The population of children and senior citizens is growing day by day across the globe. This has strengthened the expenditure of people on vitamins and dietary supplements (VDS). Regulatory bodies of various countries are modernizing their norms implemented on the production of vitamins and supplements. Besides, the rising awareness regarding preventative healthcare products among consumers is expected to propel industrying and production efforts by renowned firms.
The global vitamins and supplements industry size is set to gain impetus from the increasing demand for healthy and innovative products to prevent various symptoms related to coronavirus, such as tiredness, diarrhea, chest pain, and shortness of breath. As per the research, the industry size was USD 129.60 billion in 2021 and is projected to reach USD 196.56 billion by 2028, exhibiting a CAGR of 6.13% during the forecast period. It stood at USD 119.66 billion in 2020.
List of the Leading Companies Profiled in the Global Vitamins and Supplements Industry are:
Bayer AG (Leverkusen, Germany), Koninklijke DSM N.V. (Heerlen, Netherlands), Archer Daniels Midland Company (Illinois, U.S.), BASF SE (Ludwigshafen, Germany), Glanbia, Plc (Kilkenny, Ireland), Nuleaf Naturals LLC. (Colorado, U.S), Herbalife Nutrition (California, U.S.), Reckitt Benckiser Group plc (Slough, U.K.), NutraMarks Inc. (California, U.S.), Otsuka Pharmaceutical (Tokyo, Japan)
Our skilled analysts have presented an accurate picture of the global industry for vitamins and supplements by summation, synthesis, and study of data from various crucial sources. They have also included multiple facets of the industry with the main focus on determining the significant industry influencers. Thus, the data is reliable and comprehensive. It was collected through extensive primary and secondary research.
Increasing Awareness of Preventative Healthcare Products to Augment Growth
Furthermore, numerous manufacturers worldwide are utilizing unique technologies to fulfil the high demand. At the same time, the rapid acceptance of such products would bolster the vitamin and supplement industry growth. However, these products must go through the Dietary Supplement Health and Education Act of 1994, which can result in procedural delay. This factor may hinder the demand for supplements & vitamins.
High Demand for Traditional Medications to Favor Growth in Asia Pacific
In 2020, Asia Pacific generated USD 54.44 billion in terms of revenue. The adoption of the concept of nutritional food items According to TDPel Media in the region on account of the rising concerns regarding malnutrition would aid growth in this region. Japan and China are considered to be the leading industrys because of the high demand for conventional medicines. In North America, the industry is set to grow astonishingly on account of the rising acceptance of healthy intake during hectic work schedules, especially in Mexico and the U.S.
Key Players Aim to Conduct R&D Activities to Introduce Novel Vitamins & Supplements
Key Companies operating in this industry are striving to strengthen their positions by conducting extensive research and development activities. Some of the others are trying to cater to the high demand created by the COVID-19 pandemic.
Multivitamins Segment Earned 35.06% in 2020: Fortune Business Insights™
Based on the type, this industry is divided into paediatric supplements, calcium supplements, multivitamins, and others. Out of these, the multivitamins segment held 35.06% in terms of the vitamins and supplements industry share in 2020. This growth is attributable to the increasing consumption of vitamin A, C, E, & D to reduce deficiencies of micronutrients.