Vitamins and Supplements Market Size, Share, and Growth Forecast from 2024 - 2031

Vitamins and Supplements Market Size and Share Analysis

The global vitamins and supplements market is anticipated to reach a size of US$ 114.3 Bn by 2024. It is projected to witness a CAGR of 6% during the assessment period to attain a value of US$ 171.9 Bn by 2031.

Increased focus on preventive healthcare that emphasizes wellness rather than simply treating an illness is one of the key factors driving growth in the vitamins and supplements market. Individuals are integrating dietary supplements as a preventive measure to manage stress, support immunity, and enhance their well-being.

An analysis on dietary supplement use in the U.S. from 2017 to 2018 by the National Health and Nutrition Examination Survey (NHANES) found that women in the U.S. were more likely to take multivitamins standing at 34% compared to men at 28.3%. The study also revealed that individuals with high education, income, healthy lifestyle, proper diet, and low Body Mass Index (IBM) were also more likely to use multivitamins.

Developments in AI and ML have facilitated the creation of personalized supplements. These are developed by analyzing the individual’s genetic makeup, lifestyle habits, and health data to recommend customized supplement routines. For instance, Care/of, a direct-to-consumer vitamin brand uses a quiz-based model to recommend personalized supplements to its patients. The global aging population, especially in developed regions like North America and Europe are driving demand for supplements as older adults are often prone to nutrient deficiencies.

Key Highlights of the Industry

• Rising health and wellness awareness has pushed individuals to participate in physical activities and sports, thereby raising demand for fitness-related supplements like protein powders, energy boosters, and amino acids.
• E-commerce has become a leading channel for the sales of vitamins and supplements.
• Platforms like Amazon are witnessing robust growth due to the convenience offered by online shopping.
• There is a high demand for natural, organic, and plant-based vitamins and supplements over synthetic ones.
• Ongoing development of herbal supplements and other natural products that align with consumers’ increasing focus on health and wellness is set to bolster growth.
• Functional foods containing enhanced vitamins, minerals, and other supplements are gaining popularity.
• Companies are adding supplements like probiotics, vitamins, and omega-3 fatty acids to food products like snacks, drinks, and baked goods, thereby attracting a large consumer base.
• Probiotics have become the leading supplement category with increasing awareness of gut-brain connection and rising importance of gut health.
• In terms of type, the multivitamin category is predicted to witness a CAGR of 8.5% through 2031 due to its ease of consumption.
• By form, the tablets segment is anticipated to showcase a CAGR of 7.2% through 2031 as these are easily accessible at affordable rates.
• The vitamins and supplements market in North America is estimated to witness a CAGR of 5.8% through 2031 as the baby boomer population raises demand for supplements to address age-related health problems.
• South Asia vitamins and supplements market is set to register a CAGR of 8.2% through 2031 due to increasing investments in dietary supplements among millennials.

Market Attributes	Key Insights
Market Size (2024E)	US$ 114.3 Bn
Projected Market Value (2031F)	US$ 171.9 Bn
Global Market Growth Rate (CAGR 2024 to 2031)	6%
Historical Market Growth Rate (CAGR 2019 to 2023)	5.4%

Aging Population of North America is Pushing Demand for Vitamins and Supplements

The COVID-19 pandemic has led to the growing focus on health and wellness, thereby leading to an increasing demand for vitamins and supplements in North America. The population of countries like the U.S. and Canada is continuing to age, especially the baby boomer generation. It is posing a rising need for supplements to address common age-related health issues and deficiencies.

The population of the U.S. is also focusing on maintaining health and preventing diseases rather than managing illness. This trend is contributing to the rise of mineral, vitamins, and other dietary supplements that support the immune system and mental well-being. For example,

• About 41.4% of people in the U.S. have insufficient levels of vitamin D (50 to 75 nmol/L), and 28.9% have insufficiency (below than 50 nmol/L). Over the past few years, this pattern has not changed.

Emergence of Digital Health Platforms Creates Demand in South Asia

In South Asia, the population of India is becoming aware of the importance of maintaining a balanced diet and a healthy lifestyle. Spread of health-related information via digital platforms combined with the rise of chronic diseases has led to a surging demand for dietary supplements in India.

By 2030, India is estimated to have the largest senior citizen population in the world. Older adults in the country are increasingly seeking supplements for bone health and cognitive functions. For example,

• As of 2023, the proportion of population in India aged 60 and over is almost 10.5% of the country's total population, indicating a consistent rise in recent years. The India Ageing Report 2023 and other demographic studies predict that this percentage would rise dramatically, reaching nearly 20% by 2050. The aging of India's demographic profile is highlighted by this trend, which amounts to a 41% decadal increase in the old population.

