Global Vitamins Market Overview
The vitamins industry is part of the nutritional supplements industry, with the global market valued at $140 billion in 2020. Key players in this industry include Bayer, Pfizer, Amway, and Herbalife. Growth is being fueled by rising demand in developing countries and the trend towards preventative health and wellness.
Vitamin Industry Stats
The global vitamin market size was valued at $14.27 billion in 2022, with a predicted CAGR of 7.3% from 2023 to 2030. The market includes a variety of products such as single-vitamin supplements, multivitamins, herbal supplements, and specialty supplements.
Digitalization Impact on Vitamins Industry
Digitalization has influenced the vitamin industry in consumer information accessibility and personalization efforts. This trend has been accelerated by the pandemic, emphasizing the need for reliable online health information and personalized health plans.
Market Expansion and Consumer Trends
The United States and China are significant players in the global market. The U.S. market is projected to surpass $40 billion by 2022, driven by health-conscious populations and preventive healthcare trends. China’s market growth is supported by its large population density and improving living standards.
Pharmaceutical Grade Vitamins
Pharmaceutical grade vitamins offer the highest purity and absorption rates, exceeding 99%. However, the costs are higher due to stringent production and testing requirements. Additional vitamins are recommended only when dietary needs are not met, with no evidence supporting megadoses for healthy individuals.