VITAMIN AND MINERAL SUPPLEMENT TABLETS MARKET ANALYSIS

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

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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.

Figure 2. Global Vitamin and Mineral Supplement Tablets Market Share (%), By Type, 2022

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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

Key Players                   

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.