The vitamin supplements market is projected to grow at a CAGR of 8.39% to reach US$12.518 billion by 2024, from US$7.722 billion in 2018. 40-50 percent of men and women above 50 years of age or older in the U.S. regularly use mineral or multivitamin supplements which account for more than US$11 billion annual sales of these supplements (source: National Center for Biotechnology Information, U.S. National Library of Medicine). Thus, North America is expected to show a significant market share in contributing to the growth of the global vitamin supplements market in the forecast period. Furthermore, increasing health awareness worldwide towards the benefits of vitamin supplements is expected to push the market demand for these vitamins during the next five years. In addition, the changing lifestyle conditions and adopting a busy life have created vitamin deficiencies leading to the consumption of vitamin supplements according to a doctor’s prescription. Also, due to the growing elderly population will help in adopting vitamin supplements leading to market growth in the forecast period. However, the Increasing concerns regarding the excessive intake of vitamin supplements are expected to be as a restraining factor for the market demand over the next five years.
o Increasing health awareness about the benefits of vitamin supplements.
o Growing geriatric population.
o Rising prevalence of vitamin deficiencies due to changing lifestyle conditions.
o Mounting concerns regarding the excessive intake of vitamin supplements.
• INDUSTRY UPDATE
o In November 2018, Royal DSM and FC Basel 1983, announced their partnership in nutrition and health to work closely with the science team for advising the players about health and nutritional solutions along with vitamin and dietary supplements.
o In March 2017, DuPont Nutrition and Health and Healthspan entered into a partnership for collaborative development of Super Pro 50, a latest and most advanced live bacteria supplement.
The major players profiled in the vitamin supplements market include The Nature's Bounty Co., Archer Daniels Midland Company, DuPont Nutrition & Health, DSM, BASF SE, Bayer AG, Pharmavite® LLC, Amway, Carlson Labs, and NOW Health Group, Inc. among others.
The vitamin supplements market has been analyzed through the following segments:
• By Type
o Vitamin A
o Vitamin D
o Vitamin B12
o Vitamin C
• By Distribution Channel
• By End-User
• By Geography
o North America
o South America
? United Kingdom
o Middle East and Africa
? Saudi Arabia
o Asia Pacific
? South Korea