Vitamins and Minerals Industry

The global vitamins & minerals market size was valued at USD 23.29 billion in 2021 and is expected to expand at a compound annual growth (CAGR) rate of 4.6% from 2022 to 2028. 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.

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.

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.

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Application Insights

Energy and weight management accounted for the largest market share of more than 25% in global consumption of vitamins and minerals consumption in 2021 and is expected to expand with a substantial growth rate during the forecast period. A large population consumes vitamins and minerals to get the required energy level and maintain body weight, which results in rising demand for vitamins and minerals.

The general health segment is estimated to be the fastest-growing application at a CAGR of 5.2% from 2022 to 2028. Consumers' increased inclination toward a healthy lifestyle leads to grown demand for vitamins & minerals. Consumers' approach to maintaining a healthy body by maintaining general health requirements by consuming vitamins and minerals will propel the vitamins and minerals market growth in the general health category.

Key Companies & Market Share Insights

The vitamins & minerals market is fragmented in nature. Manufacturing companies strengthen their presence by adopting various marketing strategies such as strengthening the supply chain, digital advertising, and offering discounts on products. Some prominent key players operating in the global vitamins & minerals market include:

1. Abbott Laboratories

2. Amway

3. Bayer AG

4. CSPC Pharmaceutical Group

5. Daiichi Sankyo

6. Eisai Co., Ltd.

7. GNC Holdings, Inc.

8. Hainan Yangshengtang

9. Koninklijke DSM N.V.

10. Nature's Way Products, LLC

11. Novartis International AG

12. Otsuka Holdings Co. Ltd.

13. Pfizer Inc.

14. Pharmavite LLC

15. Roche Holding AG

16. Salus Haus

17. Sanofi S.A. 

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