NEW
YORK, July 29, 2024 /PRNewswire/ -- The global
multivitamin and mineral supplements market size is estimated to
grow by USD 2.97 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 4.5% during the forecast period.
Increasing adoption of multivitamin and mineral supplements by
growing aging population is driving market growth, with a
trend towards increasing number of product launches.
However, misleading advertisements and promotions poses
a challenge. Key market players include Abbott Laboratories, Amway
Corp., Archer Daniels Midland Co., BASF SE, Bausch Health Companies
Inc., Bayer AG, Cargill Inc., Glanbia plc, Innophos Holdings Inc.,
International Flavors and Fragrances Inc., Kappa Ingredients GmbH,
Natures Bounty, New Chapter Inc., Otsuka Pharmaceutical Co. Ltd.,
Pfizer Inc., Pharmavite LLC, Pinnacle Health Nutrition Ltd.,
Reckitt Benckiser Group Plc, Swisse Wellness Pty Ltd., and
ZeaVision LLC.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Multivitamin And
Mineral Supplements Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.5%
|
Market growth
2024-2028
|
USD 2978.8
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.23
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
44%
|
Key
countries
|
US, UK, Germany, China,
and Japan
|
Key companies
profiled
|
Abbott Laboratories,
Amway Corp., Archer Daniels Midland Co., BASF SE, Bausch Health
Companies Inc., Bayer AG, Cargill Inc., Glanbia plc, Innophos
Holdings Inc., International Flavors and Fragrances Inc., Kappa
Ingredients GmbH, Natures Bounty, New Chapter Inc., Otsuka
Pharmaceutical Co. Ltd., Pfizer Inc., Pharmavite LLC, Pinnacle
Health Nutrition Ltd., Reckitt Benckiser Group Plc, Swisse Wellness
Pty Ltd., and ZeaVision LLC
|
Market Driver
The multivitamin and mineral supplements market is projected to
expand due to the rising number of new product introductions during
the forecast period. For instance, Amway's launch of Nutrilite
Daily Plus for PlusLife in October
2023, featuring 24 essential vitamins and minerals and
double the quantity of plant concentrates, will boost both sales
and market share. Such innovative offerings will fuel market
growth.
The global market for multivitamin and mineral supplements is
witnessing significant growth due to increasing health
consciousness among various demographics. The geriatric population
and children are key consumer groups, as they are more susceptible
to nutritional imbalances caused by dietary restrictions or
sedentary lifestyles. Regulatory approvals and food standards play
a crucial role in market growth. Preventative healthcare products,
including immunity boosters and natural herbs, are popular trends.
Production efficiency is a key focus for manufacturers to meet the
rising demand for multivitamins, minerals, and other nutritional
supplements. Diseases and disorders linked to nutritional
deficiencies, such as untimely death, are driving demand for
multivitamins. Acquisitions and partnerships among key players like
Nature's Bounty are shaping the competitive landscape. Market
segments include dietary supplements for men, women, unisex, sports
nutrition, pediatric nutrition, and various food products like
beverages, cereals, chocolates, and dairy products. Additionally,
there's a growing demand for plant-based foods, botanicals, and
protein supplements. The market for multivitamin and mineral
supplements continues to expand, catering to diverse consumer
needs.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
- Multivitamin and mineral supplement companies collaborate with
sports and film celebrities to endorse their products, aiming to
expand their consumer base. Advertisement campaigns featuring these
celebrities are designed to influence their fan following. However,
inconsistent outcomes from consuming these supplements may lead to
consumer distrust. Transparency regarding product ingredients and
manufacturing processes is essential to rebuild trust. Advertising
regulatory bodies have set guidelines to prevent misleading claims,
ensuring accurate representation of supplement benefits. Companies
must adhere to these regulations to maintain credibility in the
market.
