Adult multivitamins accounted for the largest piece of the supplements marketing pie, at about 40 percent of the global vitamin supplements industry. The vitamin sector as a whole generated $47.9B in 2021, and is projected to reach $98.6B by 2031, manifesting a CAGR of 7.6% from 2022 to 2031, according to a report from Allied Market Research.
A rise in healthcare costs, increase in the penetration of the online pharmacies, and surge in consumer awareness and demand drive the growth of the global vitamin supplements market. Furthermore, increase in prevalence of vitamin A deficiency (VAD) in developing and underdeveloped regions supplements the market growth. The usefulness of vitamin supplements in non-nutritional disorders such as hyperlipidaemia and Wernicke–Korsakoff syndrome and surge in health-consciousness among consumers present new opportunities in the coming years.
Based on type,, contributing to nearly two-fifths of the global vitamin supplements market, and is projected to maintain its lead position during the forecast period. This is due to usage by consumers to fulfill daily requirements of the essential vitamins to improve body functioning and enable development. However, the vitamin B segment is projected to manifest the largest CAGR of 9.0% from 2022 to 2031. This is due to an increase in demand for cellular and brain functioning. The report also analyzes the segments including vitamin A, vitamin C, vitamin D, vitamin E, and vitamin K.