Vitamin Supplements Market Size, Share & Trends Analysis Report By Type (Multivitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K), By Form, By Distribution Channel, And Segment Forecasts, 2021 - 2028

Report Overview

The global vitamin supplements market size was valued at USD 44.12 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. The market is expected to be driven by a rising number of health-conscious consumers and an increasing preference for vitamins in daily diet. The COVID-19 pandemic highlighted the need for vitamin consumption. The National Institute for Health and Care Excellence (NICE) of the U.K. stated that vitamin D is important for bone and muscle health and helps boost the body's immune response to respiratory viruses. Additionally, it is recommended that adults (including pregnant women and breastfeeding women), children, and young people over the age of four years should contribute 10 micrograms of vitamin D daily to their diet. Vitamins can boost immunity, which is one of the critical factors in prevention against COVID-19 as individuals with poor immunity are observed to be at higher risk for the disease. Therefore, the emergence of COVID-19 is likely to fuel the consumption of vitamin supplements.

Moreover, vitamins including vitamin A (retinol and carotenoids), B, C (ascorbic acid), D (cholecalciferol), and E are offered in combination as well as individual supplements. Vitamin A supports muscular and ophthalmic health, vitamin E helps repair DNA and strengthen the immune system, and vitamin D is necessary for bone health. Vitamin B is available as B-complex products and individual supplements of B1, B2, and B12, intended to be used for specific ailments, for instance, Vitamin B12 aids in the prevention of megaloblastic anemia.

Consumer awareness regarding the association between diet and health has increased the demand for dietary supplements. Factors fueling interest in these supplements include increasing healthcare costs, burgeoning aging population, and rising interest in attaining wellness through diet. Especially, multivitamin supplements are widely consumed by working professionals and sports athletes.

Type Insights

The multivitamin segment dominated the market and accounted for over 40.0% share of the global revenue in 2020. Multivitamin supplements comprise a combination of minerals and vitamins and at times other ingredients too. According to the World Health Organization, over 2 billion people worldwide suffer from vitamin and mineral deficiencies. Many athletes need multivitamin supplements to perform their best, which provide complete nutrients to maintain energy levels.

The growing awareness regarding health and wellness has resulted in consumers preferring food products infused with vitamins that offer added health benefits and this is likely to shift the consumer attention from medical treatments to preventive care products. Various awareness campaigns regarding healthy eating run by government agencies, non-governmental organizations, and companies across the globe have helped consumers understand the importance of nutritional benefits of multivitamin supplements, which, in turn, is projected to fuel the market growth.

The demand for multivitamin supplements is increasing across the globe as a complete pack of vitamins. Increased consumer awareness regarding the importance of adequate immunity amid the outbreak of the COVID-19 has increased the demand for immunity-boosting food and dietary supplements, which, in turn, is likely to expand the size of the multivitamin supplements segment in the coming years across the world.

Distribution Channel Insights

The offline segment dominated the market and held a revenue share of over 75.0% in 2020. In the offline segment, the hypermarkets/supermarkets segment captured the largest revenue share of more than 40.0% in 2020. A separate section or shelf for wellness products in hypermarkets and supermarkets enables customers to easily identify their desired brand, which is a key factor propelling the market growth.

The hypermarkets/supermarkets segment is gaining traction in the market. The well-maintained and arranged products, detailed customer sentimental analysis in order to understand consumer preferences pertaining to products and brands, and their willingness to pay premium prices for specific products are the factors likely to boost the growth of the hypermarkets/supermarkets segment over the forecast period.

Form Insights

The tablets segment dominated the market and accounted for over 40.0% share of the global revenue in 2020 as the tablet form of vitamins is widely consumed by adults across the world. Although the natural coating provides better dissolution, some other factors determine the absorption on the basis of efficacy and quality. All these factors are expected to drive the demand for vitamin supplements in the form of tablets over the forecast period.

Tablet form is one of the easiest ways of vitamin supplement consumption. It can be consumed based on prescription and non-prescription as well. Tablets are easy to swallow and come in all types of vitamins. However, vitamin gummies are expected to witness higher growth in the forecast period. Gummies are gaining popularity among the elderly population and kids owing to their softness and wide flavor profile.

Tablets are the most commonly used type of vitamin supplement owing to their cost-effectiveness. Manufacturers can pack the most amount in a given space in tablet form and tablets have a longer shelf life as compared to capsules. Softgels, powder, and capsule forms of vitamin supplements are expected to witness considerable growth over the forecast period. Moreover, capsule forms of vitamin supplements are the second-most consumed form of supplement across the world.

Regional Insights

North America dominated the market and held a revenue share of over 30.0% in 2020. Among North Americans, there is an increase in obesity and lifestyle-related diseases due to their increasingly unhealthy diets, increased disposable income, and access to a variety of processed and ready-to-eat foods. In addition, functional foods and supplements have evolved in the 'transitioning face of food' as they provide a wide variety of health benefits beyond basic nutrition.

With respect to this, the consumption of products such as fortified, enhanced, enriched, and enhanced foods and nutritional supplements as part of a varied diet on a regular basis can have favorable influences on health. Multivitamins emerged as a significant segment in the North American market for vitamin supplements owing to the rising awareness regarding their benefits in overall health and bodily maintenance. As a result of these factors, vitamin supplement consumption is expected to increase in North America.

Key Companies & Market Share Insights

Key players in the market are increasingly investing in research and development activities to develop new vitamin supplements with different flavors and forms. For instance, in 2018, Bayer AG extensively focused on R&D activities and it invested over USD 14.0 billion inresearch & development. In addition,in2020, it expanded its product portfolio with the launch of four product-line extensions for its One A Day vitamins in the U.S.

In addition, the manufacturers are likely to establish their partnerships with e-commerce portals in order to ensure a continuous supply to buyers. Key players are focused on mergers and acquisitions of small and medium-sized vitamin supplement manufacturers to increase their regional presence and product availability.

For instance, in August 2019, GlaxoSmithKline plc. completed the transaction for a joint venture with Pfizer Inc., a U.S.-based pharmaceutical and nutraceutical company. The joint venture combined the nutrition brands of both companies, including Sensodyne, Panadol, and Voltaren from GSK and Centrum, Advil, and Caltrate from Pfizer.A joint venture has been formed in order to build a world-leading consumer healthcare business with stronger sales, improved cash flow, and a larger income contribution. Some prominent players in the global vitamin supplements market include:

• Glanbia Plc

• Pfizer Inc.

• Bayer AG

• Amway Corp.

• GlaxoSmithKline plc.

• Good Health New Zealand

• The Nature's Bounty Co.

• NOW Foods

• Abbott

• Herbalife Nutrition

• Nature's Sunshine Products, Inc.

• NU SKIN

• RBK Nutraceuticals Pty Ltd.

• American Health, Inc.

• Pharmavite

Vitamin Supplements Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global vitamin supplements market report based on type, form, distribution channel, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Multivitamin

  • Vitamin A

  • Vitamin B

  • Vitamin C

  • Vitamin D

  • Vitamin E

  • Vitamin K

• Form Outlook (Revenue, USD Million, 2017 - 2028)

  • Powder

  • Tablets

  • Capsules

  • Softgels

  • Gummies

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

  • Offline

    • Hypermarkets/Supermarkets

    • Specialty Stores

    • Others

  • Online

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia & New Zealand

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • GCC

    • South Africa