Vitamins Market Trend, Share, Growth, Size and Forecast 2030

Vitamins Market

Vitamins Market By Application (Animal Feed, Pharmaceutical, Healthcare Products, Food & Beverages, and Others), By Distribution Channel (Specialty Stores, Mass Merchandisers, Hypermarket, Supermarket, and Others), By Type (Vitamin K, Vitamin A, Vitamin C, Vitamin D, Vitamin E, Vitamin B, and Others), By Source (Animal, Plant, Natural, Synthetic, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030

Category: Healthcare Report Format : PDF Pages: 209 Report Code: ZMR-7885 Published Date: Dec-2023 Status : Published
Market Size in 2022 Market Forecast in 2030 CAGR (in %) Base Year
USD 6.78 Billion USD 11.10 Billion 6.40% 2022

Vitamins Industry Prospective:

The global vitamins market size was worth around USD 6.78 billion in 2022 and is predicted to grow to around USD 11.10 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.40% between 2023 and 2030.

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Vitamins Market: Overview

Vitamins are defined as a group of organic substances required in sufficient quantities to promote normal cell growth, function, and development. These essential compounds are mainly required in small quantities and most vitamins are obtained from natural food items. Currently, around 13 vitamins have been recognized with every vitamin performing a specific function and being obtained from certain sources. For instance, the best source of vitamin D is sunlight since it is not available in large quantities in food products. On the other hand, humans have to rely on external supplements for sufficient amounts of vitamin C whereas studies suggest that dogs can produce as much vitamin C as required. The 13 essential vitamins are vitamin C, vitamin A, vitamin D, vitamin E, vitamin K, vitamin B12, vitamin B1, vitamin B3, vitamin B6, pantothenic acid, vitamin B12, biotin, and folate. In general, vitamins are classified into 2 main categories that are water-soluble vitamins and fat-soluble vitamins. Every vitamin has an essential role to play in improved bodily performance and deficiency of any vitamin can lead to health problems. 

Key Insights:

  • As per the analysis shared by our research analyst, the global vitamins market is estimated to grow annually at a CAGR of around 6.40% over the forecast period (2023-2030)
  • In terms of revenue, the global vitamins market size was valued at around USD 6.78 billion in 2022 and is projected to reach USD 11.10 billion, by 2030.
  • The vitamins market is projected to grow at a significant rate due to the increasing number of patients with vitamin deficiency
  • Based on application segmentation, healthcare products was predicted to show maximum market share in the year 2022
  • Based on type segmentation, vitamin C was the leading segment in 2022
  • On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Vitamins Market: Growth Drivers

Increasing the number of patients with vitamin deficiency to create a higher market demand

The global vitamins market is projected to grow owing to the increasing number of people globally with some form of vitamin deficiency. Consuming insufficient amounts of vitamins can lead to several medical problems including irritability, fatigue, and changes in skin or hair. The exact symptom depends on the type of vitamin deficiency since each vitamin type has a certain role to play. For instance, vitamin D deficiency can easily lead to fractures as a result of weak bones. On the other hand, folate deficiency causes anemia which is known to further translate to weakness and fatigue. Research indicates that not consuming enough vegetables, fruits, fiber, whole grains, beans, fortified dairy products, and lentils increases the risk of associated medical concerns including cancer and heart diseases. One of the main reasons for medical professionals observing more people with vitamin deficiency is the growing addiction to fast food and edible items that are not vitamin-rich sources. Vitamin D is considered important in maintaining muscle, teeth, and bone health. Since food is already a poor source of vitamin D, the quantity of vitamin D is further reduced when only fast food is consumed at regular intervals. Additionally, certain vitamins such as iron and B vitamins may be lost during food processing and must be added back to the food product once the processing is complete. As per the National Institutes of Health (NIH), more than 1 billion people across the globe have vitamin D deficiency. The growing awareness about the impact of vitamin deficiency on overall health is causing more people to spend on food and supplements that provide an adequate amount of vitamins.

Vitamins Market: Restraints

Health concerns associated with high amounts of vitamins may cause growth restriction

The global vitamins market growth is projected to be restricted by the increasing health concerns over excess consumption of vitamins. These organic compounds are essential for overall health but only in limited quantities. Excess intake or exposure to vitamins can lead to health risks. For instance, higher quantities of vitamin C can lead to kidney stones and gastrointestinal issues. On the other hand, excess exposure to vitamin A leads to more serious conditions such as birth defects and symptoms of hypervitaminosis A that include skin disorders, hair loss, and pseudotumor cerebri. Hence vitamins must only be consumed in limited quantities and under the guidance of trained medical or health professionals.

Vitamins Market: Opportunities

Increasing revenue in nutraceutical and supplements industries to create growth opportunities

The global vitamins industry is expected to grow due to the increasing number of players operating in the nutraceutical and health supplements industries. These companies invest heavily in producing vitamins and minerals to be consumed externally to reach daily nutrition targets in individuals with health conditions and vitamin deficiency. In recent times, the number of product launches has increased rapidly along with fast expansion in new and emerging markets. In November 2023, CISCAREX, a Berlin-based new company founded by researchers that led to the discovery of vitamin A(5), announced the commercial launch of a first-of-its-kind A(5) dietary supplement called MIN A5(R). It is available in capsule form and contains a natural plant extract. The company expects to tap into the food and cosmetics market with the new launch along with the pharmaceutical industry. Vitamin A(5) is a newly identified organic compound in the last 80 years. On the other hand, in September 2021, Centrum announced its entry into the Indian market with the launch of Haleon, a Centrum Multivitamin range with 4 multivitamin variants.

The vitamins market players have been at the forefront of experimenting with new packaging and product delivery systems to tap into a broader group of audience. In July 2023, Henry Blooms, an Australian supplements brand launched its vitamins spray range in the US market as a result of high consumer awareness and acceptance.

