Vitamins & Minerals Market– Statistics And Analysis & Forecast To 2028

Posted by Mrudula Karmarkar on December 7th, 2022

The global vitamins & minerals market size is expected to reach USD 31.84 billion by 2028, registering a CAGR of 4.6% during the forecast period, according to a new report by Grand View Research, Inc. Increased consumer inclination toward preventive healthcare drives the vitamins & minerals market. Furthermore, rising demand from the aging population to meet their regular dietary allowance creates more demand for vitamins and minerals in the global market. In addition, growing self-medicate for minor ailments will anticipate market growth.

Numerous health benefits associated with vitamins and mineral consumption attract individuals looking for health immunity improvements, pregnant women, patients who recovering from injuries or surgeries, or those who seeking bone improvements. These all have the growing demand for vitamins and minerals in the global market. In addition, the COVID-19 pandemic positively influenced the consumer’s perspective toward a healthier lifestyle. Increased inclination towards a healthier lifestyle coupled with the increase in purchasing power due to economic developments will boost the market growth.

Increasing awareness among consumers about health and wellness, changing lifestyles, and willingness to adopt healthier dietary options reflects the growing demand for vitamins & minerals. Rapidly growing urbanization, growing awareness, and increased self-medicate for primary treatment open ups new market opportunities for the vitamins and minerals market. Heavy investment from manufacturing companies into research and development also propels the market growth. Creating brand awareness among consumers through media houses and e-commerce sites fuels the growth of vitamins and minerals in the global market.

The COVID-19 pandemic positively influenced the vitamins & minerals market globally. A record surge in COVID-19 cases across various countries leads to the growing demand for vitamins and minerals. Sales of vitamins and minerals witness robust growth. To maintain good immunity, the health system to fight against viruses, vitamins, and minerals is seen in huge demand.

Growing self-care and increasing adoption of a more protective approach to wellness is primarily driving the vitamins & minerals market growth. Furthermore, growing self-medicate for minor ailments from consumers will anticipate boosting the vitamins and minerals market growth. The higher age group population has a rising demand for vitamins and minerals to meet their recommended dietary allowances due to insufficient intake, resulting in rising demand for vitamins & minerals in the global market.

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Increasing awareness among consumers about health and wellness, changing lifestyles, and willingness to adopt healthier dietary options reflects the growing demand for vitamins & minerals in the international market. In addition, the COVID-19 pandemic positively influenced the consumers’ perspective toward a healthier lifestyle, which, in turn, has risen the demand for vitamins & minerals. Increased inclination towards a healthier lifestyle coupled with the increase in purchasing power due to economic developments will boost the vitamin and mineral market growth.

Numerous health benefits associated with vitamins and mineral consumption attracts individuals looking for health immunity improvements, pregnant women, patients who recovering from injuries or surgeries, or those who seeking bone improvements, these all have the growing demand for vitamins and minerals in the global market.

Vitamins & Minerals Market Report Highlights

• North America accounted largest market share in the global market in 2021 and is expected to expand at a CAGR of 4.3% from 2022 to 2028. Highly aware consumers, a rising aging population, and high purchasing power will drive regional growth
• Multivitamins accounted for the largest share in the vitamins & minerals market at over 37% in 2021. Benefits associated with the consumption of multivitamins, such as increased energy level, boost immunity system, anti-cancer benefits, and reduction in heart-related problems or maintaining good muscle strength, will drive the market demand
• Asia Pacific is estimated to be the fastest-growing region at a CAGR of 5.2% from 2022 to 2028. Growing health-conscious individuals, increased awareness about wellness, a growing self-medicate population coupled with the increase in per capita income, and the presence of a large population will drive the market growth
• The general health segment is estimated to be the fastest-growing application at a CAGR of 5.2% from 2022 to 2028. Consumers' approach to maintaining a healthy body by maintaining general health requirements will propel the vitamins and minerals market

Rapidly growing urbanization, growing awareness, and increased self-medicate for primary treatment open ups new market opportunities for vitamins and minerals manufacturing companies. Heavy investment from manufacturing companies into R&D also propels market growth. Creating brand awareness among consumers through media houses and e-commerce sites fuels the growth of vitamins and minerals in the global market. Rising demand from athletes and sporting individuals for proper weight management and maintaining muscular strength will create huge market opportunities during the forecast timeline.

The COVID-19 pandemic positively influenced the vitamins & minerals market globally. A record surge in COVID-19 cases across various countries leads to the growing demand for vitamins and minerals. Sales of vitamins and minerals witness robust growth. To maintain good immunity, a health system to fight against viruses, vitamins, and minerals is seen in huge demand. Vitamin C and multivitamins have grown in demand from consumers to strengthen the immunity system. Moreover, as things get normal, it is expected that the market will keep its momentum as more people are aware of health and wellness than ever before.

List of Key Players in the Vitamins & Minerals Market

• Abbott Laboratories
• Amway
• Bayer AG
• CSPC Pharmaceutical Group
• Daiichi Sankyo
• Eisai Co., Ltd.
• GNC Holdings, Inc.
• Hainan Yangshengtang
• Koninklijke DSM N.V.
• Nature's Way Products, LLC
• Novartis International AG
• Otsuka Holdings Co. Ltd.
• Pfizer Inc.