Global Vitamin Market - 2024-2031

Report Overview

Global Vitamins Market reached US$ 5.79 billion in 2023 and is expected to reach US$ 8.12 billion by 2031, growing with a CAGR of 4.32% during the forecast period 2024-2031.

Consumers are becoming more aware of the benefits of vitamins in supporting overall well-being, immunity and disease prevention, leading to a surge in demand for vitamin supplements. This trend is particularly pronounced in developed markets, where preventive healthcare has become a major focus, as consumers proactively seek to improve their health through dietary supplements.

Companies in the vitamins market are capitalizing on this trend by offering personalized vitamin packs and subscription services, where consumers can receive monthly vitamin supplements tailored to their unique health goals. This growing demand for personalization is reshaping the landscape of the vitamins market, encouraging innovation and fostering closer connections between consumers and brands.

For instance, on August 14, 20223, Nutritional Research Company, a US supplier of vitamins, minerals and supplements, launched a new range of supplements designed to enhance immunity. This new lineup includes three proprietary blends of vitamin C and D3, with dosages of 1000 and 2000 international units (IU). The company aims to broaden its impact globally, helping individuals achieve and sustain optimal health. By sourcing high-quality ingredients, it ensures that its absorbable range offers maximum nutrient absorbability for the body.

Market Dynamics

Demand for Sports Nutrition

As more individuals adopt active lifestyles and engage in regular physical activity, the need for nutritional products that support energy, endurance and muscle recovery has surged. Vitamins such as B-complex and vitamin D and antioxidants like Vitamin C and E are essential components in sports nutrition products due to their role in energy metabolism, muscle repair and immune support. This trend is contributing to the expansion of the global vitamins market.

Consumers seek tailored vitamin solutions that match their unique fitness goals and nutritional needs. This is leading to the rise of customized vitamin supplements within the sports nutrition sector, where consumers can choose products based on specific performance outcomes. The integration of vitamins into personalized sports nutrition regimens is driving innovation and also pushing companies in the global vitamins market to develop targeted products that address the evolving preferences of consumers.

For instance, on April 12, 2023, Wellbeing Nutrition introduced the world's first all-natural eye vitamins, named 'Melts Eye Care'. This groundbreaking product, part of their renowned Melts brand, utilizes advanced nano technology to deliver vitamins directly into the bloodstream. This innovative approach ensures that the vitamins are more bioavailable and bioactive compared to traditional capsules and tablets.

Consumer Focus on Beauty and Skincare

The increasing consumer focus on beauty and skincare is a significant driver of the global vitamins market, particularly as consumers become more aware of the benefits that vitamins offer for enhancing physical appearance and maintaining skin health. This growing interest is deeply influencing market dynamics, pushing demand for specific vitamins like A, C, E and biotin. The trend towards holistic wellness is propelling the consumption of vitamins as part of everyday skincare routines, thereby expanding the market for beauty-related supplements.

Vitamins, particularly those known for their antioxidative properties, are being formulated into beauty products or sold as standalone supplements to meet the growing consumer demand for natural solutions to skin aging. As beauty consumers increasingly favor non-invasive methods to enhance their appearance, this is opening substantial opportunities for growth in the vitamins market, with beauty brands incorporating vitamins into their product lines, further strengthening their market position.

Volatility in the Prices of Raw Materials

Volatility in the prices of raw materials is a significant factor restraining the growth of the global vitamins market. The production of vitamins, especially in large quantities, relies heavily on a stable supply of key raw materials, including natural sources like fruits, vegetables and plants, as well as synthetic chemicals. However, fluctuations in the availability and pricing of these raw materials can severely impact the market's stability.

Factors such as adverse weather conditions, geopolitical tensions, agricultural yield variability and transportation issues can lead to inconsistent raw material costs. The supply chain for raw materials is often international, meaning that the industry is particularly vulnerable to global economic conditions and trade disruptions. The instability in raw material pricing can also deter smaller companies from entering the market, as they may lack the financial flexibility to absorb such costs, thereby limiting competition and innovation in the industry.

Market Segment Analysis

The global vitamins market is segmented based on source, type, composition, distribution channel, application and region.

Increasing Awareness and Innovations of Vitamin D

Vitamin D holds the largest share of the global vitamins market. The increasing awareness of vitamin D's significance in supporting immune function, bone health and mental well-being is driving its dominant position in the market. As consumers become more informed about the importance of this vitamin, particularly in the context of preventive health and chronic disease management, the demand for vitamin D supplements is surging, positioning it as a leading segment in the global vitamins market.

