering vitamins and supplements through online channels to offer a hassle-free shopping experience.  According to a report published by World Food India, dietary supplement products hold more than 25% share in the global nutraceuticals market and are expected to push the vitamins and dietary supplements market growth over the coming years.


RESTRAINING FACTORS


 Stringent Regulations & Revised Tax Structure to Dampen Growth


The market is exhibiting numerous challenges for the past several years due to the presence of multiple regulations and procedures before the product launch. Manufacturers are bound to submit a sample of Vitamins and Dietary Supplements along with the notification stating that the product is reasonably expected to be safe in the market. The product must undergo testing under the Dietary Supplement Health and Education Act of 1994 (DSHEA) for a long time which results in the procedural delay in the market. Thus, the tax structure has also increased by 5-10% in past years and hence is impeding the market growth.


SEGMENTATION


By Type Analysis


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Multivitamin Supplements Segment to Lead Owing to Their Various Compositions and Characteristics


Deficiencies due to lack of micronutrient intake are becoming major concerns among consumers worldwide. Multivitamin supplements are widely consumed in the market that diminishes insufficiencies in micronutrient intake. The supplements are composed of several micronutrients such as vitamins A, C, E, & D to reduce the risk of malnutrition among the consumers. According to the World Health Organization (WHO) 2018, more than 2 billion people are suffering from micronutrient deficiencies, thus shifting their preferences toward multivitamin supplements worldwide. However, the growing birth-rates and the number of senior citizens in developing countries are leading to the growth of the pediatric and calcium supplements segments, respectively.


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By Form Analysis


Higher Drug Absorption Property of Capsules to Promote Their Usage


When it comes to oral medication, the capsule performs decently in the vitamin and supplements market due to its properties of digestibility and dissolvability in the gut tract. Capsules tend to break down rapidly if compared with tablets and are one of the major factors to support its sales. Tablets are the second-largest segment by form and contain additives that hold ingredients of the pills together and offer taste and texture to the consumers. Thus, it is absorbed by the body more slowly than capsules.


By Distribution Channel Analysis


Supermarkets to Gain Enormous Popularity Due to Availability of Wide Range of Products


Supermarkets/hypermarkets are gaining huge popularity worldwide owing to their offerings at discounted prices under a single roof. Separate product shelves in these retail stores provide an easy shopping experience to consumers. The rapid emergence of several modern-trades and mass merchandisers in developing markets, such as India and China would enable the higher sales momentum of vitamins and supplements worldwide. Moreover, specialty stores are also performing decently in the global marketplace.


REGIONAL INSIGHTS


Asia Pacific Vitamins and Supplements Market Size, 2019 (USD Billion)

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Nutritional food is a more established and refined concept in Asia Pacific primarily because of the increasing awareness and concerns of consumers over malnutrition. China and Japan are the leading markets in the region owing to the long history of traditional medicine associated with the consumers. The growth of the market is partially headed by government initiatives toward addressing micronutrient deficiencies. Moreover, the increasing population in these countries is further supporting the sales growth of pediatric supplements in the market. China is exhibiting a significant rise in childbirth rates post the lifting of the ‘one-child’ policy. According to China’s National Statistics Bureau, the Chinese population increased to 1.41 billion in 2019 from 1.39 billion in the previous year. Thus, manufacturers are intensively focusing to launch new and innovative vitamins and supplements to serve all age groups of consumers in the region.


The countries across North America such as the U.S. and Mexico have begun the acceptance of healthy intake during their hectic work schedule. The demography of the consumers tends to shift gradually and the demand for several vitamins and supplement products is rising in the countries. Fish oil and calcium supplements are some of the most popular intakes among consumers to support the growth of the market in the region. 


The rise of the aging population and consumers' increased spending on health and wellness products in the European nations is driving the demand for vitamins and supplement products in this region. However, the market is strictly monitored under various government regulations in the region.


