The global vitamins and supplements market size
is set to gain
impetus from the increasing demand for healthy and innovative products to
prevent various symptoms related to coronavirus, such as tiredness, diarrhea,
chest pain, and shortness of breath. This information is published by Fortune
Business Insights™ in a new report, titled, “Vitamins and Supplements
Market, 2021-2028
.” As per the report, the market size was USD 129.60
billion in 2021 and is projected to reach USD 196.56 billion by 2028,
exhibiting a CAGR of 6.13% during the forecast period. It stood at USD 119.66
billion in 2020.
COVID-19 Pandemic to Spur Demand Backed by Need to Improve Immune
System
The COVID-19 pandemic has affected the global market positively.
Consumers are looking for healthy and nutritional products to enhance their
natural defense system. The U.S. National Health and Nutrition Examination
Survey, for instance, mentioned that more than 50% of the U.S. population
consumed vitamins and supplements amid the pandemic. Also, researchers have
found that function-specific antioxidants,
Segments:
Multivitamins Segment Earned 35.06% in 2020: Fortune Business
Insights™
Based on the type, this market is divided into pediatric
supplements, calcium supplements, multivitamins, and others. Out of these, the
multivitamins segment held 35.06% in terms of the vitamins and supplements
market share in 2020. This growth is attributable to the increasing consumption
of vitamin A, C, E, & D to reduce deficiencies of micronutrients.
Report Coverage:
Our skilled analysts have presented an accurate picture of the
global market for vitamins and supplements by summation, synthesis, and study
of data from various crucial sources. They have also included multiple facets
of the industry with the main focus on determining the significant market
influencers. Thus, the data is reliable and comprehensive. It was collected
through extensive primary and secondary research.
Drivers & Restraints:
Increasing Awareness of Preventative Healthcare Products to
Augment Growth
The population of children and senior citizens is growing day by
day across the globe. This has strengthened the expenditure of people on
vitamins and dietary supplements (VDS). Regulatory bodies of various countries
are modernizing their norms implemented on the production of vitamins and
supplements. Besides, the rising awareness regarding preventative healthcare
products among consumers is expected to propel marketing and production efforts
by renowned firms.
Furthermore, numerous manufacturers worldwide are utilizing unique
technologies to fulfil the high demand. At the same time, the rapid acceptance
of such products would bolster the vitamin and supplement market growth.
However, these products must go through the Dietary Supplement Health and
Education Act of 1994, which can result in procedural delay. This factor may
hinder the demand for supplements & vitamins.
Regional Insights:
High Demand for Traditional Medications to Favor Growth in Asia
Pacific
In 2020, Asia Pacific generated USD 54.44 billion in terms of
revenue. The adoption of the concept of nutritional food items in the region on
account of the rising concerns regarding malnutrition would aid growth in this
region. Japan and China are considered to be the leading markets because of the
high demand for conventional medicines. In North America, the market is set to
grow astonishingly on account of the rising acceptance of healthy intake during
hectic work schedules, especially in Mexico and the U.S.
Competitive Landscape:
Key Players Aim to Conduct R&D Activities to Introduce Novel
Vitamins & Supplements
Key Companies operating in this market are striving to strengthen
their positions by conducting extensive research and development activities.
Some of the others are trying to cater to the high demand created by the
COVID-19 pandemic.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/vitamins-and-supplements-market-104051