Multivitamin Supplement Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global multivitamin supplement market is anticipated to grow at a significant 6.3% CAGR during the forecast period (2022-2028). Consumers are increasingly embracing vitamins and supplements as part of their daily routine as their interest and worries about personal health and well-being grew. More than 60% of consumers globally use vitamins (functional food products) daily, while around 55% are persuaded to take supplements to maintain a healthy lifestyle. Premium brands have various potential to develop in 2022 and beyond, thanks to consumer optimism and conviction in the benefits, as well as increasing spending capacity. For instance, in May 2020 to meet the growing demand for immune-related products, Homart Pharmaceuticals launched three different vitamin C products under the Toplife and Springleaf brands.

Following the onset of the COVID-19 pandemic, customers are looking for these products to help them improve their bodies’ natural defensive mechanisms. Manufacturers of vitamins and supplements should expect new prospects as a result of recent discoveries and advances in function-specific antioxidants for immunity-boosting products. More than half of the US population reported consuming these goods during the pandemic, according to the National Health and Nutrition Examination Survey. The trend is projected to continue around the world, with technology developments and innovation playing a key role.

Shortness of breath, chest pain, diarrhea, weariness, and other symptoms connected with COVID-19 are causing consumers to seek out creative and healthful solutions loaded with nutrients. As a result, protein, pediatric nutrition, sports nutrition, multivitamins, and other products that lower health risks are in high demand in the nutraceuticals sector. Immunity boosters, as well as the benefits of natural herbs and botanicals, are being emphasized by manufacturers.

Over the last few years, the global geriatric population, as well as children, have increased consumer spending on nutritional supplements. Several food standards organizations and governments are changing regulations and approvals to address the overproduction of vitamins and supplements, which has increased competition in the market. Furthermore, as customers place a greater emphasis on preventative healthcare items, manufacturing marketing activities have become more effective. To service these products in the market, manufacturers are rapidly adopting the latest technologies with high production efficiency. The market for vitamins and supplements will continue to develop in the next years, thanks to greater consumer acceptance and more product innovation. For instance, in 2021 Nutrfii Kids, a new multivitamin supplement for kids has been launched by NewAge. This product is in the form of chewable tablets and has greater absorption for immune system support.

Consumers are becoming more aware of tailored medicines and treatment as their reliance on the internet grows and the health supplement market becomes more volatile. The internet is an important shopping medium that helps to lower obstacles to accessing nutritional supplements on the market. To provide a hassle-free buying experience, manufacturers are focusing on distributing vitamins, minerals, and supplements through internet channels. Dietary supplement products account for more than 25% of the global nutraceuticals industry, according to a report released by World Food India, and are likely to drive the multivitamin supplements market growth in the future years.

Some major players in the market include ABH Nature’s Products, Inc., Amway Corp., Bayer AG, Pharmavite LLC, Pfizer Inc., Nature’s Products, Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in 2019 In Indonesia, Bayer debuted its new Redoxon Triple Action Supplement to help consumers meet their desire for immunity-boosting goods during the Ramadan fasting period.

 

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Form
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- ABH Nature’s Products, Inc., Amway Corp., Bayer AG, Pharmavite LLC, Pfizer Inc., Nature’s Products, Inc., among others.

 

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

 

Global Multivitamin Supplement Market Report by Segment

By Type

• Natural Vitamins
• Synthetic Vitamins

By Form

• Capsule
• Tablet
• Powder
• Liquid