The multivitamins market size was USD 46.63 billion in 2021, and is expected to register a revenue CAGR of 6.1% over the forecast period. Rising deficiencies in the intake of essential vitamins and minerals among people is driving the market revenue growth. Globally, a large number of people are facing inadequacies in their daily intake of vital vitamins and minerals. According to the World Health Organization (WHO), more than 2 billion people in the world are estimated to be deficient in key vitamins and minerals, particularly vitamin A, iodine, iron, and zinc. Most of these people are living in low-income countries and are typically deficient in more than one micronutrient. Global market players of multivitamins are expanding market share by meeting demand gap for multivitamins products in low-income countries, which are driving revenue growth of the market.
Vitamin deficiency diseases are largely affecting children. For instance, scurvy (from a lack of vitamin C), beri-beri (vitamin B1), pellagra (vitamin B3), and rickets (vitamin D). These diseases are very common. According to WHO, globally, 45% of child deaths is associated with undernutrition. Multivitamin supplements are becoming mainstream medicine for child nutrition problems. Moreover, major international public health organizations such as The National Institute for Health and Care Excellence (NICE) of the U.K. stated that vitamin D is important for bone and muscle health and helps boost the body’s immune response to respiratory viruses. These factors are creating awareness among consumers and subsequently driving revenue growth of the multivitamins market.
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Multivitamins are growing popularity of fitness, bodybuilding, and specialized nutrition among consumers. A large number of consumer age group between 20 and 40 years is consuming multivitamin supplements for achieving aesthetic goals and enhancing daily performance. Multivitamins are an ideal supplement fighting against COVID-19. This scenario positively affected demand for multivitamin products, which has further accelerated demand for multivitamins.
Driver: Rising geriatric population and consumer awareness in health and immunity development
Older adults are at increased risk for essential vitamins and mineral deficiencies which contribute to age-related immune system decline. Multivitamin supplement types such as capsules and syrup demands are rising with increasing geriatric population. According to WHO, number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million Multivitamins are a mix of nutrients, which include vitamin D, calcium, vitamin E, potassium, vitamin K, folic acid, probiotics, lycopene, and lutein, that help promote ageing in a healthy way for senior citizens. Most of the senior citizens can no longer obtain essential nutrients alone from their diet, therefore a large number of doctors and physicians recommend to intake of multivitamin for geriatric patients. These factors are attributed to revenue growth of the multivitamin market. Moreover, consumers across the globe are showing an increased interest in maintaining healthy lives. Multivitamins contain each nutrient of the Recommended Daily Allowance (RDA), which becomes an ideal medicine for maintaining healthy immune system and meeting nutritional requirements. Such factors are significantly driving revenue growth of the multivitamin market.
Restraint: Risk regarding serious side effects and product recall
Many multivitamin products, which are available in the market, contains minerals such as calcium, iron, magnesium, potassium, and zinc. Intake of minerals can result in major side effects such as muscle weakness, teeth discoloration, increased urination, gastrointestinal bleeding, and uneven heartbeat. These potential side effects could cause reputational damage to the medicine brand as well as companies concerned. Also, there is a potential chance of product recall due to contamination of minerals. Multivitamin manufacturers may have to face product recall procedures if the product is incorrectly packed with multivitamins containing iron. Additionally, many government health services such as the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) are highly regulated and monitor the manufacturing process of multivitamins to achieve national and international quality criteria. These factors are expected to hinder revenue growth of the multivitamins market to some extent.
Based on source, the multivitamins market has been segmented into synthetic vitamins and natural vitamins. The synthetic vitamins segment is accounted for a larger revenue share in 2021. Most of the commercial vitamins, which are available in the market are made from synthetic vitamins. These vitamins are manufactured in a lab setting and are made of fish liver oil, minerals, and other nutrients. Different laboratories may use different techniques to produce synthetic vitamins, as many can be derived from various chemical reactions. Manufacturers often prefer this process due to the cost and scarcity of natural resources. Natural vitamins are made from citrus fruit and green leafy vegetables including oranges grapefruit, strawberries, blueberries, blackberries, broccoli, and brussels sprouts. Many consumer prefers to intake vegan-based ingredients in order to avoid minerals, also doctors and nutritionist recommends natural vitamins and such factors are driving revenue growth of the segment.
