NEWARK, Del, June 27, 2024 (GLOBE NEWSWIRE) -- The global vitamin and mineral market is estimated to be valued at USD 24.5 billion. Global sales of vitamins and minerals are expected to soar at 4.4% CAGR during the assessment period, totaling USD 37.8 billion by 2034.
Sales remain high for vitamin C, accounting for a value share of 27% in 2023. This is due to its multiple health benefits and increasing adoption in food and beverage sector. The target segment is poised to record a CAGR of 4.2% through 2034.
Several factors are expected to drive growth of the vitamin and mineral market during the forecast period. These include rising focus on health and wellness, surging demand for fortified foods, and increasing geriatric population.
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Today, more and more consumers are prioritizing their health as the prevalence of chronic diseases continues to increase. This is creating immense demand for supplements, especially vitamins and minerals, and the trend will likely continue through 2034.
Consumers are seeking supplements like vitamin D, vitamin C, iron, calcium, and others to improve their health and reduce the risk of disease development and acquisition. Thus, high consumption of these supplements is set to drive the target industry forward.
Several food and beverage manufacturers are integrating vitamins and minerals in their products to meet growing consumer demand for fortified food and beverages. This will likely open new growth windows for companies throughout the forecast period.
Key Takeaways from Market Report:
- The global market value is anticipated to total USD 37.8 billion in 2034.
- Based on type, vitamin C segment is to record a CAGR of 4.2% through 2034.
- By application, food and beverages segment dominated the industry with a share of 36% in 2023.
- China is projected to register a CAGR of 5.2% through 2034.
- Sales in the United States are slated to total USD 6.8 billion by 2034.
- South Korea will likely exhibit a CAGR of 7% between 2024 and 2034.
“Growing popularity of preventive healthcare and rising incidence of deficiency diseases are expected to create growth opportunities for the vitamin and mineral industry during the forecast period.” - Nandini Roy Choudhury, Client Partner at Future Market Insights.
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Who is Winning?
Abbott Laboratories, Amway, Bayer AG, Nature's Way Products, LLC, and Novartis International AG are few key players listed in the report. Developing novel supplements for different demographics is becoming a key strategy for industry players globally.
Many companies are implementing marketing and branding strategies to stay relevant in the market. Similarly, strategies like partnerships, collaborations, acquisitions, mergers, and distribution agreements are becoming popular among players.
Leading Vitamin and Mineral Brands
- Abbott Laboratories
- Amway
- Bayer AG
- CSPC Pharmaceutical Group
- Daiichi Sankyo
- Eisai Co., Ltd.
- GNC Holdings, Inc.
- Hainan Yangshengtang
- Koninklijke DSM N.V.
- Nature's Way Products, LLC
- Novartis International AG
- Otsuka Holdings Co. Ltd.
- Pfizer Inc.
- Pharmavite LLC
- Roche Holding AG
- Salus Haus
- Sanofi S.A.
Industry Updates:
- In January 2024, Bimeda, Inc. launched BOVitalize in the United States. The new oral vitamin and mineral supplement is designed for dairy cows, beef, bulls, and ruminating calves.
Want More Insights?
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global vitamin and mineral market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights based on type (vitamin C, vitamin D, calcium, iron, zinc, magnesium, and others) and application (food and beverages, dietary supplements, pharmaceuticals, personal care products, and others) across several regions.
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Key Segments of the Market Report
By Type:
Based on type, the industry is segmented into vitamin C, vitamin D, calcium, iron, zinc, magnesium, and others.
By Application:
Popular product applications include food and beverages, dietary supplements, pharmaceuticals,personal care products, and others.
By Region:
Vitamin and mineral market analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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