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)
Vitamin Mineral Supplements Market Outlook
Malnutrition, from the perspective of the World Health Organization, is one of the major problems facing world health. The system of young infants must be continuously infused with vital nutrients and vitamins to tackle this issue. This served as the foundation for the market for nutritional and vitamin supplements, according to the industry expert.
Vitamin Mineral Supplements Market Share is anticipated to reach USD 84.90 Billion by 2030, registering a CAGR of 6.57% during 2023-2030.
. Dietary supplements are crucial in the modern world to fight malnutrition that is a problem that fat and overweight people also experience because of their poor eating habits. Vitamin and nutritional supplements can be acquired over the counter without a prescription and are widely available. As a result, people are ordering items to meet their nutritional objectives, which are propelling the market for nutrition and vitamin supplements.
However, one major factor restricting the expansion of the Vitamin mineral supplements market insight is interruptions in supply chains for the manufacture of supplements. The COVID-19 outbreak resulted in resource restrictions, an increase in remote work and personal distance, the shutdown of companies, and other economic activity. From production to global trade, the entire chain of supply was impacted.
Market segmentation
The global Vitamin mineral supplements market 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.
Regional classification
The global Vitamin mineral supplements market trends 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 vitamin mineral supplements market research include 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)
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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Note: Our research team is studying Covid19 and its impact on various industries and we will consider the Covid19 footprint for better analysis of markets and industries whenever necessary. For more details, please sincerely contact us.
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