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
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.
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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.
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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.
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Segment Overview
This multivitamin and mineral supplements market report extensively covers market segmentation by
1. Application
-- 1.1 Eye health supplements
-- 1.2 Bone and joint supplements
-- 1.3 Heart health supplements
-- 1.4 Other supplements
2. 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.
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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.
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