The global market size of vitamins and minerals is estimated to reach USD 24.5 billion in 2024 and further expand at a CAGR of 4.4% during the assessment period. Global sales of vitamins and minerals are slated to total a staggering USD 37.8 billion by 2034.
Vitamin C, also known as ascorbic acid, remains the best performer in the sector, accounting for a value share of 27% in 2023. This can be attributable to multiple health benefits of vitamin C as well as its expanding applications in food and beverage, pharmaceutical, and dietary supplements sectors.
The vitamin and mineral market forecast looks bright. This is attributed to growing awareness about the potential health benefits of essential nutrients like vitamins and minerals globally and their subsequent usage in food and beverage, dietary supplement, and other sectors.
Increasing demand for dietary supplements and fortified foods is set to boost sales growth. Rising interest in preventive healthcare and development of novel delivery formats are vitamin and mineral market trends.
Global Vitamin and Mineral Industry Assessment
| Attributes | Description |
|---|---|
| Estimated Global Vitamin and Mineral Market Size (2024E) | USD 24.5 billion |
| Projected Global Vitamin and Mineral Market Value (2034F) | USD 37.8 billion |
| Value-based CAGR (2024 to 2034) | 4.4% |
Increasing incidence of deficiency diseases across the world is expected to expand the market size of vitamins and minerals. Vitamin D deficiency, anemia, and iodine deficiency are becoming common health problems globally, opening growth windows for vitamin and mineral manufacturers.
Supplements like vitamins and minerals can help to tackle the growing burden of deficiency diseases globally. Many public health campaigns are being launched to raise awareness about the importance of minerals and vitamins for health. This will further drive demand for vitamin and mineral supplements during the assessment period.
Vitamins and minerals are also being added to processed food products to restore and enhance their nutritional value. As this food fortification trend continues to gain momentum, so will sales of vitamins and minerals.
There is also an increasing demand for supplements that support mental health, including B vitamins and magnesium. Similarly, adoption of cognitive-enhancing supplements (nootropics) is rising. This will likely support market expansion through 2034.
E-commerce platforms are making it easier than ever for consumers to buy vitamin and mineral supplements. This online accessibility is expected to play a pivotal role in expanding industry size during the assessment period.
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Growing Prevalence of Lifestyle Diseases Opening Growth Windows
There is a spike in lifestyle diseases like diabetes, obesity, and cardiovascular diseases globally due to unhealthy eating habits and busy lifestyles. This is prompting people to consume dietary supplements, including vitamins and minerals, on large scales, leading to sales growth.
The preventive healthcare trend is penetrating its roots deep in society, with people constantly looking to reduce the chances of disease development and acquisition. This will likely act as a catalyst propelling vitamin and mineral demand globally.
Consumers are showing interest in taking preventive measures to avoid chronic diseases. As a result, there is a heightened demand for supplements, including vitamins and minerals, that reduce the risk of health conditions like osteoporosis and heart disease.
Increasing Food Fortification Trend Influencing Sales
The food fortification trend is gaining momentum globally as consumer demand for healthy and functional foods and beverages intensifies. Leading food manufacturing companies are incorporating vitamins and minerals in processed foods and beverages. This is expected to fuel demand for vitamins and minerals over the next ten years.
Fortified foods and beverages help consumers meet their daily essential nutrient requirements. They provide an easy and convenient way for consumers to consume vitamins and minerals. Thus, growing consumer demand for fortified foods is set to create lucrative growth prospects for the industry.
Penetration of Counterfeit Products to Limit Industry Growth
The massive USD 37.8 billion valuation predicted for 2034 highlights the growth potential for vitamin and mineral sector. However, there are certain factors that might limit its growth to a certain extent.
One growth limiting factor is the penetration of counterfeit supplements. This leads to distrust and hesitation of consumers towards vitamin and mineral supplements, thereby negatively impacting sales growth.
Many people also prefer to consume a balanced diet rather than relying solely on supplements. This might also slow down industry growth during the forecast period.
Global vitamin and mineral sales increased at a CAGR of 5.9% between 2019 and 2023. This growth was mostly fueled by increased health awareness and high demand for dietary supplements.
During the historical period, there was an increased emphasis on health and immunity brought on by the COVID-19 pandemic. As a result, people consumed vitamins and minerals on large scales to boost their immunity and well-being.
There was an increased demand for immune-boosting supplements, including vitamins, during the COVID-19 pandemic. This provided a strong impetus for the growth and expansion of the target industry.
Looking ahead, the global vitamin and mineral is set to register a CAGR of 4.4%, indicating a slight reduction compared to the historical growth rate. This decreased growth rate can be due to growing consumer inclination toward consuming balanced diets rather than taking supplements.
