Global Vitamin and Mineral Supplements is an ever-flourishing market. The growth attributes to the increased demand for supplements as a tool to treat various medical conditions and stay healthy. Besides, initiatives of consumers and public health agencies promote the inclusion of vitamin & mineral supplements to diets, aiming to reduce and prevent chronic diseases and improve healthy life spans.
Moreover, the penetration of self-monitoring devices, web, and mobile apps escalates market growth through direct-to-consumer genetic testing and easy remote access to medical consultations. According to Market Research Future (MRFR), the global vitamin & mineral supplements market is expected to reach USD 108.14 BN by 2025, registering 6.70% CAGR during the review period. Additionally, the emergence of customization of medicines and advances in manufacturing techniques push the market growth, bringing new opportunities. Also, healthy lifestyle trends among consumers to prevent diseases and thus to avoid expensive healthcare costs and extend healthy life spans generate substantial growth opportunities.
Furthermore, the recent COVID 19 outbreak is estimated to increase market demand, presenting the need to boost immunity. On the other hand, stringent regulatory frames and side effects associated with the overconsumption of these supplements are the significant factors projected to restrict the market growth.
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Industry Advancements/Related News
July 02, 2020 – Researchers at Friedman School of Nutrition Science and Policy at Tufts University (the US), stated that numbers of healthy people taking vitamin and mineral supplements are continually rising. Writing in the BMJ, the team says that the rise in taking dietary supplements attributes to the popularity of vitamins, minerals, and omega-3 to claims they can reduce the risk of non-communicable diseases. They point to randomized trial evidence that does not support the use of vitamin & mineral supplements to reduce the risk of these diseases, such as cardiovascular disease, cancer, or T2 diabetes.
The report is segmented into four dynamics.
By Type : Vitamin (Vitamin B, C, D, E, Multivitamins, others) and Mineral (Calcium, Magnesium, Iron, Zinc, Multi-Minerals, others), and Blends.
By End User: Men, Women, and Unisex.
By Distribution Channel: Store-Based (Supermarkets & Hypermarkets, Specialty Stores, others) and Non-Store-Based.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Highly competitive, Global Vitamin and Mineral Supplements Market appears fragmented due to the presence of many large and small players. Due to the low entry barriers, numbers of industry players are rising, increasing the market competition. Along with numerous international players, few regional players and new entrants, are also operating in the market.
New and online players are challenging many retailers and manufacturers. Many leading producers and retailers continue to expand through mergers & acquisitions and collaborations to gain a competitive share in the marketplace. The rapid proliferation of a wide range of products, primarily via online platforms, challenges these players.
Players leading the Global Vitamin and Mineral Supplements Market include Glanbia PLC (Ireland), The Nature’s Bounty Co. (US), Herbalife Nutrition Ltd. (US), Amway Corp (US), Abbott Laboratories (US), Bayer AG (Germany), Otsuka Holdings Co. (Japan), GlaxoSmithKline plc (UK), Nu Skin Enterprises, Inc. (US), and Nature’s Way Products, LLC (US), among others.
Asia Pacific dominates the global vitamin & mineral supplements market. The largest market share attributes to the increasing demand for nutritional products and focuses on preventive healthcare over curative solutions. The region offers enormous growth opportunities to manufacturers and suppliers. Also, the region has long been attracting international investors and industry players with its raw material advantage and cost-competitive logistics.
The region is estimated to witness higher growth due to the growing demand from the health supplements market, especially in developing countries like India and China. Markets in India and China are substantially larger in the region. China is expected to retain its dominance in the region throughout the forecast period, reaching USD 23,175.5 million by 2025, with 7.94% CAGR during the forecast period. India is projected to grow at 7.92% during the forecast period. North America stands second in the global vitamin & mineral supplements market. The region accounted for 34.50% share of the overall market in 2020. The market is majorly driven by the increasing consumer inclination toward preventive healthcare. Vitamin D deficiency is a common issue in North America, which drives a large share of the market demand.
Besides, the increasing prevalence of low immunity disorders and chronic diseases propel the growth of the regional market excellently, leading to an increased focus on preventive health care. The US accounts for the largest share of the regional market, followed by Canada. The US market value is projected to reach USD 30,536.4 MN by 2025, registering 6.13% CAGR during the forecast period. Canada is projected to register 6.50% CAGR during the forecast period. The European vitamin & mineral supplements market is emerging as a profitable market, globally. The feed supplement market pushes the market growth, consuming large amounts of vitamin & mineral supplements to meet the rising demand for poultry and swine products. Additionally, the increase in demand among consumers for protein intake drives the growth of the regional market. Moreover, the rising demand for nutritional products such as functional food boosts the regional market size.
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