Vitamins and minerals are essential nutrients which get from eating a healthy however, Advisory Committee on Borderline Substances (ACBS) committee recommended vitamins and minerals to management actual or potential vitamin or mineral deficiency. Thus, an increase in spending on vitamins and minerals products is expected to drive the growth of market. For instance, according to PrescQIPP in England, approximately US$ 4.7 million is spent annually on the prescribing of vitamins and minerals products.
The global vitamin and mineral supplement tablets market is estimated to be valued at US$ 14,770.6 million in 2022 and is expected to exhibit a CAGR of 4.6% during the forecast period (2022-2030).
Figure 1. Global Vitamin and Mineral Supplement Tablets Market in Terms of Value (US$ million), By Region, 2022
Increase in consumption of vitamins and minerals supplement tablets is expected to drive the global vitamin and mineral supplement tablets market growth during the forecast period.
Vitamins and minerals play an important role in performing body function, boosting the immune system, and supporting normal growth and development. Smoking, poor nutrition, and excessive intake of alcohol lead to weakening the immune system. This is contribute to surge in consumption of vitamins and minerals and thereby drives the growth of market. For instance, according to National Stem Cell Foundation (NSCF), globally, approximately 4% of the population is affected by one of more than 80 different autoimmune diseases and in the U.S., autoimmune diseases represent the third most common cause of chronic illness.
|Base Year:||2021||Market Size in 2022:||US$ 14,770.6 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||4.6%||2030 Value Projection:||US$ 21,166.6 Mn|
Otsuka Pharmaceutical Co., Ltd., NutraScience Labs, Glanbia plc, Herbalife Nutrition, Abbott, Amway, Bayer AG, GlaxoSmithKline plc, NSE, inc. Company, Bactolac Pharmaceutical, Inc., Nature's Way Products, LLC, Noreva Biotech, Pharmavite, Brunel Healthcare, HTC Health
|Restraints & Challenges:||
Figure 2. Global Vitamin and Mineral Supplement Tablets Market Share (%), By Type, 2022
Increase in awareness regarding the health is expected to drive the global vitamin and mineral supplement tablets market growth over the forecast period.
Consumers are more aware of their health and wellbeing. The consumer’s priorities are shifting towards taking care of their wellbeing, and this has stimulated the growth of the vitamins and minerals supplements sector.
Global Vitamin and Mineral Supplement Tablets Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 caused several challenges to manufacture, supply and distribute vitamins and minerals supplement tablets. It has significantly affected healthcare systems and economies within a short timeframe. COVID-19 pandemic leads to put many more individuals at risk of food insecurity and make consuming a healthy diet even more difficult. This is contribute to increase in consumers demand for vitamins and minerals supplements products to support their immune health and boost overall wellness
Global Vitamin and Mineral Supplement Tablets Market: Restraints
Stringent rules and regulations by government authorities are responsible to delay in product approval. The vitamins and minerals products must undergo testing Dietary Supplements Health and Education Act of 1994 which results in the procedural delay. This, in turn, hampers the growth of market. The Dietary Supplement Health and Education Act of 1994 is a 1994 statute of United States Federal legislation which defines and regulates dietary supplements. Under the act
Major players operating in the global vitamin and mineral supplement tablets market include Otsuka Pharmaceutical Co., Ltd., NutraScience Labs, Glanbia plc, Herbalife Nutrition, Abbott, Amway, Bayer AG, GlaxoSmithKline plc, NSE, inc. Company, Bactolac Pharmaceutical, Inc., Nature's Way Products, LLC, Noreva Biotech, Pharmavite, Brunel Healthcare, and HTC Health.
Vitamins and minerals are nutrients recommended to survive and stay healthy for adults. There are 13 essential vitamins — vitamins A, C, D, E, K, and the B vitamins (thiamine, riboflavin, niacin, pantothenic acid, biotin, B6, B12, and folate). Fat-soluble vitamins include A, D, E, and K. The body stores fat-soluble vitamins in the liver and fatty tissues. Folate is a B-vitamin that is naturally present in many foods such as oranges, avocados and among others. A form of folate called folic acid is used in dietary supplements and fortified foods. Multivitamin/mineral supplements contain a combination of vitamins and minerals. Water-soluble vitamins include all the B vitamins and vitamin C.
Vitamins are an essential part of the functioning of the human body. Multivitamins offer a vital significance and support in carrying healthy well-being. Vitamins and minerals are considered essential nutrients because they perform hundreds of roles in the body such as heal wounds, boost immune system, etc. This contributes to drive the demand for vitamin and minerals tablets and thereby driving the growth of market. Vitamin deficiency causes rickets, blindness, etc. Thus, increase in the number of people with vitamin deficiency is expected to drive the growth of market. For instance, according to the National Library of Medicine, the world's largest biomedical library in 2020, rickets affects an estimated 1 in 200,000 children in the U.S. Furthermore, increase in awareness regarding the supplements is expected to drive the growth of market. For instance, according to the National Institutes of Health the nation's medical research agency, multi-vitamin/mineral (MVMs) and multivitamin (MVs) accounted for 14% of all purchases of supplements and 38% of all sales of vitamin and mineral supplements in the U.S. in 2019,
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.