Vitamin Mineral Supplements Market Outlook
The Vitamins Minerals Supplement Market Size was valued at USD 51.36 billion in 2022. The Vitamins Minerals Supplement Market Industry is projected to grow from USD 54.39 billion in 2023 to USD 84.90 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.57 % during the forecast period (2023 - 2030)
Increased demand for vitamins in daily diets and an increase in the number of health-conscious customers are predicted to drive the market. The market is expected to grow in acceptance of mineral supplements to manage chronic ailments due to the high prevalence of chronic diseases such as cancer, osteoporosis, anaemia, and osteoporosis among the population. Key market participants are concentrating on creating innovative products and studying exotic ingredients in addition to the growing awareness of the advantages of mineral supplements. According to forecasts, the vitamin mineral supplements size will grow to approximately USD 84.90 Billion by 2030.
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Regional classification
The global Vitamin mineral supplements market report is divided into four major geographic regions based on geographic analysis: North America, Asia Pacific, Europe, and the rest of the world. While it is anticipated that North America will continue to have the biggest market for mineral supplements, Asia-Pacific is expected to have the quickest rate of growth.
Even though the Asia-Pacific market is price-sensitive and unstable, manufacturers of mineral supplements are rapidly taking advantage of the region's many undiscovered prospects. During the projection period, Europe will be a significant market for nutritional supplements and mineral supplements alike.
Prominent Key Vitamin mineral supplements Market players in the Bayer AG (Germany), Glanbia Plc (Ireland), Abbott (US), Pfizer, Inc (US), Amway Corp (US), GSK Plc. (UK), Herbalife International of America, Inc. (US), Otsuka Pharmaceutical Co., Ltd. (Japan), Nature's Way Brands (US), Nature's Bounty (US), Global Calcium PVT LTD (India), LehmannVossCo. (Germany), ZINPRO CORP. (US), Novotech Nutraceuticals, Inc. (US), America Alimentos SA de CV (Mexico), and Jost Chemical Co. (US)
Market segmentation
The global Vitamin mineral supplements market overviews is divided into three categories based on application: medicines, food beverages, and others. The pharmaceutical sector consumes more mineral supplements than food and drink.
In the end-user segments, adult women will continue to exceed adult men, senior persons, and other groups. Numerous middle-aged women's health and weight-related issues are to blame for the segment's increase among adult women.
Industry news
The Asociacion Mexicana de Bancos de Alimentos ("BAMX"), a nonprofit organization committed to addressing the requirements of individuals who are experiencing food shortages in Mexico through community-based food distribution, and Herbalife Nutrition and The Herbalife Nutrition Foundation have entered into a new partnership as of May 2021.
Abbott declared in October 2021 that it has signed a contract to become the Real Madrid Football Club's Health Sciences and Nutrition Partner and Global Partner of the Real Madrid Foundation, a group established by the club to spread the ideals associated with the sport to kids all over the world.
To create a global consumer firm, Pfizer, and GlaxoSmithKline (UK) entered into a joint venture in December 2018. The combined business would offer respiratory, digestive, skin, and dental health medications as well as other vitamin and mineral supplements.
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