Vitamins Market: Challenges

Managing quality control operations and navigating complex regulatory hurdles to pose primary challenges

The vitamins industry growth is expected to be challenged by the complexities associated with managing the quality or purity of the vitamins. Since these compounds are consumed regularly, the impact of impure or contaminants-containing vitamins can lead to severe health risks. Additionally, entering new markets with vitamin supplements or medicinal products is extremely difficult due to the intricate regulatory demands laid down by government agencies. Some of the other market challenges include resource-intensive research making it difficult for new entrants to invest in the industry for vitamins.

Vitamins Market: Segmentation

The global vitamins market is segmented based on application, distribution channel, type, source, and region.

Based on application, the global market is divided into animal feed, pharmaceuticals, healthcare products, food & beverages, and others. In 2022, the highest growth was registered in the healthcare products segment and the same trend can be expected during the forecast period. Vitamins are essential healthcare-related products and are required in sufficient amounts for the overall development of the body. The growing number of people over the age of 30 years in addition to the rising number of patients with vitamin deficiency is expected to help the segmental growth. As per official statistics, around 30% of the world population is currently in the age group of 20 to 39 years.

Based on distribution channel, the vitamins industry is divided into specialty stores, mass merchandisers, hypermarkets, supermarkets, and others.

Based on type, the global market is divided into vitamin K, vitamin A, vitamin C, vitamin D, vitamin B, and others. In 2022, the most revenue-generating segment was vitamin C also known as ascorbic acid. It is one of the most popular antioxidants with widespread consumer awareness and promotes healthy gums, teeth, and body tissues. It is also essential for wound healing. Vitamin C is a critical part of the cosmetic industry as it is used in several creams and moisturizers to impart healthy and glowing skin. Women are recommended to consume around 75 milligrams of vitamin C a day and men are recommended 90 mg a day.

Based on source, the vitamins industry is divided into animal, plant, natural, synthetic, and others.

Vitamins Market: Report Scope

Report Attributes Report Details
Report Name Vitamins Market
Market Size in 2022 USD 6.78 Billion
Market Forecast in 2030 USD 11.10 Billion
Growth Rate CAGR of 6.40%
Number of Pages 209
Key Companies Covered BASF SE, DSM Nutritional Products, The Nature's Bounty Co., Lonza Group, Nutraceutics Corporation, Glanbia Nutritionals, Nestlé Health Science, Nature's Way, GSK Consumer Healthcare, Amway, Kirkman Labs, Pharmavite LLC, Herbalife Nutrition, Pfizer Consumer Healthcare, Blackmores, and others.
Segments Covered By Application, By Distribution Channel, By Type, By Source, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 - 2030
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Vitamins Market: Regional Analysis

Asia-Pacific to emerge as the highest revenue-generating region during the forecast period

The global vitamins market is expected to witness the highest growth in Asia-Pacific. The region is home to a large segment of the population with India and China acting as homes to around one-third of the global population. In addition to this, the region enjoys the presence of several international and domestic providers of vitamin products for animals and humans. An August 2023 report suggested that China’s health supplement market continued to show promising results despite the average consumption rate showing cautious purchasing patterns. Countries such as China, India, South Korea, Japan, and Australia have been experimenting with new forms of vitamins. In July 2023, Dr. Reddy’s Laboratories announced the launch of CeleHealth Kidz Immuno Plus Gummies specifically targeting child immunity in the Indian market and helping the company strengthen its product portfolio. The growing regional cosmetic sector is helping Asia-Pacific achieve new heights. South Korean skincare companies are witnessing massive growth as they are rich sources of several vitamins including vitamins E, C, A, B5, and others.

Vitamins Market: Competitive Analysis

The global vitamins market is led by players like:

  • BASF SE
  • DSM Nutritional Products
  • The Nature's Bounty Co.
  • Lonza Group
  • Nutraceutics Corporation
  • Glanbia Nutritionals
  • Nestlé Health Science
  • Nature's Way
  • GSK Consumer Healthcare
  • Amway
  • Kirkman Labs
  • Pharmavite LLC
  • Herbalife Nutrition
  • Pfizer Consumer Healthcare
  • Blackmores

The global vitamins market is segmented as follows:

By Application

  • Animal Feed
  • Pharmaceutical
  • Healthcare Products
  • Food & Beverages
  • Others

By Distribution Channel

  • Specialty Stores
  • Mass Merchandisers
  • Hypermarket
  • Supermarket
  • Others

By Type

  • Vitamin K
  • Vitamin A
  • Vitamin C
  • Vitamin D
  • Vitamin E
  • Vitamin B
  • Others

By Source

  • Animal
  • Plant
  • Natural
  • Synthetic
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Vitamins are defined as a group of organic substances required in sufficient quantities to promote normal cell growth, function, and development.

The global vitamins market is projected to grow owing to the increasing number of people globally with some form of vitamin deficiency.

According to study, the global vitamins market size was worth around USD 6.78 billion in 2022 and is predicted to grow to around USD 11.10 billion by 2030.

The CAGR value of the vitamins market is expected to be around 6.40% during 2023-2030.

The global vitamins market is expected to witness the highest growth in Asia-Pacific.

The global vitamins market is led by players like BASF SE, DSM Nutritional Products, The Nature's Bounty Co., Lonza Group, Nutraceutics Corporation, Glanbia Nutritionals, Nestlé Health Science, Nature's Way, GSK Consumer Healthcare, Amway, Kirkman Labs, Pharmavite LLC, Herbalife Nutrition, Pfizer Consumer Healthcare, and Blackmores.

The report explores crucial aspects of the vitamins market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.

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