The Vitamins Market Size was valued at USD 6.89 billion in 2022, and is expected to reach USD 12.28 billion by 2030, and grow at a CAGR of 7.5% over the forecast period 2023-2030.
The vitamins market has experienced significant growth in recent years, driven by increasing consumer awareness about the importance of maintaining a healthy lifestyle. With rising healthcare costs and a growing emphasis on preventive healthcare, more individuals are turning to vitamins as a way to supplement their diets and ensure they are meeting their nutritional needs.
One of the key factors driving the growth of the vitamins market is the aging population. As people age, their nutritional requirements change, and they may need additional vitamins to support their overall health and wellbeing. This demographic shift has created a lucrative market for vitamins targeted specifically towards older adults, with formulations designed to address age-related health concerns such as bone health, cognitive function, and immune support.
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Furthermore, there has been a surge in demand for natural and organic products across various industries, including vitamins. Consumers are increasingly seeking out supplements made from natural ingredients without any artificial additives or preservatives. This trend has led to the emergence of niche players in the market who specialize in producing organic or plant-based vitamins to cater to the growing demand for natural and organic options. These niche players often emphasize sustainability and ethical sourcing practices, appealing to environmentally conscious consumers. Additionally, the rise of personalized nutrition has also influenced the vitamin market. Consumers are now looking for supplements that are tailored to their specific needs and health goals, leading to the development of customized vitamin formulations and personalized vitamin subscription services. As the aging population continues to expand and consumer preferences evolve, the vitamins industry is poised for continued growth and innovation.
KEY MARKET SEGMENTS
By Type
- Vitamin A
- Vitamin B
- Vitamin C
- Vitamin D
- Vitamin E
- Vitamin K
By Application type
- Healthcare products
- Personal care
- Food & beverages
- Infant food
- Beverages
- Dairy products
- Bakery & confectionery products
- Others
- Feed
By Source type
- Synthetic
- Natural
Major Players Listed in the Report are as Follows:
ADM, Adisseo, BASF SE, BTSA Biotechnologias Aplicadas S.L., DSM, Farbest Brands, Glanbia Plc, Lonza Group, Rabar Pty Ltd, SternVitamin GmbH & Co. KG (Schleswig-Holstein) and Other Players.
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