Vitamins Market

Vitamins Market Size:

The global vitamins market size reached US$ 14.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032. The market is experiencing robust growth, driven by the increasing health and wellness awareness, heightened prevalence of chronic conditions, growing geriatric population across the globe, rising incidence of vitamin deficiencies, burgeoning consumer preference for natural and organic products, and rapid technological advancements in product development.

Vitamins Market Analysis:

• Major Market Drivers: Growing consumer knowledge of health and wellness, owing to increased access to information and public health campaigns, is majorly boosting the demand for this product. Moreover, the rising geriatric population that requires higher intake of certain vitamins is driving the demand for supplements that are tailored to geriatric adults. Aside from this, the rising prevalence of vitamin deficiencies is propelling the need for supplementation to address nutritional gaps.
• Key Market Trends: There is a rising consumer preference for natural and organic vitamins, driven by concerns over synthetic ingredients and a desire for clean-label products. Furthermore, the quick developments in genetic testing and biotechnology, which enable the creation of customized vitamin solutions based on each person's unique health requirements, are adding to its market share. To improve customer convenience and compliance, firms are also offering novel forms, such as gummies, liquids, and chewable.
• Geographical Trends: The Asia Pacific region is dominating this industry, owing to strong economic expansion, increased disposable incomes of consumers, and the introduction of many government measures to address vitamin deficiencies among its masses. Other regions are also seeing rapid growth due to high health consciousness, strong healthcare infrastructure, and increased consumer expenditure on health supplements.
• Competitive Landscape: Some of the major market players in the vitamins industry include BASF SE, Bluestar Adisseo (China National Bluestar (Group) Co. Ltd.), Farbest-Tallman Foods Corporation, Glanbia Plc, Jubilant Bhartia Group, Koninklijke DSM N.V., Stern-Wywiol Gruppe GmbH & Co. KG, Vertellus, Vitablend Nederland B.V., Zagro (Industria de Diseño Textil S.A.), and Zhejiang Garden Biopharmaceutical Co. Ltd., among many others.
• Challenges and Opportunities: The companies in this market are encountering many issues with compliance and product clearance because of strict rules and various standards across regions. Furthermore, a great deal of consumer education is still required to take advantage of the benefits and uses of these products. Nonetheless, there are opportunities for expansion in unexplored areas, especially in developing nations where vitamin deficiencies are common, and healthcare awareness is rising.
   

Vitamins Market Trends:

Increasing Awareness of Health and Wellness

Consumers are becoming more mindful of health and well-being, which is one of the key reasons behind the market growth. This is attributed to a number of factors, including expanded media coverage of health-related issues, improvements in medical research, and easier access to information. The digital lifestyle provides consumers with instant access to information, enabling them to educate themselves on the benefits of vitamins and nutritional supplements. At the beginning of 2024, there were 331.1 million internet users in the United States, with internet penetration standing at 97.1 percent. Also, a total number of 396.0 million cellular mobile connections were active in the country in early 2024, with this figure equivalent to 116.2 percent of the total population. Social media platforms, health blogs, and online forums have become significant sources of information where individuals can share their experiences and knowledge about the advantages of vitamins.

Growing Prevalence of Lifestyle-Related Diseases

The need for vitamins has increased due to a spike in the rate of lifestyle-related disorders such as diabetes, obesity, and cardiovascular problems. 41.9 percent of individuals in the U.S. are obese. Approximately 20 percent of American children and adolescents between the ages of 2 and 19 are obese, and this proportion is rising. Additionally, around 60 million adults in the European Region who are 25 years of age and older have diabetes. Because of this, people are now taking a more proactive approach to maintaining their health and using vitamins as a preventative step. The industry has grown tremendously as a result of the move away from reactive therapy and toward preventative healthcare.

Rising Geriatric Population

People's dietary demands alter as they age, and the importance of specific vitamins and minerals increases. For example, higher doses of calcium, magnesium, and vitamins B12 and D are required by geriatric persons in order to maintain bone health, sustain cognitive function, and fend against chronic illnesses. Due to a number of variables, including reduced consumption of food, impaired absorption capacities, and long-term medical disorders that impair nutrient metabolism, this population segment is more vulnerable to deficiencies. According to the Survey on Health, Ageing and Retirement in Europe (SHARE), the average number of adults 65 and older in the E.U. reported having two or more chronic illnesses in 2020. This leads to a heightened need for vitamins among this demographic to address these nutritional gaps and promote healthy aging.

Vitamins Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, source, and application.

Breakup by Type:

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

Vitamin B accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes vitamin A, vitamin B, vitamin C, vitamin D, vitamin E, and vitamin K. According to the report, vitamin B represented the largest segment.

Based on the vitamin market trends and analysis, vitamin B represented the largest segment due to its essential role in various bodily functions, including energy production, cognitive function, and metabolic processes. The widespread utilization of these vitamins in managing stress, enhancing mood, supporting cardiovascular health, and preventing deficiencies that can lead to conditions such as anemia and neurological disorders is favoring the market growth. Additionally, the growing awareness of the benefits of B vitamins in supporting overall health and wellness, coupled with the increasing prevalence of its deficiencies due to poor dietary habits and certain medical conditions, is bolstering the Vitamin B market growth.

Breakup by Source:

• Natural
• Synthetic
   

Natural holds the largest share of the industry

A detailed breakup and analysis of the market based on the source have also been provided in the report. This includes natural and synthetic. According to the report, natural accounted for the largest market share.