Prominent growth factors influencing the vitamin and mineral market include growing demand for fortified food products and expanding product applications in diverse sectors. Surging interest in preventive healthcare will also benefit the industry.
Supplements like vitamins and minerals are seen as a way to promote good health and prevent disease development. Thus, rising trend towards preventive healthcare is expected to play a key role in boosting growth of the vitamin and mineral market during the assessment period.
Increasing geriatric population and new product launches are other growth factors influencing the vitamin and mineral market. Aged people are more prone to nutrient deficiencies and chronic diseases. As a result, they increasingly consume supplements like vitamins.
Principal Consultant
Tier 1 companies comprising Abbott Laboratories, Amway, and Bayer AG, among others, capture a significant industry share. These leaders are focused on constantly upgrading their portfolios through new product launches. They are introducing new multivitamin supplements to meet evolving consumer preferences.
Tier 1 companies have a better understanding of consumer needs. As a result, they are tracking emerging trends to stay ahead of the competition. For instance, prominent vitamin and mineral companies are using natural ingredients and avoiding artificial additives in their supplements to walk with natural and clean-label product trends.
Offering personalized nutrition is becoming a prime area for tier 1 players to boost sales. They are offering vitamin and mineral supplements based on individual needs as well as genetic profiles. Tier 1 companies are striving to make supplements accessible to general public. For instance, recently, Bayer launched ‘Nutrient Gap initiative’ to expand access to essential vitamins and minerals to 50 million people by 2030.
Tier 2 companies have presence in specific regions. They are striving to educate consumers about the importance of vitamins and minerals in health and wellness. These companies are coming up with innovative delivery formats to attract customers. This includes development of gummy vitamins or chewable vitamins. Similarly, they are using recycled and biodegradable packaging.
Tier 3 companies, including start-ups, are disrupting the market by creating plant-based or vegan supplements. They are also using aggressive marketing strategies to compete with established companies.
The below section offers a global vitamin and mineral industry overview across various countries. Regional variations in demand for vitamins and minerals based on dietary habits are also provided in the detailed report. Similarly, analysis of consumer preferences for specific vitamins and minerals in different regions is discussed.
South Korea and Japan are estimated to experience significant CAGRs of 7% and 6.1%, respectively, through 2034. The impact of health and wellness trends on the vitamin and mineral market across emerging nations remains profound.
Growing interest in enhancing health is leading to high sales of vitamins across developed nations. Similarly, high consumption of dietary supplements and skincare products will likely create growth opportunities in mature markets.
The vitamin and mineral forecast in developing nations like India and China looks promising. This can be attributed to rising health awareness, favorable government support, and increasing consumer spending on nutraceuticals and supplements.
Market penetration of vitamins and minerals in functional foods and beverages is expected to boost sales in Europe. Similarly, growing sales of supplements through online channels and expanding usage of vitamins and minerals in pharmaceutical and personal care products will likely boost growth.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 4.7% |
| China | 5.2% |
| United Kingdom | 5.6% |
| Japan | 6.1% |
| South Korea | 7% |
The United States vitamin and mineral market is estimated to be valued at USD 6.8 billion in 2034, highlighting opportunities it could offer to players. Demand for vitamins and minerals in the nation will likely surge at around 4.7% CAGR, owing to rising popularity of preventive healthcare.
Americans are becoming proactive about their health and wellness. This is leading to increasing demand for minerals and vitamins as they are seen as a means to fill nutritional gaps and prevent future health problems.
The nation is also home to several leading vitamin manufacturers who are striving to develop novel delivery formats to meet evolving consumer needs and preferences. This will likely support industry expansion during the assessment period.
The United Kingdom is emerging as a highly lucrative pocket for manufacturers owing to increasing geriatric population and growing health and wellness trends. Sales in the nation are expected to increase at 5.6% CAGR during the forecast period, totaling USD 1.5 billion by 2034.
According to the Office for National Statistics, there were around 3.3 million people aged 65 and above in England and Wales alone in 2021. This number is expected to increase further, which can open revenue-generation streams for companies.
As the nation’s population ages, so does the demand for products that support age-related health problems. Vitamins and minerals help bridge nutritional deficiency as well as boost overall health and well-being, leading to their increasing popularity among aged people.
People, especially older ones, across the United Kingdom are consuming vitamins and minerals on large scales. This is because these supplements help in improving cognitive function, bone health, and immunity.
Sales of vitamins and minerals in China are slated to surge at a CAGR of 5.2% CAGR during the assessment period. By 2034, the industry revenue in the country will likely total USD 6 billion owing to growing health awareness among common people.