- The Multivitamin and Mineral Supplements market faces
challenges from various quarters. Acquisitions, such as Nature's
Bounty's acquisition by Church & Dwight, impact the competitive
landscape. Consumers seek immunity boosters, often containing
natural herbs and botanicals, as dietary approaches to combat
disease prevalence. Protein, sports nutrition, pediatric nutrition,
and unisex blends are popular categories. Vitamins and minerals,
including Vitamin D, are essential for micronutrient status,
impacting health consequences. Consumers, especially the aging
population and health-conscious individuals, demand multivitamins
in various forms like tablets, capsules, and soft gels. Monogastric
animals also require nutritional products, including vitamins and
minerals, for optimal health. The market encompasses food products,
beverages, bottled water, cereals, chocolates, confectionery, baby
foods, coffee, culinary products, plant-based foods, dairy
products, ice cream, pet care products, and more.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This multivitamin and mineral supplements market report
extensively covers market segmentation by
- Application
- 1.1 Eye health supplements
- 1.2 Bone and joint supplements
- 1.3 Heart health supplements
- 1.4 Other supplements
- Geography
- 2.1 North America
- 2.2 Europe
- 2.3 Asia
- 2.4 Rest of World (ROW)
1.1 Eye health supplements- The multivitamin and
mineral supplement market caters to consumers seeking to fill
nutritional gaps in their diets. These supplements contain
essential vitamins and minerals that support overall health and
well-being. The market is driven by increasing health consciousness
and consumer preferences for preventative healthcare. Major players
in the industry include DSM, BASF, and Pfizer. Market growth is
expected due to rising demand for convenient and affordable health
solutions.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Pet Dietary Supplements Market is witnessing
substantial growth, driven by rising pet ownership and increased
awareness of pet health. Simultaneously, the global Functional Food
Ingredients Market is expanding due to the demand for healthier
food options and enhanced nutritional benefits. The global Dietary
Supplements Market is also on an upward trajectory, propelled by
the growing focus on health and wellness. Together, these markets
reflect a significant shift towards proactive health management for
both humans and pets, highlighting opportunities for innovation and
growth in the health and nutrition sectors.
Research Analysis
The Multivitamin and Mineral Supplements market encompasses a
wide range of products that provide essential Vitamins and Minerals
to consumers for maintaining optimal health. The micronutrient
status of individuals plays a crucial role in determining the
health consequences of deficiencies, which can lead to various
diseases. Consumers, especially the aging population and
health-conscious individuals, are increasingly turning to these
supplements to address nutritional gaps in their diet. Vitamin D, a
fat-soluble Vitamin, is a notable component due to its role in
calcium absorption and bone health. Disease prevalence, such as
anemia caused by Iron deficiency or Scurvy due to Vitamin C
deficiency, highlights the importance of these supplements.
Multivitamin and Mineral Supplements come in various forms,
including tablets, capsules, and soft gels, catering to diverse
consumer preferences. Monogastric animals and children also benefit
from these supplements, especially when their dietary approaches
lack sufficient nutrients. Regulations, approvals, and food
standards play a significant role in the production efficiency and
safety of these supplements. The growing emphasis on preventative
healthcare products further fuels market growth.
Market Research Overview
The Multivitamin and Mineral Supplements market encompasses a
wide range of products designed to address nutritional gaps and
promote overall health. These supplements contain essential
Vitamins and Minerals, which are crucial for maintaining good
health and preventing deficiencies. The market caters to various
consumer segments, including health-conscious individuals, aging
populations, geriatric population, children, and monogastric
animals. Micronutrient status plays a significant role in the
market's growth, as health consequences of deficiencies can lead to
various diseases and disorders, including untimely death. Consumers
increasingly seek preventative healthcare products, turning to
multivitamins, blends for men, women, and unisex, in tablet,
capsule, or soft gel forms. Dietary approaches, such as veganism
and vegetarianism, have led to the growth of plant-based
multivitamins and mineral supplements. The market also includes
immunity boosters, natural herbs, botanicals, protein, sports
nutrition, pediatric nutrition, and various food products,
beverages, and culinary items. Regulations, approvals, and food
standards play a crucial role in the market's growth, ensuring the
production efficiency of these supplements while maintaining their
quality and safety. The market's expansion is driven by factors
such as disease prevalence, nutritional imbalance due to junk food
and sedentary lifestyles, and the increasing awareness of the
importance of maintaining good health. Keywords: Vitamins,
Minerals, Micronutrient status, Health consequences, Consumers,
Dietary approaches, Vitamin D, Disease prevalence, Tablet form,
Capsule form, Soft gels form, Aging population, Health conscious
consumers, Monogastric animals, Diet and healthcare, Geriatric
population, Children, Dietary supplements, Food standards,
Regulations, Approvals, Preventative healthcare products,
Production efficiency, Nutritional imbalance, Junk food, Sedentary
lifestyle, Diseases, Disorders, Untimely death, Deficiency,
Acquisitions, Nature's Bounty, Immunity boosters, Natural herbs,
Botanicals, Protein, Sports nutrition, Pediatric nutrition,
Multivitamins, Blends, Men, Women, Unisex, Food products,
Beverages, Bottled water, Cereals, Chocolates, Confectionery, Baby
foods, Coffee, Culinary products, Plant based foods, Dairy
products, Nutritional products, Ice cream, Pet care products.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Eye Health Supplements
- Bone And Joint Supplements
- Heart Health Supplements
- Other Supplements
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/multivitamin-and-mineral-supplements-market-size-is-set-to-grow-by-usd-2-97-billion-from-2024-2028--increasing-adoption-of-multivitamin-and-mineral-supplements-by-growing-aging-population-boost-the-market-technavio-302208382.html
SOURCE Technavio