At 6.5% CAGR, Multivitamins Market Size to Worth Around USD 48.78 Billion by 2028, Says Brandessence Market Research

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27 Jul, 2022, 13:30 GMT

LONDON, July 27, 2022 /PRNewswire/ -- Multivitamins Market Size is valued at USD 31.39 Billion in 2021 and is expected to reach USD 48.78 Billion by 2028 with a CAGR of 6.5% over the forecast period.

Global Multivitamin Market Global Size, Trends, Competitive, Historical & Forecast Analysis to 2022-2028: The rising prevalence of vitamin deficiencies and feed fortification due to the rise in global meat & dairy product consumption is the major factor driving the growth of the Global Multivitamins Market.

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Multivitamins Market: Market Scope

Multivitamins are a product that is intended to serve as a dietary supplement with vitamins and other nutritional products. The multivitamin supplement contains three or more types of vitamins that help to complete a balanced diet. Tablets, capsules, liquids, powders, injectables, and others are the various forms of multivitamin supplements. Supplements do not prevent any cancer, heart diseases, or other diseases but these multivitamin supplements are useful in people having nutrition issues or those who have high-risk muscular degeneration. Vitamin A, vitamin B12, vitamin B, vitamin C, vitamin D, and others are different types of multivitamin supplements that are available in the market.

Global Multivitamins Market Segmentation:

Global multivitamins market is segmented on the basis of source, form, distribution channel and region & country level. On the basis of source, the global multivitamins market is classified into natural vitamins and synthetic vitamins. Based on form, the global multivitamins market is classified into capsule, tablet, powder, liquid, and others. On the basis of distribution channels, the multivitamins market is classified into retail pharmacy, online pharmacy, supermarket, specialty store, and others.

By Source:

  • Natural Vitamins
  • Synthetic Vitamins

By Form:

  • Capsule
  • Tablet
  • Powder
  • Liquid
  • Others

By Distribution Channel:

  • Retail Pharmacy
  • Online Pharmacy
  • Supermarket
  • Specialty Store
  • Others

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Multivitamin Market Key Players:

  • Amway
  • Bayer
  • INFINITUS
  • PERFECT (CHINA)
  • Puritan's Pride
  • Pharmavite
  • Jamieson
  • Webber Naturals
  • Pfizer Inc
  • Daiichi Sankyo
  • Eisai
  • SALUS-HAUS
  • DSM
  • Hainan Yangshengtang
  • CSPC Pharmaceutical Group
  • Sanofi
  • Garden of Life
  • Rainbow Light
  • Swisse, New Chapter
  • MegaFood, Ritual
  • Smarty Pants
  • Nature Made
  • Suku Vitamins
  • Gaia Herbs
  • Glanbia
  • Otsuka Holdings
  • Others

Multivitamins Market: Market Dynamics

With an increasing population, as well as citizens around the world, consumer spending on food supplements has been on the rise in recent years. As a result, many food standards and governments are updating regulations and approvals to increase the production of supplements and vitamins, creating a more competitive market environment. According to Brandessence, the total sales of all dietary supplements in the United States in 2020 was 55 55.7 billion, including USD 21.2 billion for all supplements containing vitamins, minerals or both, of which USD 8.0 billion was for MVMs and MVs. Furthermore, the increasing consumer focus on preventive healthcare products has increased the effectiveness of production and marketing efforts. Manufacturers are increasingly incorporating the latest technology with high production efficiency to serve these products in the market. The increasing acceptance among consumers and high-quality innovations in products will ensure the growth of the multivitamins market in the next few years.

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Recent Development:

Amway India Introduced Nutrilite Vitamin D Plus, Exemplifying Science & Innovation

On September 27th, 2021; Amway India, strengthened its presence in the Food for Special Dietary Usage Space (FSDU) by launching Nutrilite Vitamin D Plus1. Nutrilite Vitamin D plus 1 is intended for people with weak bones if taken as part of a steady diet. A special formulation of Vitamin K2, Vitamin D3, a patented plant blend of quercetin and synthetically prepared licorice, was developed for people with bones related problems. The combination of patented ingredients such as licorice and quercetin extract improves bone density and collagen production, which supports bone formation.

Pharmavite Acquired Leading Urinary Health Brand Uqora in Push to Expand Women's Health Offering

On July 8th, 2021; The manufacturer of Pharmavite, Nature Made Vitamins and Supplements have declared that the company acquired the leading urine health brand Uqora as part of its ongoing commitment to providing science-based solutions to the declining market for women's health. Founded in 2017 by partners Jenna Ryan and Spencer Gordon, Uqora is a San Diego-based company that solves urinary health problems with a combination of reactive remedies and active care.

Bayer Launched the Nutrient Gap Initiative to Expand Access to Vitamins and Minerals Annually for 50 Million People Worldwide by 2030

On February 2nd, 2021; Bayer launched "The Nutrient Gap Initiative" as part of the company's vision of "Health for All, No Hunger for Anyone", expanding access to vitamins and minerals for vulnerable communities to help combat malnutrition. The program aims to reach 50 million people annually by 2030, through direct action and in partnership with serious non-governmental organizations (NGOs), with a focus on intervention, education, and advocacy. The Nutrient Gap Initiative is the first program to impact Bayer's consumer health department's commitment to sustainability by 2030, enabling access to daily health care for 100 million under-served people.

Multivitamins Market Regional Analysis

The Asia Pacific is expected to witness the fastest growth in the global multivitamins market within the forecast period owing to the increasing awareness regarding the benefits of multivitamins and the rising focus of consumers towards health in this region. In addition, the disposable income of middle-class consumers in the region is growing at an alarming rate, allowing consumers to spend more on such products for their overall health. Moreover, the growing population in Asia-Pacific countries is largely supporting the increase in sales of pediatric supplements in the region. Childbirth rates in China have risen sharply since the one-child policy was scrapped. According to China's National Bureau of Statistics, China's population grew to 1.41 billion in 2019 from 1.39 billion in 2018. As such, manufacturers are increasingly focusing on launching innovative vitamins and supplements to serve customers of all ages in the region. As a result, this market is growing exponentially in the Asia Pacific.

On Special Requirement Multivitamins Market Report is also available for below region:

North America

  • U.S., Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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