The global vitamins market is estimated to be valued at US$ 7.12 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the vitamins market are Adisseo France S.A.S , Archer Daniels Midland Co., BASF SE, CSPC Pharmaceuticals Group Limited, Lonza Group Ltd., North China Pharmaceuticals Corporation, Pharmavite LLC, and Zhejiang Hangzhou Xinfu Pharmaceutical Co. Ltd., Vitablend Nederland B.V, Farbest Brands. The key players are focused on introducing differentiated products, strategic partnerships and acquisitions.
The key opportunities in the Vitamins Market Growth include rise in health supplements industry and increasing demand for vitamin gummies and chews from millennial consumers. The growing popularity of herbal and ayurvedic supplements opens new growth avenues.
Technological advancements such as microencapsulation enable higher absorption of vitamins and minerals. Nano-emulsion technology helps integrate fat-soluble vitamins into water-based supplements. The adoption of digital technologies also help track vitamin usage and intake.
Market drivers
The increasing health consciousness and consumer spending on wellness and nutrition supplements is a major market driver. With growing awareness about deficiencies, consumers are increasingly consuming vitamins to ensure nutritional requirements are met. The rising demand for functional and fortified food products integrated with vitamins and minerals also contributes to market growth. The pandemic further increased focus on preventive healthcare and boosted sales of immunity-boosting vitamins and supplements.
Current Challenges in the Vitamins Market
Some of the current challenges being faced in the vitamins market include increasing prices of raw materials, lack of awareness regarding daily nutritional requirements, preference for alternative therapies over vitamins and supplements, and uncertainty caused due to the ongoing pandemic in the vitamins supply chain. Suppliers and manufacturers are facing difficulties in production and transportation due to various restrictions and lockdowns imposed in different regions.
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