Increasing disposable income and changing lifestyles has resulted in the growth of middle-class population in India. The country’s population is progressively spending on preventive healthcare measures. It further drives demand for supplements to support their immunity, weight management, energy, and wellness.

Traditional medicines like Ayurveda, have witnessed a resurgence across South Asia as consumers are turning to natural and plant-based supplements. Herbal products like ginseng, ashwagandha, holy basil, and turmeric are experiencing high demand as these are believed to offer several health benefits. To meet this growing demand for natural products, local brands in the vitamins and supplements market are combining traditional herbs with modern supplement formulations.

Multivitamins Lead due to High Convenience of Taking a Single Vitamin Per Day

Category	CAGR through 2031
Type- Multivitamin	8.5%

Populations of several countries suffer from common nutrient deficiencies like iron, magnesium, calcium, vitamin D, and vitamin B12. Multivitamins (MVM) offer a simple solution to correct these deficiencies without requiring several individual supplements. Modern diets often contain of highly processes foods and low fruits and vegetables, resulting in nutrient gaps.

Multivitamins provide a convenient solution to bridge these gaps and assist in maintaining optimal health. MVM are gaining traction due to their ability to offer a comprehensive, all-in-one solution. Consumers prefer the ease of taking just one single product that can address multiple nutritional requirements.

Demanding lifestyles is another factor that may increase the preference of multivitamins over several single-ingredient supplements. The former provide consumers convenience without the hassle of remembering to take different pills every day.

Precise Dosage and Long Shelf Life to Surge Demand for Tablets

Category	CAGR through 2031
Form- Tablets	7.2%

Tablets are preferred by both consumers and manufacturers owing to their low production costs that decrease the total cost of the medicine and wide accessibility. They offer better stability for certain active ingredients compared to other supplement forms.

Tablets do not require special storage conditions like a few liquids, powders, and gummies, thereby making them easier to store and transport. These also have longer shelf life compared to gummies and soft gels that may degrade faster over time. They provide accurate dosages of active ingredients, thereby making it easy for consumers to track their intake and ensure they are consuming the correct amount of nutrients.

Tablets further ensure consistent quality and potency with each dose. These are hence significantly advantageous for consumers concerned with maintaining specific levels of vitamins and minerals for health conditions or fitness goals.

Market Introduction and Trend Analysis

The rise of digital health tools, wearable devices, and mobile applications are contributing to the data-driven decision-making regarding supplements. Consumers are increasingly relying on these platforms for guidance on which supplements to take. Rise of subscription services where consumers receive supplements packs are gaining traction owing to their convenience and customization options.

Consumers are also looking for eco-friendly and sustainable products that have transparent ingredient sourcing. Clean labels are hence becoming desirable. Rising participation in sports and fitness activities is facilitating the growing popularity of bodybuilding and performance-enhancing supplements.

Innovations in supplement formulation, personalized nutrition, and delivery methods are driving product diversification and attracting new consumers, thereby broadening the market. The emergence of DNA-based nutrition programs is another key factor bolstering growth. For instance,

• DNA testing is being offered by companies such as 23andMe and DNAfit to detect genetic predispositions that impact fitness, food intake, and metabolism. These revelations aid in the development of individualized fitness and nutrition programs based on a person's genetic composition.

Historical Growth and Course Ahead

The vitamins and supplements market growth remained steady at a CAGR of 5.4% during the historical period. The market was already witnessing solid growth as consumers became more aware of the importance of maintaining optimal health.

The COVID-19 pandemic has a profound effect on the global market, as there was a worldwide rise in demand for products that supported immune health like zinc, vitamin D, and vitamin C. Demand in the market remained moderate in the post-pandemic period as the focus on immune health remained strong. However consumers started to focus on other aspects of health like mental health, fitness recovery, and gut health.

There was a shift toward sustainable and clean label products as consumers focused on transparency of ingredients in their supplements. Rising awareness of the environmental impact of product packaging is another factor that pushed demand.

Market Growth Drivers

Adoption of Vegan Diets Creates Demand for Supplements to Fill Nutrition Gaps

As consumers started to adopt plant-based or vegan diets, the demand for plant-based supplements drastically surges. This is because vegan and plant-based diets often offer low amounts of specific nutrients, thereby creating a demand for supplements to fill the nutritional gaps. Millennials and Gen-Z populations are the key advocates of sustainability and are hence the ones to pose a high demand for plant-based vitamins and supplements. For instance,

• Around 1 to 3% of the global population identifies as vegan, with significant variation by region. This equates to around 80 to 240 million people worldwide.
• Around 3 to 5% of the population in Western Europe identifies as vegan. The U.K. has seen a 40% rise in vegan diets between 2020 and 2023.