Based on form, the multivitamins market has been segmented into capsule, tablet, syrup, powder, and others. The capsule segment accounted for a larger revenue share in 2021. Capsules are an ideal form of multivitamin capsule. Capsules are generally made up of gelatin (hard or soft) and no gelatin shells, which is generally sourced from hydrolysis of collagen such as acid, alkaline, and enzymatic. Capsules are tend to break down more quickly than tablets and it also offers faster relief from symptoms than tablet. As a result, a large number of pharma and life sciences companies adopt capsule form in manufacturing multivitamin capsules. Vitamin tablets usually contain additives that aid in the manufacturing process and magnesium stearate is usually added to vitamin tablets as a lubricant. These additives help the vitamin powder run smoothly through the tablet-making or encapsulating machine. Vitamin tablets are usually cellulose base coated to give tablets a particular color or flavor. Many consumer prefers to take immunity boosters tablets and this continued upward trend in revenue growth of the segment.
Distribution Channel Outlook:
Based on distribution channel, the multivitamins market has been segmented into pharmacy, supermarket, and e-commerce. The pharmacy segment accounted for a larger revenue share in 2021. Pharmacy distribution is a key distribution channel in driving sales of multivitamin supplements. Over-the-counter (OTC) shelf positioning of multivitamins products plays an important role in increased sales of multivitamins. Also, doctors’ and nutritionists’ recommendations and prescriptions are the major factors for driving revenue growth of the segment. A supermarket is a significant retail outlet for consumer distributions of multivitamins supplements. The In-store marketing of consumer-targeted products, such as shelf positioning and retail advertising of multivitamins products, appeals to consumers, and encourages them to purchase the product. The e-commerce segment is emerging as a promising segment, due to increasing usage of health and fitness applications and social media. In-depth description of products such as product-related images and videos, recommended ages and uses, and customer reviews are driving awareness for multivitamins among consumers. As a result, these factors are driving revenue growth of the segment.
North America accounted for a largest revenue share in the multivitamins market in 2021. Increasing consumer awareness to improve health, immunity, and personal preference is driving revenue growth of the multivitamins market in the region. According to the National Institutes of Health (NIH), the U.S., an estimated one-third of all adults in the U.S., and one-quarter of children and adolescents intakes multivitamins (MV) and multivitamins minerals (MVM). Rapid research and development in clinical nutrition and new product innovation in multivitamins are driving revenue growth of the region. Moreover, the vast majority of supplements used in the U.S. are based on personal preference, which is significantly contributing to revenue growth of the market in the region.
Asia Pacific accounted for a steady revenue share in the multivitamins market in 2021. Rising awareness of health and immunity development among young consumers and growing middle-class population are some key factors driving revenue growth in the region. Furthermore, the rising geriatric population is further accelerating revenue growth of the market in the region. According to WHO, the estimated geriatric population in the South-East Asia region will increase to 13.7% and 20.3% by 2030 and 2050, respectively. Vast patient population and steady growth of healthcare services is further contributing to revenue growth of the multivitamins market in the region.
Europe accounted for the moderate revenue share in the multivitamins market in 2021. The development in the region is majorly driven by rise of nutrition and dietetics initiatives among sports clubs and consumer interest in health and immunity building is significantly driving revenue growth of the multivitamins market. Moreover, change in consumer lifestyle, existence of well-established players in the pharmaceutical industry, and an increase in the middle class income are further driving revenue growth of the market in the region.
Competitive landscape of the multivitamins market is moderately fragmented with a few key players operating on global and regional levels. Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Some of the major companies included in the global market report are Pfizer Inc., Bayer AG, Glanbia PLC, GSK plc, Lonza, BASF SE, Royal DSM N.V., NewAge, Inc., AIE Pharmaceuticals, Inc., and Aland (Jiangsu) Nutraceutical Co.
- On 6 May 2021, NewAge, which is a U.S.-based purpose-driven pharmaceutical and healthcare company, launched Nutrifii Kids chewable multivitamin specifically for children. The product is included an all-encompassing daily supplement, meticulously formulated to support the healthy development of children and adolescents. Also, it is offering an array of vitamins, minerals, digestive enzymes, antioxidants, phytonutrients, and super plant extracts, including 18 different fruits and veggies to help children’ bodies stay healthy and strong.
Segments Covered in the report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of market trends in each of sub-segments from 2019 to 2030. For the purpose of this report, Reports and Data has segmented the multivitamins market based on source, form, distribution channel, and region:
Multivitamins Market Report Scope
Segments covered By Source Outlook, Form Outlook, Distribution Channel Outlook, Regional Outlook
By Source Outlook
By Form Outlook
By Distribution Channel Outlook
Middle East & Africa
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