Vitamin Supplements Market 2023 Key Strategies, Historical...

Vitamin Supplements Market 2023 Key Strategies, Historical Analysis, Application, Technology, Trends And Opportunities

Posted 2022-12-13 12:55:47

The global vitamin supplements market is expected to be valued at US$ 57.63 Bn in 2023. By 2033, Future Market Insights (FMI) estimates the market’s value will be more than double, surpassing US$ 133.94 Bn. This staggering growth of the market is set to happen at a CAGR of 8.8%. Some of the most critical factors predicted to influence vitamin supplements demand are rising healthcare expenditures, increased production efficiency, need for nutrients in monogastric animals, and importance of vitamins for human health.

The U.S. is anticipated to be one of the leading players in the global vitamin supplements market through 2023 & beyond. In the U.S., rapid rise in vitamin supplements demand is attributed to an increase in lifestyle-related disorders such as obesity and health benefits of vitamin supplements offer over basic nourishment.

To gain competitive edge, leading vitamin supplements companies are adopting various strategies such as documenting scientific evidence, clearing product specifications, and thorough testing for efficacy and purity of components. Leading brands are manufacturing products in adherence to cGMPs (current Good Manufacturing Practices) and Food and Drug Administration (FDA) rules and regulations. This is also expected to improve the consumption of vitamin supplements.

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However, one of the major challenges from the average buyer’s standpoint is the high price tag. Most vitamin supplements supplied by the leading brands are expensive. As a result, they are still out of reach for people from low-income groups. Another challenge involves the potential of users experiencing adverse effects. Several vitamin supplements are loaded with minerals and vitamins, and excessive consumption may lead to gastrointestinal side effects such as diarrhea and constipation.

Key Takeaways

Overall vitamin supplements demand is set to grow from US$ 57.63 Bn in 2023 to US$ 133.94 Bn by 2033.

The U.S. market has experienced rapid growth due to factors such as obesity and other lifestyle-related issues and the health benefits of vitamin supplements.

Leading vitamin supplements brands support their claims by documenting scientific evidence, clearing product specifications, and thorough testing for component efficacy and purity.

North America is expected to generate maximum revenues in the global vitamin supplements market.

“The challenges for the U.S. vitamin supplements market may limit its growth, but in the long run, the market is poised to hit great heights. The demand for vitamin supplements is on the rise in U.S. due to health benefits of the products. As it stands, the market is expected to witness plenty of opportunities for brands to make an impression on their target audiences.” - Says an FMI Analyst

Competition Landscape in The Vitamin Supplements Market

As awareness of achieving wellness via enhanced nutrition continues to grow, FMI expects the U.S. vitamin supplements market to surge ahead during the forecast period. Key players in the market are relying on inorganic growth strategies such as collaboration and acquisition to strengthen their footprints.

Some of the players are also improving their marketing strategies to stay ahead in the game and are forming alliances with end users and online platforms.

The leading names in the U.S. market include Amway, AHF Vitamins, and Klean Athlete.

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Recent Developments

In July 2020, Klean Athlete announced a partnership with Athletic Republic, the U.S.-based sports performance training franchisor. The partnership saw Athletic Republic making Klean Athlete’s sport supplements available across its licensee and franchisee networks around the world.

Key Segments Profiled in the Vitamin Supplements Market Survey

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