The expansion of research and clinical studies highlighting the benefits of vitamin D has also contributed to its prominence in the global vitamins market. Ongoing research continues to uncover new potential benefits of vitamin D, such as its role in mental health and cognitive function. As scientific evidence supporting these benefits grows, so does consumer confidence in vitamin D supplements.

For instance, on May 3, 2022, Everlywell, a premier digital healthcare company renowned for its convenient and personalized long-term health solutions, announced the expansion of its health and wellness services. Everlywell introduces a new line of vitamins and supplements, crafted with high-quality, evidence-based ingredients to support comprehensive well-being.

Market Geographical Share

Rapidly Aging Population and Rising Incidence of Chronic Diseases in Asia-Pacific

The region is poised to dominate the global vitamins market due to demographic trends in Asia-Pacific, such as the rapidly aging population in countries like Japan, South Korea and China, which are playing a crucial role in market growth. Older populations are increasingly looking for ways to maintain health and vitality, leading to greater demand for vitamins that support joint health, cognitive function and overall aging well-being.

The rising incidence of chronic diseases, including diabetes and cardiovascular conditions, further boosts the market as vitamins are often used as preventative measures or to support the management of such conditions. This demographic shift is not only increasing consumption but also driving innovation in vitamin formulations, as manufacturers develop products that cater to the specific needs of older adults.

For instance, on February 23, 2024, Wedjat Health Solutions, announced the launch of Health Etc., India's first doctor-formulated gummy vitamin brand. These innovative, chewable gummies provide a fun and effective alternative to traditional pill supplements, designed to meet specific nutritional needs. Upcoming additions to the range will include gummies tailored for diabetes, skin health and children's requirements.

Market Competitive Landscape

The major global players in the market include DSM, Glanbia Plc, ADM, BASF SE, Sternvitamin GmbH & Co. KG, Farbest Brands, Adisseo, Rabar Pty Ltd, BTSA Biotecnologias Aplicadas S.L and G&G Food Supplies Ltd.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine war has had significant repercussions across global industries and the vitamins market is no exception. The conflict has caused disruptions in supply chains, heightened geopolitical instability and resulted in economic sanctions that have created ripple effects in the global vitamins market. The most immediate impact has been on the availability and pricing of raw materials essential for vitamin production.

Both Russia and Ukraine are important suppliers of agricultural products, energy resources and other commodities that play a role in the production of vitamins, particularly those derived from natural sources. The war has caused supply chain bottlenecks, increased transportation costs and reduced access to these raw materials, putting pressure on global vitamins markets and has impacted growth.

By Source

Plants

Animals

Synthetic

By Type

Vitamin A

Vitamin B

Vitamin C

Vitamin D

Vitamin E

Others

By Composition

Tablets and Capsules

Softgels

Powders

Others

By Distribution Channel

Supermarkets and Hypermarkets

Convenience Stores

Online Stores

Others

By Application

Food and Beverage

Animal Feed

Personal Care

Others

By Region

North America

US

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

Middle East and Africa

Key Developments

On March 18, 2024, Procter & Gamble Health Ltd, a subsidiary of the global consumer goods giant Procter & Gamble, announced an expansion of its range of vitamins, minerals and supplements (VMS), with a particular focus on neurotrophic vitamins, according to Managing Director.

On February 26, 2024, Cadila Pharmaceuticals announced the launch of the first-ever aqueous Vitamin D injection, a novel formulation of cholecalciferol. This groundbreaking injection is set to revolutionize Vitamin D treatment by offering a more effective alternative to existing oil-based cholecalciferol preparations.

On June 6, 2024, Nutriburst, in partnership with Universal Products & Experiences, is excited to announce the launch of its newest product line: Nutriburst Kids' Minions Vitamins. Set to debut in the U.K., this vibrant new range is inspired by Illumination's "Despicable Me 4" and features beloved Minions characters.

Why Purchase the Report?

To visualize the global vitamins market segmentation based on source, type, composition, distribution channel, application and region, as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel spreadsheet containing a comprehensive dataset of the Vitamins Market, covering all levels of segmentation.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as Excel consisting of key products of all the major players.

The global vitamins market report would provide approximately 78 tables, 78 figures and 206 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies