The global Vitamin and Mineral Supplement Market is estimated to be valued at US$ 15.46 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2028 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vitamin and mineral supplement tablets provide essential vitamins and minerals needed by the body. They are increasingly being consumed by health-conscious individuals to supplement their diets and meet daily nutritional requirements.
Market key trends:
The growth of the vitamin and mineral supplement tablets market is driven by rising awareness about maintaining good health and wellness. One of the key trends is the emergence of customized or personalized vitamin supplements which are tailored as per an individual's specific nutrient deficiency or health condition. Brands are designing supplements focused on single or multiple vitamin and mineral deficiencies to better target consumer needs. This is allowing people to meet their nutritional gaps in a focussed manner.
Segment Analysis
The global vitamin and mineral supplement tablets market is segmented into vitamin tablets and mineral tablets. The vitamin tablets segment dominates the market owing to increasing incidence of vitamin deficiency disorders globally. Within the vitamin tablets segment, multivitamin tablets command the largest market share. Factors such as increasing health consciousness amongst consumers and busy lifestyles resulting in poor dietary plans have increased the demand for multivitamin supplements.
Key Takeaways
The global vitamin and mineral supplement tablets market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing prevalence of lifestyle diseases such as diabetes, cardiovascular disorders and obesity.
Regional analysis
North America dominates the global vitamin and mineral supplement tablets market due to rising health awareness and high disposable income in countries like the US and Canada. Additionally, the Asia Pacific region is expected to exhibit the fastest growth over the forecast period owing to growing geriatric population, increasing lifestyle diseases and rising healthcare expenditure in the region.
Key players
Key players operating in the vitamin and mineral supplement tablets market are Otsuka Pharmaceutical Co., Ltd., NutraScience Labs, Glanbia plc, Herbalife Nutrition, Abbott, Amway, Bayer AG, GlaxoSmithKline plc, NSE, inc. Company, Bactolac Pharmaceutical, Inc., Nature's Way Products, LLC, Noreva Biotech, Pharmavite, Brunel Healthcare, HTC Health. Otsuka Pharmaceutical Co., Ltd. and Abbott hold a significant share in the global market due to their diverse product portfolio and strong distribution network across countries.
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