Vitamins Market to Surpass US$ 10.84 Bn by 2031
Vitamins Market , By Source (Plant, Animal,and Others) , By Product Type (Vitamins A, Vitamins B, Vitamin C, Vitamins D, Vitamins E, Vitamins K), By End Use Industry (Food & Beverages, Personal Care, Animal Feed, Pharmaceuticals, Others) By Distribution Channel (Hypermarket, Supermarket, Mass Merchandisers, Specialty Stores, Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 7.12 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 6.2% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Vitamins are organic substances that are required by the body in small amounts, for proper growth and development. These are usually extracted naturally from certain food and is an essential component of diet. However, inadequate intake of vitamins in the diet may led to certain deficiency diseases, such as avitaminosis. North America dominated the market during the last five years and is expected to retain its dominance in the market throughout the forecast period, due to growing consumer preferences for healthy diet coupled with increasing awareness for various vitamins deficiency diseases.
Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic had a positive impact on the market. Due to the pandemic, the interest in nutritional supplements has increased, and the search for vitamins and probiotics around the world has risen rapidly. The pandemic has caused consumers to seek additional protection from viral infection and disease, leading to an increase in the sales of dietary supplements and nutraceuticals. The global immune health supplements market has also marked sudden surges during the pandemic, with consumer buying patterns showing decent growth across the segments of immune health supplements, superfoods, infant formula, and sports nutrition products. Vitamin and mineral supplementation is critical during COVID-19 to reduce the severity of the disease and improve immune responses. The pandemic has also led to an increase in the frequency of buying dietary supplement products. The interest in vitamins and probiotics surged globally, with a significant increase in search trends for these products. Sales of dietary supplements, including vitamins, witnessed a substantial increase, with a 50% rise in sales between 2018 and early 2020. The pandemic has also prompted changes in the reasons for dietary supplement use, with a heightened emphasis on immune health and disease prevention.
Additionally, the pandemic has led to an increased interest in vitamin C, D, and zinc, as these vitamins were perceived to play a crucial role in supporting immune function and overall health during the COVID-19 crisis.
Market : Key Developments
- In August 2022, MD Pharmaceuticals, a Singapore-based healthcare distributor and marketer, developed a new vitamin D supplement in collaboration with DSM, aimed at boosting immunity. DSM N.V., was a Dutch multinational corporation active in the fields of health, nutrition and materials.
- In March 2021, DSM launched ampli-D, a faster-acting form of vitamin D supplement, in Australia
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Vitamins Market ”- Forecast to 2031, Global Vitamins Market , By Source (Plant, Animal, and Others) , By Product Type (Vitamins A, Vitamins B, Vitamin C, Vitamins D, Vitamins E, Vitamins K), By End Use Industry (Food & Beverages, Personal Care, Animal Feed, Pharmaceuticals, Others) By Distribution Channel (Hypermarket, Supermarket, Mass Merchandisers, Specialty Stores, Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/vitamins-market-399
Key Takeaways of this Market :
- The growing demand for improved food supplements, rising urbanization, and growing economy are some of the key drivers for the growth of vitamins in the Asia-Pacific region.
- The market in Latin America is expected to register a significant growth rate over the forecast period. The rise in discretionary income, along with the increasing food and beverages industry, is expected to create lucrative growth opportunities for the players in this region.
- The mass merchandisers is dominating the market for distribution channel segments in the market during the projected period.
- Adisseo France S.A.S., Archer Daniels Midland Co., BASF SE, CSPC Pharmaceuticals Group Limited, Lonza Group Ltd., North China Pharmaceuticals Corporation, Pharmavite LLC, Zhejiang Hangzhou Xinfu Pharmaceutical Co. Ltd. Vitablend Nederland B.V, Farbest Brands are few of the key players in the market.
- There are various organic, and inorganic growth strategies that are being followed by the leading market players in the market. Technological advancement is leading to key innovations in new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market.