KEY INDUSTRY PLAYERS


 Bayer AG is Capitalizing on Introducing Botanical Supplements to Intensify Competition


A highly consolidated structure can be seen in the global marketplace for the past few years, owing to the strong dominance and hold of the key players. Bayer AG is one of the major players in the global vitamins and supplements market and it is focusing on delivering new and innovative products such as vitamin sprays, botanical supplements, and other innovative products. For instance, in 2019, Bayer launched its new Redoxon Triple Action Supplement in Indonesia to support and overcome the immunity challenges of consumers during the Ramadan fasting period.


LIST OF KEY MARKET PLAYERS PROFILED:



  • Bayer AG (Leverkusen, Germany)

  • Koninklijke DSM N.V. (Heerlen, Netherlands)

  • Archer Daniels Midland Company (Illinois, U.S.)

  • BASF SE (Ludwigshafen, Germany)

  • Glanbia, Plc (Kilkenny, Ireland)

  • Nuleaf Naturals LLC. (Colorado, U.S)

  • Herbalife Nutrition (California, U.S.)

  • Reckitt Benckiser Group plc (Slough, U.K.)

  • NutraMarks Inc. (California, U.S.)

  • Otsuka Pharmaceutical (Tokyo, Japan)


KEY INDUSTRY DEVELOPMENTS:



  • January 2020 – Franchise Group, Inc launched its new product viz. Vthrive to expand the brand line of vitamins, protein, and supplements.

  • May 2020 – Homart Pharmaceuticals launched three different products of vitamin C under the brand name Toplife and Springleaf to tap the rising demand for immune-related products.


REPORT COVERAGE


An Infographic Representation of Vitamins and Supplements Market

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The vitamins and supplements market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and the leading distribution channel of the product. Besides this, the report offers insights into the market trends and highlights key industry developments.


Report Scope & Segmentation


















































ATTRIBUTES    


  DETAILS

Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



  Segmentation



  By Type, Form, Distribution Channel, and Region 



By Type




  • Multivitamins

  • Calcium Supplements

  • Pediatric Supplements

  • Others (Mineral & Protein)



By Form




  • Capsule

  • Tablet

  • Powder

  • Liquid & Gel



By Distribution Channel




  • Supermarket & Hypermarkets

  • Convenience Stores

  • Specialty Stores

  • Online Channel



By Geography




  • North America

    • By Type

    • By Form

    • By Distribution Channel

    • By Country

      • USA

        • By Type



      • Canada

        • By Type



      • Mexico

        • By Type







  • Europe

    • By Type

    • By Form

    • By Distribution Channel

    • By Country

      • Germany

        • By Type



      • France

        • By Type



      • Italy

        • By Type



      • Spain

        • By Type



      • U.K.

        • By Type



      • Russia

        • By Type



      • Rest of Europe

        • By Type







  • Asia Pacific

    • By Type

    • By Form

    • By Distribution Channel

    • By Country

      • China

        • By Type



      • India

        • By Type



      • Japan

        • By Type



      • Australia

        • By Type



      • Rest of Asia Pacific

        • By Type







  • South America

    • By Type

    • By Form

    • By Distribution Channel

    • By Country

      • Brazil

        • By Type



      • Argentina

        • By Type



      • Rest of South America

        • By Type







  • Middle East & Africa

    • By Type

    • By Form

    • By Distribution Channel

    • By Country

      • South Africa

        • By Type



      • Israel

        • By Type



      • Saudi Arabia

        • By Type



      • Rest of the Middle East & Africa

        • By Type









Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 108 billion in 2019 and is projected to reach USD 185.16 billion by 2027.

In 2019, the Asia Pacific market value stood at USD 49.06 billion.

Registering a CAGR of 6.4%, the market will exhibit steady growth in the forecast period (2020-2027).

The multivitamins segment is expected to be the leading segment in this market during the forecast period.

Technological advancements are one of the major factors driving the growth of the market.

Bayer AG, BASF SE, & Archer Daniels Midland Company are the major players in the market.

Asia Pacific dominated the market in terms of share in 2019.

The usage of innovative products in one’s lifestyle is expected to drive the adoption of vitamins & supplements in the global marketplace.

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Vitamins and Supplements Market  Size, Share and Global Industry Trend Forecast till 2026
  • Oct, 2020
  • 2019
  • 2016-2018
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