As per the vitamin market forecast and outlook, natural vitamins dominated the market share as they are derived from whole food sources, such as fruits, vegetables, and herbs. They offer an attractive option for health-conscious consumers who are seeking products with minimal processing and no artificial additives. Moreover, the growing consumer preference for clean-label products and the perception that natural vitamins offer superior bioavailability and efficacy are catalyzing the market growth. Additionally, the rising demand for organic vitamins, boosting its adoption among individuals who prioritize organic agriculture and environmentally sustainable practices, is enhancing the vitamin market revenue.

Breakup by Application:

• Personal Care Products
• Food and Beverages
• Healthcare Products
• Others
   

The report has provided a detailed breakup and analysis of the market based on the application. This includes personal care products, food and beverages, healthcare products, and others.

The healthcare products segment includes the extensive use of vitamins in dietary supplements and pharmaceutical formulations to address a wide range of health issues. Moreover, their critical role in preventing and managing conditions, such as vitamin deficiencies and chronic diseases, and supporting the immune system is supporting the market growth. Besides this, the increasing prevalence of lifestyle-related health problems like obesity, cardiovascular diseases (CVDs), and diabetes, fueling the demand for vitamin supplements as preventive and therapeutic measures, is boosting the vitamin market share.

The food and beverages (F&B) segment is driven by the increasing trend of fortifying everyday food items with essential vitamins. This segment caters to a broad consumer base who are seeking convenient ways to meet their nutritional requirements through their regular diet. The fortification of staple foods such as dairy products, cereals, juices, and snacks with vitamins like A, D, and B-complex ensures that consumers can effortlessly enhance their nutrient intake.

The personal care products segment represents includes vitamins in skincare, haircare, and cosmetic products. Vitamins such as A, C, and E are highly valued for their antioxidant properties and their role in promoting healthy skin, hair, and nails. Moreover, the increasing consumer's awareness of the benefits of vitamins in enhancing the efficacy of personal care products is favoring the market growth.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest vitamins market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for vitamins.

According to the vitamin market report and overview, the Asia Pacific region holds the largest share of the market, driven by a combination of rapid economic growth, increasing health consciousness, and a large population. Moreover, the growing middle-class population, boosting the focus on preventive healthcare and wellness, is catalyzing the market growth. Additionally, the prevalence of vitamin deficiencies among individuals, spurring government initiatives and public health campaigns to promote the consumption of these products, is boosting the market growth. Apart from this, the region's robust pharmaceutical and nutraceutical industries, coupled with advancements in manufacturing technologies that make these products more accessible and affordable, are enhancing the demand for vitamins.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the vitamins industry include BASF SE, Bluestar Adisseo (China National Bluestar (Group) Co. Ltd.), Farbest-Tallman Foods Corporation, Glanbia Plc, Jubilant Bhartia Group, Koninklijke DSM N.V., Stern-Wywiol Gruppe GmbH & Co. KG, Vertellus, Vitablend Nederland B.V., Zagro (Industria de Diseño Textil S.A.), Zhejiang Garden Biopharmaceutical Co. Ltd., etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The top vitamin companies are focusing on several strategic initiatives to maintain and enhance their market positions. These include investing in research and development (R&D) to innovate and create new, more effective vitamin formulations that cater to specific health needs and consumer preferences. Moreover, companies are expanding their product lines to include a wider variety of delivery formats, such as gummies, liquids, and effervescent tablets, to appeal to different consumer segments. Besides this, many players are sourcing high-quality and natural ingredients to obtain certifications for organic products. Additionally, they are leveraging digital and e-commerce platforms to reach a broader audience and enhance consumer engagement. Furthermore, they are forming partnerships, mergers, and acquisitions to expand their market presence and diversify their product portfolios, thereby positively impacting the vitamin market’s recent opportunities and developments.

Vitamins Market News:

• In September 2023, BASF calculated the Product Carbon Footprints (PCFs) for vitamins, carotenoids, beverage processing polymers, feed enzymes and feed performance ingredients for the human and animal nutrition markets. The BASF methodology for calculating PCFs is certified by TÜV Rheinland according to the internationally recognized standard, ISO 14067:2018. The benchmarking shows that the PCF for specific BASF vitamin A and E products is significantly better which is at least 20 % than the global market average PCF of the corresponding third-party products. BASF’s benchmark assessments have been conducted according to ISO 14044, ISO 14067, and GHG protocol standard.
• In February 2023, DSM-Firmenich (Koninklijke DSM N.V merged with Firmenich), confirmed that the company is resuming Rovimix Vitamin A production in Sisseln, Switzerland. In November 2022, the firm announced a temporary halt to Vitamin A production at the site. Restarting production will allow DSM-Firmenich to serve its customers with animal nutrition premix solutions ahead of the shutdown for lifetime extension work planned for the Vitamin A line in 2023.

Vitamins Market Report Scope:

Key Questions Answered in This Report:

• How has the global vitamins market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global vitamins market?
• What is the impact of each driver, restraint, and opportunity on the global vitamins market?
• What are the key regional markets?
• Which countries represent the most attractive vitamins market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the vitamins market?
• What is the breakup of the market based on the source?
• Which is the most attractive source in the vitamins market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the vitamins market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global vitamins market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vitamins market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global vitamins market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vitamins industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.