People in China are becoming aware of their health. As a result, their interest in preventing chronic diseases like diabetes and heart disease is growing, leading to increasing consumption of vitamins and minerals.
Rising emphasis on staying healthy is creating a huge market for vitamins and mineral supplements in China. Similarly, ongoing product innovation helps the target industry bloom in the country.
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The section below offers detailed insights into leading segments. Detailed vitamin and mineral market segmentation can help players invest in popular products to boost revenues and stay ahead.
Vitamin C segment leads from the forefront, holding a value share of 27% in 2023. Based on application, food and beverages segment accounted for a revenue share of 36% in 2023.
| Segment | Vitamin C (Type) |
|---|---|
| Value Share (2023) | 27% |
Vitamin C remains top-selling product type, accounting for a revenue share of 27% in 2023. In the next ten years, sales of vitamin C are projected to soar at 4.2% CAGR, luring players to invest in this particular vitamin.
One of the key factors fueling sales of vitamin C is its health benefits. Similarly, expanding application area and affordability of vitamin C are making it a highly sought-after type in several regions of the world, especially developing ones.
Vitamin C, or ascorbic acid, is mostly known for its immune system support and skin-enhancing properties. This vitamin plays a vital role in collagen production, iron absorption, and wound healing, making it appealing to consumers concerned with general health and well-being.
Beyond supplements, vitamin C is also widely used as a food additive in various foods and beverages. This growing adoption of vitamin C as a preservative and flavor enhancer will likely contribute to its increasing sales during the assessment period.
Scientific studies have made obvious the benefits of vitamin C, ranging from its antioxidant properties and role in collagen synthesis. This scientific backing is encouraging usage of vitamin C in fortified foods, dietary supplements, and skin care products, triggering segment growth.
| Segment | Food and Beverages (Application) |
|---|---|
| Value Share (2023) | 36% |
When it comes to application, the food and beverages segment dominates the global industry, accounting for a value share of 36% in 2023. For the assessment period, a CAGR of 4% has been assigned for the target segment.
Growing popularity of food fortification is a prominent factor behind high usage of vitamins and minerals in food and beverage products. Leading companies are increasingly incorporating minerals and vitamins to processed foods and beverages into enhance their nutritional profile.
Key manufacturers of vitamins and minerals are constantly introducing novel multivitamin products to meet growing consumer demand. Several companies are offering targeted supplements for different demographics, like women’s health, elderly health, and prenatal nutrition.
Novel delivery formats are being created to cater to different preferences and enhance product attractiveness. For instance, many players are introducing delivery formats like chewable tablets and gummies to expand their customer base.
Natural and clean-label movement is making its mark in the vitamin and mineral industry, prompting companies to use natural ingredients and additives in their supplements. Companies also benefit by developing supplements based on genetic profiles and individual needs.
Several companies are focused on employing celebrity endorsements and other branding strategies to expand their audience and stay relevant in the sector. Similarly, strategies like partnerships, collaborations, acquisitions, distribution agreements, and new facility expansions are making the competitive landscape of the vitamin and mineral industry fiercer.
Industry Updates
Based on type, the industry is segmented into vitamin C, vitamin D, calcium, iron, zinc, magnesium, and others.
Popular product applications include food and beverages, dietary supplements, pharmaceuticals, personal care products, and others.
Vitamin and mineral market analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
The global industry value is estimated to total USD 24.5 billion in 2024.
Sales of vitamins and minerals are forecast to surge at 4.4% CAGR through 2034.
By 2034, the global industry value is projected to total USD 37.8 billion.
Vitamin C.
Abbott Laboratories, Amway, Bayer AG, and Nature's Way Products, LLC.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Type 6.2. Application 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 7.1. Vitamin C 7.2. Vitamin D 7.3. Calcium 7.4. Iron 7.5. Zinc 7.6. Magnesium 7.7. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 8.1. Food and Beverages 8.2. Dietary Supplements 8.3. Pharmaceuticals 8.4. Personal Care Products 8.5. Others 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. South Asia 9.5. East Asia 9.6. Eastern Europe 9.7. Middle East & Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Type and Application for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Abbott Laboratories 19.2. Amway 19.3. Bayer AG 19.4. CSPC Pharmaceutical Group 19.5. Daiichi Sankyo 19.6. Eisai Co., Ltd. 19.7. GNC Holdings, Inc. 19.8. Hainan Yangshengtang 19.9. Koninklijke DSM N.V. 19.10. Nature's Way Products, LLC 19.11. Novartis International AG 19.12. Otsuka Holdings Co. Ltd. 19.13. Pfizer Inc. 19.14. Pharmavite LLC 19.15. Roche Holding AG 19.16. Salus Haus 19.17. Sanofi S.A.
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