Vitamin Supplements Market Applications & Business Strategy Forecast 2028

Vitamin Supplements Industry Overview

The global vitamin supplements market size is expected to reach USD 71.37 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.2% from 2021 to 2028. The market is predominantly driven by the growing awareness regarding the nutrition intake associated with health.

U.S. vitamin supplements market size, by type, 2018 - 2028 (USD Billion)

Vitamin Supplements Market Segmentation

Grand View Research has segmented the global vitamin supplements market on the basis of type, form, distribution channel, and region:

Based on the Type Insights, the market is segmented into Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K.

  • The multivitamin segment dominated the market and accounted for over 40.0% share of the global revenue in 2020. Multivitamin supplements comprise a combination of minerals and vitamins and at times other ingredients too. According to the World Health Organization, over 2 billion people worldwide suffer from vitamin and mineral deficiencies. Many athletes need multivitamin supplements to perform their best, which provide complete nutrients to maintain energy levels.
  • The growing awareness regarding health and wellness has resulted in consumers preferring food products infused with vitamins that offer added health benefits and this is likely to shift the consumer attention from medical treatments to preventive care products. Various awareness campaigns regarding healthy eating run by government agencies, non-governmental organizations, and companies across the globe have helped consumers understand the importance of nutritional benefits of multivitamin supplements, which, in turn, is projected to fuel the market growth.
  • The demand for multivitamin supplements is increasing across the globe as a complete pack of vitamins. Increased consumer awareness regarding the importance of adequate immunity amid the outbreak of the COVID-19 has increased the demand for immunity-boosting food and dietary supplements, which, in turn, is likely to expand the size of the multivitamin supplements segment in the coming years across the world.

Based on the Form Insights, the market is segmented into Powder, Tablets, Capsules, Softgels, Gummies, and Others.

  • The tablets segment dominated the market and accounted for over 40.0% share of the global revenue in 2020 as the tablet form of vitamins is widely consumed by adults across the world. Although the natural coating provides better dissolution, some other factors determine the absorption on the basis of efficacy and quality. All these factors are expected to drive the demand for vitamin supplements in the form of tablets over the forecast period.
  • Tablet form is one of the easiest ways of vitamin supplement consumption. It can be consumed based on prescription and non-prescription as well. Tablets are easy to swallow and come in all types of vitamins. However, vitamin gummies are expected to witness higher growth in the forecast period. Gummies are gaining popularity among the elderly population and kids owing to their softness and wide flavor profile.
  • Tablets are the most commonly used type of vitamin supplement owing to their cost-effectiveness. Manufacturers can pack the most amount in a given space in tablet form and tablets have a longer shelf life as compared to capsules. Softgels, powder, and capsule forms of vitamin supplements are expected to witness considerable growth over the forecast period. Moreover, capsule forms of vitamin supplements are the second-most consumed form of supplement across the world.

Based on the Distribution Channel Insights, the market is segmented into Offline and Online.

  • The offline segment dominated the market and held a revenue share of over 75.0% in 2020. In the offline segment, the hypermarkets/supermarkets segment captured the largest revenue share of more than 40.0% in 2020. A separate section or shelf for wellness products in hypermarkets and supermarkets enables customers to easily identify their desired brand, which is a key factor propelling the market growth.
  • The hypermarkets/supermarkets segment is gaining traction in the market. The well-maintained and arranged products, detailed customer sentimental analysis in order to understand consumer preferences pertaining to products and brands, and their willingness to pay premium prices for specific products are the factors likely to boost the growth of the hypermarkets/supermarkets segment over the forecast period.

Vitamin Supplements Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Key Companies Profile & Market Share Insights

Key players in the market are increasingly investing in research and development activities to develop new vitamin supplements with different flavors and forms.

Some of the prominent players operating in the global vitamin supplements market include,

  • Glanbia Plc
  • Pfizer Inc.
  • Bayer AG
  • Amway Corp.
  • GlaxoSmithKline plc.
  • Good Health New Zealand
  • The Nature’s Bounty Co.
  • NOW Foods
  • Abbott
  • Herbalife Nutrition
  • Nature’s Sunshine Products, Inc.
  • NU SKIN
  • RBK Nutraceuticals Pty Ltd.
  • American Health, Inc.
  • Pharmavite

Order a free sample PDF of the Vitamin Supplements Market Intelligence Study, published by Grand View Research.

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