Vitamins and Minerals Supplements Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Vitamins and Minerals Supplements Market is segmented By Product Type (Vitamins, Minerals, Multivitamin/mineral (MVM) supplements), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales, Others), By Supplement Form (Capsules, Tablets, Powder, Chewable, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Vitamins and Minerals Supplements Market Overview

[150 Pages Report] The Global Vitamins and Minerals Supplements Market is expected to grow at a high CAGR during the forecasting period (2024-2031).

Vitamins and minerals are essential for the development of the body in multiple ways. Minerals intake insufficient amount can affect the mood and reduce stress levels. They help the bones shore up, heal wounds, and improve the immune system. They also transform food into energy and repair the cellular damage. The deficiency of vitamins and minerals can cause harm to the immune system and result in many diseases. With growing health consciousness among the youth to achieve aesthetic goals and rising awareness in people regarding the importance of a balanced diet is driving the growth of the vitamins and mineral supplements market. The global vitamins and minerals supplements market is valued at US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX% during the forecast period (2024-2031)

Vitamins and Minerals Supplements Market Scope

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Vitamins and Minerals Supplements Market Dynamics and Trends

Rising interest in nutrition is driving the growth of the vitamins and minerals supplement market

The increasing awareness of human nutrition and preventive healthcare among people is attributed to the growing demand for vitamins and mineral supplements globally. The prevalence of vitamin deficiencies due to hectic lifestyles and loss of nutrition during processing food is likely to entice people towards considering vitamins and minerals supplementation. In low-income countries, supplementation is highly recommended where particular micronutrient deficiencies like iodine, iron, zinc and vitamin A are prevalent or where food-based interventions such as dietary modification, fortification or provision of food are unable to achieve insufficient intake. The World Health Organization (WHO) estimates that more than two billion people suffer from micronutrient deficiency globally. Nearly 70% of the population in every age group consume dietary supplements with increasing age. Also, vitamins and mineral supplements are especially recommended for pregnant ladies and age groups of 40 and above. Countries like Sierra Leone, Lesotho, Afghanistan, Nigeria with higher malnutrition cases can be an opportunity for the vitamins and minerals supplements market.

According to studies, minerals taken as supplements can also be toxic. For instance, phosphorus can cause diarrhea at doses above 750 mg/d, with dosage being more than 400 mg/d, magnesium can cause diarrhea while lower doses can result in mild nausea and vomiting. Other minerals like zinc and iron can result in nausea and diarrhea too. These risks might hinder the growth of the vitamins and minerals supplements market.

Vitamins and Minerals Supplements Market Segmentation Analysis

Multivitamin tablets are the proliferating type

Multivitamins are highly consumed among all types of vitamins and minerals supplements. These multivitamin tablets majorly help the working population meet their daily nutrition level as the vitamins and minerals in this multivitamin capsule can effectively reduce stress and depression symptoms. For instance, Vitamin B stimulates the nervous system to produce stress relief hormones. Consuming enough vitamins and minerals can improve brain functions and affect mood. According to a survey conducted by the National Institute of Mental Health estimation, around 40% of Americans above 50 age group consume multivitamin tablets.

Vitamins and Minerals Supplements Market Geographical Share

North America is the largest regional market in the global vitamin and mineral supplements market

North America is the world leader in vitamins and mineral supplements, with the United States being the largest contributor, contributing 27% of the global sales of vitamins and mineral supplements in 2018. Vitamins and Dietary Supplements in the United States benefit from the widening trend in healthy living and the increase in healthcare costs, especially among ageing populations. The use of supplements with vitamins, minerals, and fish oil is popular among adults in North America. According to WHO, the consumption of vitamin D supplements has increased fourfold during 1999-2012, excluding multivitamin and mineral intake. According to 2018 statistics, the revenue from vitamin and nutritional supplements accounted for USD 31 billion in the United States.

Vitamins and Minerals Supplements Market Companies and Competitive Landscape

A large number of vitamins and minerals supplements manufacturers made the market competitive

The global vitamins and mineral supplements market is highly competitive with some of the pioneers and new emerging players operating in the market. Key players like AMWAY, are providing consumers with a wide range of vitamins and supplements. These major players have adopted various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions to survive in the industry as global leaders. For instance, Nature’s Way, a leading supplement company recently acquired BAZE, a personalized nutrition company that manufactures at-home devices to provide the check of micronutrient levels. According to the company reports, this helped 73% of consumers to eliminate their nutrition deficiencies.

COVID-19 Impact on Vitamins and Minerals Supplements Market 

Pandemic had a positive impact on the global vitamins and minerals supplements market

The outbreak of the pandemic had a positive impact on the global vitamins and minerals supplements market. To survive the pandemic, consumers were focusing on nutritional and healthy products to enhance their immune systems. For instance, The U.S. National Health and Nutrition Examination Survey declared that during the pandemic, more than 50% of the U.S. population was reported to be consuming vitamins and supplements and the demand for the supplements increased by 20% during this time.