Vitamin and Minerals Global Market Report 2023
Major players in the vitamins and minerals supplements market are Salus Haus, Pfizer, Daiichi Sankyo, AMWAY, Eisai, Sanofi, GNC, CSPC Pharmaceutical Group, DSM, Otsuka Holdings Co. Ltd, Puritan’s Pride, Pharmavite, Jamieson, Webber Naturals, Hainan Yangshengtang, Nature’s Bounty, CCMP Capital, Pharmavite, Suntory Holdings Ltd, Glanbia PLC, Glaxosmithkline PLC, Abbott Laboratories, Bayer AG, Puritan’s Pride, General Nutrition CentersInc.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vitamin and Minerals Global Market Report 2023" - https://www.reportlinker.com/p06241815/?utm_source=GNW
, Webber Naturals, CSPC Pharmaceutical Group, and Hainan Yangshengtang.
The global vitamin and minerals market is expected to grow from $20.16 billion in 2021 to $21.37 billion in 2022 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The vitamins and minerals supplements market is expected to reach $24.69 billion in 2026 at a CAGR of 3.7%.
The vitamins and mineral supplements market consists of sales of biotin, iron, glutamine, caffeine, and more.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Vitamins and mineral supplements refer to the micronutrients that the body needs to perform a variety of typical tasks.These micronutrients must, however, be obtained from the food we eat because they are not generated by our bodies.
Organic compounds known as vitamins are often categorised as either fat-soluble or water-soluble.
North America was the largest region in the vitamins and minerals supplements market in 2022.Middle East is expected to be the fargest growing region in the forecast period.
The regions covered in the vitamins and minerals supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vitamins and mineral supplements are multivitamins, single vitamins, multi-mineral, and single minerals.A multivitamin is a dietary supplement that contains all or most of the vitamins that the body does not produce.
The various distribution channel involved is pharmacies and drug stores, supermarkets and hypermarkets, and online channels that are used for energy and weight management, general health, bone, and joint health, gastrointestinal health, immunity, cardiac health, diabetes, anti-cancer, and others.
The growing use of dietary supplements in the modern lifestyle is a key factor driving the growth of the vitamins and mineral supplement market.Nutrition plays an important role in maintaining immune system balance, and supplementation with the micronutrients such as vitamins C and D, Zinc, and omega fatty acids within recommended upper safety limits is a safe, effective and low-cost strategy to help support optimal immune function in patients fighting COVID-19 and other respiratory tract diseases.
In the case of COVID-19 patients, a variety of high-protein and fiber foods, including cookies, bread, and rolls, have been developed by the Indian Research Institute.For example, to improve children’s immunity, dietary supplement company Avida Health has launched a chocolate ball functional food in Singapore.
A nutritional focus on the immune system could help minimize the impact of the current COVID-19 pandemic and other infections. Therefore, the implementation of dietary supplements in the lifestyle is expected to drive the growth of the vitamins and mineral supplement market.
The disruptions in supply chains for the production of supplements are a key factor hampering the growth of the vitamins and mineral supplement market.COVID-19 outbreak has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities.
The entire supply chain from production to international trade has been impacted.The economic crisis due to COVID-19 is also impacting dietary supplements by disrupting distribution networks.
The economically important supplements have a fragile supply chain and failure in any stage of the supply chain from farms to dealers, haulers, and distributors to manufacturers can disrupt the entire chain.International Food Policy Research Institute (IFPRI) has gathered evidence of major disruptions to livestock production in China, and vegetables and fruits in Ethiopia, whereas Indian news reported a full-blown collapse in the production of dairy products, which is especially worrying the countries where milk and milk products remain key sources of primary nutrients for young children.
Therefore, disruptions in supply chains for nutrient-rich foods are expected to hinder the growth of the vitamins and mineral supplement market.
The consumer preference moving toward organic supplements is a key trend in the vitamins and mineral supplement market.There was a suggested transition towards vegan & organic food in 2020, and this trend will shortly become a lifestyle for many people as COVID-19 is taking the world by storm.
As a lot of people globally believe that the COVID crisis is associated with the consumption of animal meat, people will become more cautious of the food they consume and this can result in a significant rise in the demand for organic and vegan food products.Many small and medium enterprises have started to promote plant-based goods and diets in the product space.
The coronavirus pandemic is accelerating the trend for organic food supplements.
In April 2020, American Regent Inc, a US manufacturer of pharmaceuticals for human and veterinary use with manufacturing sites in New York and Ohio, acquired Daiichi Sankyo for an undisclosed amount.This acquisition increases American Regent’s production and provides the opportunity to explore other products to manufacture, allowing the company to continue to find innovative ways of responding to customer needs.
Daiichi Sankyo is a pharmaceutical company with its corporate origin in Japan.
The countries covered in the vitamins and minerals supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The vitamins and mineral supplements market research report are one of a series of new reports that provides vitamins and mineral supplements market statistics, including vitamins and mineral supplements industry global market size, regional shares, competitors with vitamins and mineral supplements market share, detailed vitamins and mineral supplements market segments, market trends and opportunities, and any further data you may need to thrive in the vitamins and mineral supplements industry. This vitamins and mineral supplements market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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