Market Insight
Market Research Future (MRFR) reveals that the COVID-19 Pandemic Impact on Vitamin Supplements Market 2020 has been on a rapid upward trajectory in recent years and can continue advancing to touch USD 30,520.40 Million by 2025. The said growth is expected to be at a rate of 6.65% between 2020 and 2025 (appraisal period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Primary Boosters and Deterrents
Since the COVID-19 Outbreak, the demand for nutraceuticals and vitamin supplements has risen exponentially, as more and more consumers are now trying to boost their immunity to fight against the SARS-CoV-2 infection. Also, the decline in consumption of meat, seafood and poultry products worldwide has boosted the preference for plant-based vitamin supplement, leading to better market growth in recent times. Several vitamin supplements with immunity-enhancing properties are available in the market and are observing more sales post the advent of the novel coronavirus, to bring down the risk of the infection.
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Following the pandemic and the consequent lockdown across the globe, health consciousness among people has mounted significantly, leading to a higher demand for products that bolster immunity. Vitamin supplements such as zinc are in huge demand, as these can help patients with reduced respiratory tract infections like SARS-CoV-2. It plays a big role in the body’s immune function and can potentially bring down COVID-19 replication. Researches and clinical trials are being conducted with full force to analyze the potential of various other vitamin supplements including Vitamin C, Vitamin D, and more in reducing the COVID-19 impact.
Over the years, there has been a sharp rise in vitamin deficiencies because of the growing prevalence of hectic lifestyles, shorter mealtimes, and nutrition loss during cooking as well as food processing. Therefore, consumers are becoming more aware about different deficiencies and the type of vitamin supplement to take, leading to faster growth rate of the global market. Apart from this, the global market is characterized by intense rivalry between renowned players. Industry players are doing everything in their capacity to boost their position, by launching a variety of innovative and quality products in the global market.
To cite an instance, in August 2020, SMARTYPANTS launched their new baby multivitamin that has omega-3 DHA along with lutein, which help facilitate visual and cognitive development. The new multivitamin focuses majorly on cognitive development and overall health of the baby for the early years of life.
Leading Competitors
Some of the top competitors in the Global COVID-19 Pandemic Impact on Vitamin Supplements Market include Living Essentials Marketing, LLC (US), Amway Corp (US), Bayer AG (Germany), Nature’s Way Products, LLC (US), Otsuka Holdings Co., Ltd (Japan), The Nature’s Bounty Co. (US), Glanbia plc (Ireland), Herbalife Nutrition Ltd. (US), Abbott Laboratories (US), GlaxoSmithKline PLC (UK), and more.
Segment Insight
Global Vitamin Supplements Market has been considered for type, form, and distribution channel. The key vitamin supplement types available in the market include vitamin C, vitamin B, multivitamins, vitamin D, and others. Since 2020, the multivitamins segment has remained in the lead, since they are available in various forms such as capsules, tablets, gummies, softgels, liquid and powder. The surge in cardiovascular diseases and the growing need to curb the increase in type 2 diabetes and various chronic diseases also benefit the segment. Therefore, it is expected that the segment could also record the highest CAGR of 6.86% in the following years.
Form-wise, the market categories include powder; capsules & soft gels; tablets, and more. The demand for capsules & soft gels and tablets is quite high and are the top segments in the market since 2020. Tablets enjoy huge demand in the market as they are generally cheaper priced and provide high-potency provisions and have a long shelf life.
The various distribution channels studied in the market study are store-based as well as non-store-based. The types of store-based distribution channel are specialty stores, supermarkets & hypermarkets, and others. In the year 2020, the largest share was procured by the store-based segment and can garner a growth rate of 6.49% from 2019 to 2025. Further, the supermarkets & hypermarkets category is deemed to acquire the top position, owing to the accelerated sales of vitamin supplements. Specialty stores are touted to obtain the fastest growth rate in the year to come.
Regional Outlook
Global COVID-19 Pandemic Impact on Vitamin Supplements Market has been regionally considered for Europe, North America, Asia Pacific/APAC, along with the rest of the world/RoW.
Since 2020, the APAC market has been in the lead with the biggest share of over 36% and is projected to record the highest growth rate of 7.22% in the given period. The market is the most profitable in emerging countries like Japan, Australia, New Zealand and China, as the demand for vitamin supplements has reached an all-time high in the past few years. Increasing GDP and the expanding geriatric populace are key growth boosters in the APAC market. The continuous product launches, high spending on the healthcare industry, and mounting health consciousness among consumers are also having a favorable impact on the regional market.
The high healthcare expenditure in North America combined with the constantly burgeoning elderly population adds to the market attractiveness in the region. The use of modern technologies in the healthcare industry, well-equipped medical facilities, and the expanding pool of people with health insurance also benefit the North American market to a large extent.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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