The global vitamins market is anticipated to expand from USD 6.7 billion in 2023 to USD 8.9 billion by 2028, reflecting a compound annual growth rate (CAGR) of 6.0%. This growth is driven by increasing demand for processed, clean-label, ready-to-eat, and ready-to-cook food products, largely influenced by shifting consumer preferences, fast-paced lifestyles, and the rising working population, which is accelerating the transition from traditional healthy foods to convenience products.
The vitamins market in 2024 is experiencing significant shifts driven by consumer preferences and advancements in health and wellness industries. Here are the current trends shaping this market:
Personalized Nutrition: Consumers are increasingly seeking tailored vitamin formulations that address specific health needs based on age, lifestyle, and genetic profiles. This is supported by advancements in data analysis and diagnostic tools, enabling highly individualized supplements.
Natural and Plant-Based Ingredients: There’s a growing demand for vitamins derived from natural and plant-based sources, particularly among vegan and environmentally conscious consumers. Ingredients like vegan omega-3s and plant-derived vitamin D are gaining traction.
Innovative Delivery Methods: The market is seeing a rise in alternative delivery formats, such as gummies, liquid drops, and effervescent tablets, which improve convenience and compliance among users.
Focus on Immune Health: Vitamins like C, D, and zinc continue to dominate due to their association with immune support. This trend remains robust, partly fueled by heightened health awareness post-pandemic.
Sustainability and Ethical Sourcing: Consumers are prioritizing eco-friendly packaging and ethically sourced ingredients, encouraging brands to adopt sustainable practices.
Direct-to-Consumer (DTC) Growth: Online sales channels for vitamins are flourishing, with brands focusing on customer engagement through e-commerce platforms and personalized shopping experiences.
Gut Health Integration: Vitamins combined with probiotics and prebiotics are gaining popularity due to the recognized link between gut health and overall well-being.
Adaptogens and Functional Blends: Incorporating adaptogens and functional mushrooms into vitamin formulations is an emerging trend aimed at addressing stress, mental clarity, and energy levels.
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Rising Demand for Fortified Healthcare Products
Fortified healthcare products, including dietary supplements and infant foods, are key drivers of the vitamins market. As lifestyle diseases like diabetes and obesity become more prevalent, there is a growing demand for food and healthcare products enriched with vitamins and other essential micronutrients. Fortification has emerged as an effective strategy to address nutritional deficiencies, prompting healthcare manufacturers to focus on vitamin-enriched products, thereby fueling market growth in this segment.
Rising Demand for Vitamin C to Drive Market Growth During the Forecast Period.
Vitamin C is expected to achieve the highest CAGR during the forecast period (2023–2028). Widely recognized for its antioxidant properties, vitamin C is increasingly used in skincare and personal care products to reduce skin damage. Additionally, it plays a crucial role in boosting immunity when consumed orally. Its versatility across multiple applications, including food, personal care, and healthcare, is driving significant market demand.
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Synthetic Vitamins Poised to Lead Market Growth During the Forecast Period.
Synthetically sourced vitamins are poised to lead the market during the forecast period. Manufactured in laboratories using chemicals, synthetic vitamins are more cost-effective than their naturally sourced counterparts, which are often expensive and increase production costs. While debates continue regarding the absorption efficiency of synthetic vitamins, they are considered stable and suitable for diverse applications, making them a preferred choice among manufacturers.
Asia Pacific Dominates the Vitamins Market Share in the Forecast Period.
The Asia Pacific region is projected to hold the largest market share and register the fastest growth in the vitamins market. China emerges as a key player, driven by its high import demand for vitamins in processed foods, feed, and personal care industries. Japan and India also present significant growth opportunities during the forecast period. The region’s advanced manufacturing technologies have attracted numerous end-user companies to establish their production facilities, further boosting market growth.
In summary, the vitamins market is set for robust growth through 2028, supported by expanding applications in healthcare, food, and personal care, alongside the rising popularity of synthetic vitamins and increasing regional contributions, particularly from Asia Pacific.
Leading Vitamins Manufacturers:
Key players in this market include Koninklijke DSM (Netherlands), Glanbia PLC (Ireland), ADM (US), BASF (Germany), Lonza Group (Switzerland), Adisseo (France), Vitablend Nederland B.V (Netherlands), Sternvitamin GmbH (Germany), Farbest Tallman Foods Corporation (US), The Wright Group (US), Zhejiang Garden Biochemical High-Tech Co.,Ltd (China), NewGen Pharma (US), Rabar Pty Ltd. (Australia), Resonac (Japan), and BTSA Biotecnologias Aplicadas S.L (Spain).
Koninklijke DSM NV is a Dutch multinational corporation that produces nutritional, healthy, and sustainable products. They are focusing on R&D, marketing, product innovation and. They are doing business in domestic and international markets. They are present in 55 countries and have 38,000 suppliers. In March 2021, DSM launched a product called Ampli-D, developed as a fast-acting form of vitamin D and used for dietary supplements. This product is formulated with calcifediol or 25- hydroxyvitamin D3. This product is unique and innovative, meets the customer’s requirements, and helps the company sustain itself in the market. In August 2022, MD Pharmaceuticals, a Singapore-based company, collaborated with the DSM to develop a new vitamin D supplement, Rapid-D. Through this collaboration, DSM extends its business in Asia pacific region and increases its customer base.
Glanbia is a Dutch-based company that supplies cheese, specialty dairy & non-dairy ingredients, and micronutrient premixes. The company has two segments, namely, Glanbia Nutritionals & Glanbia Performance Nutrition. They offer their products globally. Glanbia distributes its products in 130 countries and has over eight manufacturing units across various regions.
Key Questions Addressed by the Vitamins Market Report:
What is the expected market size for the global vitamins market in the coming years?
What is the estimated growth rate (CAGR) of the global vitamins market for the next five years?
What are the major revenue pockets in the vitamins market currently?
What is the total CAGR expected to be recorded for the healthcare segment market from 2023 to 2028?
What kind of information is provided in the competitive landscape section?
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