Public notions of multivitamins being capable of reducing the severity of COVID-19 symptoms to propel the demand for vitamins and dietary supplements

Vitamins and Dietary Supplements Market Category Intelligence

Multivitamins have been traditionally used as supplements along with diet to improve nutritional qualities and lower health problems, like osteoporosis and arthritis. With the onset of COVID, there has been a public notion that vitamins could reduce the severity of symptoms (although it is not a cure) for COVID. Manufacturers of multivitamins are capitalizing on this and the demand for multivitamins has increased since 2020. Overall, the vitamins and dietary supplements market is expected to expand at a CAGR of 4.9% from 2020 to 2025. However, as time progresses, these myths have been debunked by several studies. For example, NCBI has published articles stating that CBD-based supplements are not a cure for coronavirus or any other maladies caused due to the infection of coronavirus.

One of the recent trends witnessed in the market is the entrance of vitamin and dietary supplement manufacturers into the food and snacks business. For example, Chinese dietary supplement provider BY-HEALTH is investing in product diversity and is segregating its products between food and snacks with “light” functionalities and supplements with “strong” functionalities. Protein bars have become the choice of snack for such dietary supplement suppliers. The company, by the end of 2020, has received filing approvals for 112 health foods and registration approvals for over 140 health foods.

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Vitamins and Dietary Supplements Market Category Intelligence Highlights:

• The vitamins and dietary supplements market features a highly fragmented competitive landscape with several new and small entrants. It is expected to consolidate in future

• Suppliers widely prefer approved provider operating models to reduce risks and improve the potential for value creation

• Flat fee pricing models have become one of the most commonly used pricing strategies. Recently, there has also been a surge in value-based pricing

Vitamins and Dietary Supplements Market Cost Intelligence Highlights:

Grand View Research has identified the following key cost components for availing vitamins and dietary supplements manufacturing:

• Raw Materials

• Cost of Machines and Accessories

• Labor

• Cost of Plant and Property /Cost of Outsourcing

• Depreciation

• Tax

• R&D and Other Costs

• Profits

List of Key Suppliers in the Vitamins and Dietary Supplements Market

• Amway

• Nature’s Bounty

• KT&G

• Bayer

• ByHealth

• Herbalife Nutrition

• GSK

• Infinitus

• Abbott