NEWARK, Del., June 27, 2024 (GLOBE NEWSWIRE) — The global vitamins and minerals market is $24.5 billion. Global sales of vitamins and minerals are expected to soar. 4.4% average annual growth rate During the evaluation period, total $37.8 billion By 2034.
Vitamin C sales remain high, with a market share of 1. 27% The target segment is expected to register a CAGR of 2023, owing to various health benefits and increasing adoption in the food & beverage sector. 4.2% Until 2034.
Several factors are expected to drive the growth of the vitamins and minerals market during the forecast period, including growing interest in health and wellness, surge in demand for fortified foods, and growing geriatric population.
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Today, as chronic disease rates continue to rise, more and more consumers are prioritizing their health, which is making an immeasurable difference. Demand for supplementsIn particular, vitamin and mineral intakes have increased, a trend that is expected to continue through 2034.
Consumers are seeking supplements such as Vitamin D, Vitamin C, Iron, Calcium, etc. to improve their health and reduce the risk of developing or contracting diseases. Hence, mass consumption of these supplements is expected to propel the target industry forward.
To meet the growing consumer demand for fortified foods and beverages, many food and beverage companies are incorporating vitamins and minerals into their products, which will provide new growth opportunities for companies over the forecast period.
Key takeaways from the market report:
- The total market value of the world is $37.8 billion The year 2034.
- By type, the vitamin C segment is expected to register a CAGR. 4.2% Until 2034.
- By application, the food and beverages sector led the industry in terms of market share, 36% 2023.
- China is projected to record a compound annual growth rate (CAGR). 5.2% Until 2034.
- Total sales in the US were $6.8 billion By 2034.
- Korea is likely to grow at a CAGR of 7% Between 2024 and 2034.
“The growing popularity of preventive healthcare and rising incidence of deficiency diseases are expected to create growth opportunities for the vitamins and minerals industry during the forecast period.” – Nandini Roy Choudhurya client partner of Future Market Insights.
Report preview: https://www.futuremarketinsights.com/reports/vitamins-and-minerals-market
Who will win?
Abbott Laboratories, Amway, Bayer AG, Nature’s Way Products LLC, and Novartis International AG are some of the key companies profiled in the report.Developing new supplements to suit different demographics is becoming a key strategy for industry players across the globe.
Many companies are implementing marketing and branding strategies to maintain their presence in the market. Similarly, strategies such as partnerships, collaborations, acquisitions, mergers, and distribution agreements are becoming popular among players.
Leading Vitamin & Mineral Brand
- Abbott Laboratories
- Amway
- Bayer AG
- CSPC Pharmaceutical Group
- Daiichi Sankyo
- Eisai Co., Ltd.
- GNC Holdings Inc.
- Hainan Yangshengtang
- Koninklijke DSM NV
- Nature’s Way Products LLC
- Novartis International AG
- Otsuka Holdings Co., Ltd.
- Pfizer Japan Inc
- Pharmavite LLC
- Roche Holdings
- Salus House
- Sanofi SA
Industry Updates:
- In January 2024, Bimeda, Inc. launched BOVitalize in the U.S. This new oral vitamin and mineral supplement is designed for dairy cows, beef cows, bulls and ruminant calves.
Want to learn more?
In a new offering, Future Market Insights (FMI) offers an unbiased analysis of the global vitamins and minerals market, presenting historical demand data (2019-2023) and forecast statistics from 2024-2034.
The study offers compelling insights into the types and uses of Vitamin C, Vitamin D, Calcium, Iron, Zinc, Magnesium, and more. (Across multiple geographies, we sell a wide range of products, including food and beverages, nutritional supplements, pharmaceuticals and personal care products.
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Key Segments of the Market Report
By type:
Based on type, the industry is segmented into Vitamin C, Vitamin D, Calcium, Iron, Zinc, Magnesium, and Others.
By application:
Common product applications include foods and beverages, nutritional supplements, pharmaceuticals and personal care products.
By region:
The vitamins and minerals market analysis has been carried out across major countries across North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa.
author:
Nandini Roy Choudhury (Food & Beverage Client Partner at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders to explore unseen opportunities and challenges. She puts processes and operating models in place to support business objectives.
She has strong analytical skills and often provides thought leadership.
Nandini has extensive functional expertise in key niche areas such as Food Ingredients, Nutrition & Health Solutions, Animal Nutrition, Marine Nutrients etc. She also has a strong presence in the Pharmaceutical, Biotechnology, Retail and Chemical sectors and advises market participants on developing methodologies and strategies that drive results.
Her primary areas of expertise are corporate growth strategies, sales and marketing effectiveness, post acquisition and merger integration, and cost reduction. Nandini holds an MBA in Finance from MIT Business School and a Bachelor’s in Electrical Engineering from Nagpur University, India.
Nandini is a published author and has been quoted in Beverage Industry, Bloomberg, Wine Industry Advisor and other publications.
Check out FMI’s ongoing related coverage of the food and beverage sector.
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The vegan flavors market is estimated to reach USD 9,021 million in 2023, and is projected to grow at a CAGR of 4.8% from 2023 to 2033.
The vegan butter market size is expected to cross USD 2.87 billion in 2023. The market is projected to register a CAGR of 5% between 2023 and 2033, reaching USD 4,784.7 million by 2033.
The global esterified vitamins market size is expected to reach USD 67.9 billion in 2032, growing steadily at a CAGR of 12.3% from 2022 to 2032.
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About Future Market Insights (FMI)
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