Vitamins Market size is set to grow by USD 35.46 billion from 2024-2028, Increasing number of product launches to boost the market growth, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global vitamins market size is estimated to grow by USD 35.46 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.82% during the forecast period. 

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Key Market Trends Fueling Growth

The global vitamins market is experiencing growth due to increasing health consciousness among consumers. Young adults, particularly those aged 18-32, are driving demand for natural, low-fat, and calorie-rich food and beverages fortified with vitamins and minerals. Key industries include animal feed, personal care, pharmaceuticals & nutraceuticals, and various vitamins such as B, C, D, E, and K. Companies like DSM, GlaxoSmithKline, and ADM dominate the market, catering to human health needs related to digestion, immunity, mental health, and aging populations with conditions like anemia, osteoporosis, and osteoarthritis. 

Market Challenges

• The global vitamins market faces challenges due to misleading celebrity endorsements for supplements. Consumers may be influenced to purchase based on these endorsements, but lack of transparency regarding ingredients can lead to distrust and hinder market growth.
• Key players include DSM, ADM, GlaxoSmithKline, and others. Vitamins B and C are commonly used for digestion, immunity, mental health, and addressing conditions like anemia, osteoporosis, and obesity.
• Natural or synthetic sources are debated, with human and agricultural produce also impacting nutritional requirements. Lifestyle and fertility issues, healthcare costs, and diseases are other factors influencing vitamin consumption.

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Segment Overview 

1. Application 
• 1.1 Food and beverages
• 1.2 Pharmaceuticals and cosmetics
• 1.3 Feed additives
2. End-user 
• 2.1 Adults
• 2.2 Children and teenager
• 2.3 Infants
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Food and beverages- The global vitamins market is experiencing robust growth, particularly in the food and beverages segment. This expansion is driven by the rising trend of health and wellness, with consumers incorporating vitamin-rich foods into their diets as preventative measures against diseases. Vitamins play a crucial role in combating various health issues, such as Fibromyalgia, Obesity, Depression, and Fertility issues.

Vitamin deficiencies can lead to minor problems like short-term memory loss and fatigue, as well as major issues like preventable blindness in children due to Vitamin A deficiency. Market players, including DSM, GlaxoSmithKline plc, ADM, and others, are introducing fortified food and beverage products to cater to this growing demand. Vitamins, such as Vitamin B1, B2, B3, B5, B6, B7, B9, B12, Vitamin D, E, and K, are essential for maintaining optimal health.

These vitamins are used in various applications, including Pharmaceuticals & nutraceuticals, Animal feed, Personal care, and Vitamin supplements. Vitamin C is a popular supplement, with brands like Sensodyne, Panadol, Voltaren, Centrum, Advil, and Caltrate offering products fortified with this essential nutrient. Vitamins can be sourced naturally or synthetically.

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Research Analysis

The Vitamins Market encompasses a wide range of products, including Animal Feed, Personal Care, Pharmaceuticals & Nutraceuticals, and various Vitamin Supplements. These essential nutrients, such as Vitamin A, B1, B2, B3, B5, B6, B7, B9, B12, D, E, and K, play a crucial role in Human Health and Wellness. They contribute to various aspects of health, including Digestion, Immunity, and Mental health.

The B Vitamins are particularly important for the Post-menopause Female Population, as they help prevent Anemia and other health issues. DSM, a leading company in the Nutrition sector, is a significant player in the Vitamins Market, providing high-quality solutions for Agricultural Produce and Food Products to meet the Nutritional Requirements of consumers worldwide.

Market Research Overview

The Vitamins Market encompasses a variety of essential nutrients, including Vitamins A, B1, B2, B3, B5, B6, B7, B9, B12, C, D, E, K, and minerals. These vital substances play crucial roles in maintaining optimal health and wellness. Products in this market include vitamin supplements, multivitamins, and specific vitamin formulations for various health concerns. Nutraceuticals, functional foods, and beverages are also part of the Vitamins Market.

Producers and suppliers source these nutrients from natural and synthetic sources, ensuring their purity and efficacy. Consumers rely on these products to meet their daily nutritional requirements and support their overall health and wellbeing. The market is driven by factors such as increasing health awareness, aging populations, and the growing prevalence of chronic diseases.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Food And Beverages
• Pharmaceuticals And Cosmetics
• Feed Additives
• End-user
• Adults
• Children And Teenager
• Infants
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio