The vitamin supplements industry has garnered $47,328.60 million revenue, and it is projected to rise at a 5.9% rate from 2021 to 2030, to capture $79,615.50 million revenue in 2030. It is led by an increasing elderly population, growing demand for sports nutritional products, surging consumer awareness on nutritional health and wellness, along with increasing incidences of chronic diseases.
Multivitamins capture the largest revenue share, accounting for over 42%. It is projected to retain its dominance in the industry in the near future. It is led by the rising number of people consuming improper diets, growing incidences of chronic diseases, surging expenditure on health-related products, the rising elderly population, and massive research and development expenditure to offer advanced solutions.
In addition, the worldwide initiatives of the government, NGOs, and enterprises to increase awareness of healthy eating have increased consumer knowledge of multivitamin supplement benefits. It is projected to boost industry growth.
Offline distribution channels capture a larger industry share. It is ascribed to the presence of a wide range of products, ease in desired product selection, and benefits of buying these products, including regular groceries at the same place.
In addition, supermarkets/hypermarkets are garnering acceptance, ascribed to the display of organized products, customer willingness to pay premium prices for certain goods, and direct relationship between customer and sales executive help in better understanding of consumer preferences for products and brands.
Online channels are projected to experience higher growth in the coming years. The rising preference for online purchasing, ascribed to the busy lifestyle, product reviews, shopping convenience, and all the relevant information on these platforms is expected to boost vitamin supplement sales through e-commerce channels.
Healthcare applications capture the largest industry share, and it is projected to retain its position in the coming years. It is attributed to the rising number of pharmaceutical manufacturers, government initiatives to improve healthcare infrastructure, and the quick launch of new products.
In addition, the shift of consumer preference toward vitamin supplements is due to the increasing healthcare cost, as they facilitate numerous health benefits, including proper immune system functioning, strengthening of joints and bones, and improved vision.
Rising awareness of advantages of the vitamin boosts the industry's growth. The availability of the products on both online and offline channels, informing people on the advantages of intake of such products, encourages consumers to use them. In addition, the rising knowledge of diseases caused by the deficiency of the vitamin encourages consumers to fulfil the nutrient demand with the consumption of these products.
Capsules are projected to experience the fastest growth in the coming years, advancing at a rate of 6%, accounting for the faster dissolvability and digestibility of capsules in the gut compared to tablets. In addition, capsules do not taste unpleasant or have an odor. Besides this, they are resistant to tampering. The growing demand for microencapsulating finished goods, to ensure precise release primarily contributes to capsule form demand.
Therefore, the growing prevalence of chronic diseases caused by vitamin deficiency boosts the demand for vitamin supplements.