Product Innovation and Diversification to Propel Demand Globally

The line between food and supplements is slowly blurring. Functional foods are gaining traction as they offer consumers a convenient and enjoyable way to consume essential nutrients.

The emergence of new and innovative delivery formats like soft gels, effervescent tablets, powders, and gummies are appealing to consumers. They are constantly seeking easy-to-consume and non-pill alternatives to conventional vitamins and supplements.

Market Restraining Factors

Regulatory and Quality Control Challenges to Restrain Growth

Countries, especially in emerging markets, remain under-regulated for the vitamins and supplements industry. This leads to concerns about product safety, quality, and authenticity.

Lack of standardization and rigorous tests can result in the presence of contaminants or ineffective formulations in a few supplements. Different countries have varying regulatory frameworks for the vitamins and dietary supplements market. Inconsistency in standardization in regions like Europe, Asia, and the U.S. can pose challenges for global brands to ensure their products meet the local regulations and quality standards.

Market Growth Opportunities

Rising Shift toward Beauty from Within Concept to Create Avenues

The concept of beauty from within is gaining traction across the globe. Consumers are hence turning to supplements that promote skin health, nail health, and hair growth. Products like biotin, antioxidants, collagen, and hyaluronic acid are becoming increasingly popular for their perceived benefits in improving skin elasticity, enhancing skin tone, and reducing wrinkles.

Anti-aging supplements, especially those that focus on skin rejuvenation, free radical protection, and cell regeneration are gaining popularity. It is particularly evident among the aging baby boomer generation and younger consumers interested in preventive care.

High Demand for Sustainable and Eco-friendly Products to Boost Opportunities

The market is witnessing a rising demand for sustainable, ethical sources, as well as eco-friendly products. The younger demographics are increasingly considering the environmental impact of products they purchase, including their packaging, ingredient sourcing, and sustainability.

Manufacturers that use sustainable packaging like recycled materials, biodegradable bottles, and minimalistic packaging are estimated to gain preference due to rising environmental consciousness among consumers. Brands using plant-based and sustainably sourced ingredients are anticipated to align with these values.

Competitive Landscape for the Vitamins and Supplements Market

The vitamins and supplements market is highly competitive and fragmented with established as well as emerging players vying for high share. Competition in the market is mainly driven by product innovation, pricing strategies, distribution channels, and brand reputation.

Brands are investing heavily in product innovation to meet evolving consumer demand, including the development of new forms of supplements that appeal to younger and on-the-go consumers. The rise of e-commerce and direct-to-consumer (D2C) sales has become a key avenue for growth.

Brands like HUM Nutrition and Care/of are capitalizing on the trend toward online sales and personalized supplement delivery services. They are using data-driven approaches to curate tailored supplements plants for consumers.

Recent Industry Developments

• In November 2024, Cadila Pharmaceuticals, based in Ahmedabad, launched Militol, an innovative iron supplement. It was designed to provide a precise combination of nutrients that maximize absorption to improve tolerance, thereby effectively addressing iron deficiency.
• In June 2024, Noida-based Steadfast Nutrition launched protein supplements and plant-based multivitamin, Whey Protein, Livraw Protein, and a vegetarian Multivitamin mega pack.

Vitamins and Supplements Industry Report Scope

Attributes	Details
Forecast Period	2024 to 2031
Historical Data Available for	2019 to 2023
Market Analysis	US$ Billion for Value
Key Regions Covered	North America Europe East Asia South Asia and Oceania Middle East and Africa Latin America
Key Market Segments Covered	Type Form Region
Key Companies Profiled in the Report	Amway Pfizer Inc. Abbott Laboratories Herbalife Nutrition Glanbia plc ADM DuPont de Numerous, Inc. Lonza Group Nature’s Sunshine Products Bayer AG Nestle S.A. Nutraceutical International Corporation Ostuka Holdings Co., Ltd. Rainbow Light Sanofi The Himalaya Drug Company USANA Health Sciences, Inc. Vitamin Shoppe Zhejiang NHU Co., Ltd. NOW Foods
Report Coverage	Market Forecast and Trends Company Share Analysis Competitive Intelligence DROT Analysis Market Dynamics and Challenges Strategic Growth Initiatives
Customization and Pricing	Available upon request

Vitamins and Supplements Industry Segmentation

By Type

• Multivitamin
• Vitamin A
• Vitamin B
• Vitamin C
• Vitamin D
• Vitamin E
• Vitamin K

By Form

• Powder
• Tablets
• Capsules
• Softgels
• Gummies
• Others

By Region

• North America
• Europe
• East Asia
• South Asia and Oceania
• Latin America
• Middle East and Africa

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