Global Vitamin and Mineral Supplement Tablets Market, by Type (Vitamins {Vitamin A, Vitamin C, Vitamin D, Vitamin E, Vitamin K, and Vitamin B} and Minerals {Calcium, Copper, Magnesium, Potassium, and Others}), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and E-stores), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 14,770.6 Mn in 2022 and is expected to exhibit a CAGR of 4.6% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are engaged in appointing distributors to increase customer reach. This contributes to driving the growth of market. For instance, Prinova Group LLC a world-class distributor of functional ingredients, Praxis Healthcare & Pharmaceuticals Pvt. Ltd, a marketing of pharmaceutical drugs company, and among others are the global as well as regional distributors for vitamin tablet products. Furthermore, growing awareness regarding immunological diseases is likely to drive growth of the market. For instance, in February 2017, American Autoimmune Related Diseases Association, Inc, the nation's only non-profit organization launched the world’s first fully-functioning patient registry for individuals diagnosed with one or more of the 100-plus known autoimmune diseases (ADs). Registry empowers patients to participate in clinical research, and advance medical knowledge about autoimmunity.
Global Vitamin and Mineral Supplement Tablets Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic is expected to drive the growth of the vitamin and mineral supplement tablets market over the forecast period. Consumers have increasingly turned towards vitamins and supplements products, resulted in greater interest in supplement products. Thus, increase in demand for the immunity boosters globally for overall health and wellness during the pandemic is expected to drive the growth of market.
Browse 39 Market Data Tables and 27 Figures spread through 237 Pages and in-depth TOC on “Global Vitamin and Mineral Supplement Tablets Market”- Forecast to 2030, Global Vitamin and Mineral Supplement Tablets Market, by Type (Vitamins {Vitamin A, Vitamin C, Vitamin D, Vitamin E, Vitamin K, and Vitamin B} and Minerals {Calcium, Copper, Magnesium, Potassium, and Others}), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and E-stores), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Gaining importance of minerals and vitamins to treat immune diseases, vitamin deficiency, etc. is expected to drive the growth of market. Moreover, increase in geriatric population across the globe is likely to drive the growth of market. For instance, according to United Nations, there were 703 million persons aged 65 years or over in the world in 2019 and the number of older persons is projected to double to 1.5 billion in 2050.
Key Takeaways of the Global Vitamin and Mineral Supplement Tablets Market:
- The global vitamin and mineral supplement tablets market is expected to exhibit a CAGR of 4.6% during the forecast period. Strategic development by key players is expected to drive the growth of market. For instance, in April 2018, Procter & Gamble (P&G) an American multinational consumer goods corporation acquired the consumer healthcare business of Merck KGaA. This acquisition helps to drive sales and profit growth for P&G.
- Among type, vitamins segment is expected to exhibit the highest CAGR in the global vitamin and mineral supplement tablets market over the forecast period. Availability and increase in use of vitamins tablets is expected to drive the growth of market.
- Among distribution channel, retail pharmacies segment is expected to exhibit the highest CAGR in the global vitamin and mineral supplement tablets market during the forecast period. Increase in preference to purchase products through retail pharmacies is expected to drive the growth of market.
- Among regions, North America is expected to account for major share in the market during the forecast period. Rapidly increase in aging population and increase in consumer’s awareness towards health is expected to drive the market growth in the region. For instance, as per Rural Health Information Hub, by 2050 almost 90 million older will be living in the U.S
- 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.
