Vitamin & Mineral Supplements Market

Vitamin & Mineral Supplements Market Industry Overview:

Vitamins and minerals can be defined as essential substances which are being consumed by human beings in order to develop and function normally in daily life. These nutrients are essential to stay healthy for a longer timeframe. A person can get all the necessary nutrients by having a varied and balanced diet but some people need to consume supplements to overcome the nutrient deficiency in the body. The global Vitamin & Mineral Supplements market was valued at around USD 65.2 billion in 2022 and is expected to register a CAGR of 6.5% during the review period to reach to around USD 107.6 billion by end of 2030.

Vitamin & Mineral Supplements Market Segmentation:

By type, the global vitamin & mineral supplements market has been segmented into vitamin and mineral. The vitamin segment accounted for the largest market share in 2022 and is expected to register significant growth during the review period. The vitamin segment can be further sub-segmented into vitamin B, vitamin C, vitamin D, multivitamins, and others. The vitamin segment accounted for largest market share in 2022 and is expected to register significant growth during the review period owing to its superior health benefits. Vitamins are organic compounds which are necessary in small amounts to sustain life and health. The deficiency of vitamins can result in a deficiency disease, poor growth, and various syndromes. Vitamins can be derived from plant or animal sources or produced synthetically. Minerals segment is expected to grow at a considerable CAGR during the review period. Minerals are inorganic elements found in soil & water and are absorbed by plants or eaten by animals. The essential minerals used for health benefits sodium, chloride, potassium, calcium, phosphorus, magnesium, iron, zinc, iodine, selenium, copper, manganese, fluoride, chromium, and molybdenum among others. Minerals are essential for performing certain body functions and maintaining proper health. They help in maintaining hormonal balance, fluid balance, muscle contraction, carbohydrate metabolism, building bones, and secreting hormones.

By application, the global vitamin & mineral supplements market has been segmented into men, women and unisex. The women segment accounted for the largest market share in 2022 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to large number of women suffering from vitamin & mineral deficiency due to hormonal changes. In addition to this, intake of proper supplements and eating healthily during pregnancy is vital to meet the nutritional needs of both the baby and the mother. 

By distribution channel, the global vitamin & mineral supplements market has been segmented into supermarkets & hypermarkets, specialty stores, and others. The supermarkets & hypermarkets segment accounted for the largest market share in 2022 and is expected to grow at a healthy CAGR during the review period. A large number of populations still purchases supplements from the departmental stores. However, the online distribution channel is expected to register highest growth during the review period on account of easy availability, wide range of options to choose from and convenience.

Vitamin & Mineral Supplements Market Dynamics and Factors:

The growth of the global vitamin & mineral supplements market is primarily driven by the increasing prevalence of micronutrient deficiency in consumers due to intake of unhealthy diet coupled with rising health awareness. The consumers are being increasingly emphasizing on consuming vitamin and mineral supplements to overcome existing health issues or ward off illness. Rising number of people suffering from lifestyles diseases due to busy work schedule is likely to promote the consumption of global vitamin & mineral supplements market at a significant rate during the review period.

Growing emphasis on new product development by the market players is the key trend noticed in the global vitamin & mineral supplements market. 

Rising consciousness among consumers regarding intake of healthy diet is likely to affect the demand for global vitamin & mineral supplements market.

Vitamin & Mineral Supplements Market Geographical Analysis:

By geography, the global vitamin & mineral supplements market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in North America accounted for the largest share in 2018 and is expected to grow at a significant CAGR during the review period. The regional market growth can be attributed to high consumption rate of vitamins and minerals particularly in US in order to maintain a healthy lifestyle. The consumers prefer multivitamins to maintain general health, immune system, and gain energy.

The market growth in Europe is driven by increasing consumption of multivitamins to overcome nutritional deficiency.  The health and wellness trend in the region is the key factor driving the demand for vitamin and mineral supplements to overcome health issues including diabetes, high blood pressure, and cholesterol among others.

 The Asia-Pacific market is expected to grow at a considerable CAGR on account of increasing consumer awareness about maintaining a healthy and balanced life. Prevalence of a large number of populations having micronutrient deficiency is the key factor driving the demand for global vitamin & mineral supplements market in the region. China and India are the key countries contribution to the market growth in the region. 

The market in Latin America and the Middle East & Africa is expected to be driven by increasing spending on supplements with rising health awareness and per capita disposable income of the consumers.

Vitamin & Mineral Supplements Market Report Scope

Key Market Segmentation

Vitamin & Mineral Supplements Market - By Product Type

 o   Vitamin (Vitamin B, Vitamin C, Vitamin D, Multivitamins, Others)

 o   Mineral (Calcium, Magnesium, Iron, Zinc, Multi-Minerals, Others)

 o   Blends

Vitamin & Mineral Supplements Market - By Application

 o   Man

 o   Woman

 o   Unisex

Vitamin & Mineral Supplements Market - By Distribution Channel

 o   Supermarkets & Hypermarkets

 o   Specialty Stores

 o   Others

Vitamin & Mineral Supplements Market- By Region

North America

 o   US

 o   Canada

 o   Mexico

Europe

 o   Germany

 o    UK

 o    France

 o    Italy

 o   Spain

 o   Russia

 o   Benelux

 o   Nordics

 o   Rest of Europe

 Asia-Pacific

 o    China

 o    India

 o    Japan

 o    South Korea

 o    Rest of Asia-Pacific

 Middle East and Africa

 South America