Home Food & Beverages Vitamins Market Size, Comprehensive Overview, Growth, & Share 2031

Vitamins Market

Vitamins Market Size, Share & Trends Analysis Report By Type (Vitamin B, Vitamin C, Vitamin E, Others), By Source (Natural, Synthetic), By Application (Food and Beverages, Pharmaceuticals and Nutraceuticals, Animal Feed, Personal Care) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRFB512DR
Study Period 2019-2031 CAGR 7%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD XX Billion
Forecast Year 2031 Forecast Year Market Size USD 12.24 Billion
Largest Market Asia Pacific Fastest Growing Market Europe
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Market Overview

The vitamins market size was valued at USD 6.66 billion in 2022. It is estimated to reach USD 12.24 billion by 2031, growing at a CAGR of 7% during the forecast period (2023–2031). According to the National Health Expenditure Account (NHEA), US healthcare spending grew by 4.6% from 2017 to reach USD 3.6 trillion in 2018, and healthcare spending accounted for 17.7% of the country’s GDP in 2018. The total number of memberships at fitness centers or health clubs in the US increased from 54.1 million in 2014 to 60.87 million in 2017 and over 71.5 million in 2018.

 Vitamins are essential nutrients required to develop and function normally in the body. They are also essential for a healthy metabolism. The deficiency of vitamins can cause disorders, whereas the resupply of these nutrients can alleviate deficiency symptoms. The known vitamins include A, B, C, D, E, and K. Some well-known vitamin B subgroups include Thiamin (B1), riboflavin (B2), niacin (B3), pantothenic acid (B5), pyridoxal (B6), cobalamin (B12), biotin, and folate/folic acid.

The global vitamin market is growing because people are becoming more interested in and concerned about their health and well-being. They are more likely to take vitamins and supplements regularly because they are more concerned about their health. Over 60% of people worldwide take vitamins (functional foods) daily, and about 55% are persuaded to take supplements to keep work and life balanced.

Market Dynamics

Global Vitamins Market Drivers

Wide Range of End-User Applications

Vitamins find application in various industries, including food and beverages, animal feed, personal care, and pharmaceuticals and nutraceuticals. There are 13 types of vitamins that have different bodily functions and are applicable in the end-user industries as per their attributes. For example, B vitamins are being used in more ways in food and drinks, which helps prevent disease, improve performance, and improve overall health. Unlike fat-soluble minerals and vitamins, the body does not store B vitamins. This makes the daily consumption of foods with B vitamins essential. As the demand for fortified food & beverages increases with the rising health-conscious population, the demand for vitamins is experiencing a surge in recent times.

Vitamins are used in the pharmaceutical and nutraceutical industries to make supplements that protect the body from diseases. The demand for multivitamin supplements is high among the population due to the benefit of multiple functions from a single supplement. Also, it has applications in the personal care industry, wherein vitamins are applied to the skin to protect against sunburn, reduce wrinkles, and provide other cosmetic benefits. Thus, a wide range of end-user applications of the product is mainly driving the market.

Consumer Inclination towards Fitness Activities

Health clubs and other workout facilities have gradually increased in number in recent years. The number of these clubs has grown as people have become more aware of their health and young people have grown. according to the International Health, Racquet & Sports Club Association (IHRSA).

The pharmaceutical and nutraceutical industries have taken advantage of this trend by rethinking the sports nutrition product category and focusing more on health, wellness, and fitness. Rising health consciousness has led consumers to exercise and adopt active lifestyles with increased participation in trekking, mountaineering, and rock climbing activities. The demand for vitamin supplements has increased as a result. So, the growth of fitness and health clubs will likely make more people want vitamins in the coming years, which will help the market grow.

Global Vitamins Market Restraint

Side Effects associated with Overconsumption of Vitamins

Vitamin consumption is rising across age groups, but taking too many can have disastrous effects. Specific fat-soluble vitamins, such as vitamins A, E, D, and K, can quickly build up to toxic levels in the body, leading to a medical condition known as hypervitaminosis. For instance, consuming too much vitamin A can cause headaches, nausea, irritated skin, and joint pain. In contrast, vitamin D toxicity causes calcium buildup, or hypercalcemia, which leads to nausea, vomiting, weakness, and frequent urination. These symptoms could lead to bone pain and kidney problems, such as calcium stones.

Similarly, very high doses of water-soluble vitamins can also become toxic. They cause nausea, diarrhea, and stomach cramps. Similarly, high doses of vitamin B6 can lead to irreversible nerve damage, while high doses of niacin (B3) can cause liver damage. Market expansion is expected to decelerate during the forecast period as greater public awareness of these risks dampens demand.

Global Vitamins Market Opportunities

Rising Demand for Naturally Sourced Vitamins in End -User Industries

People have been paying more attention to their health and wellness because lifestyle diseases like heart disease, obesity, osteoporosis, and diabetes are becoming more common. This lifestyle disease has changed consumer food choices and perceptions of natural ingredients. As a result, the demand for vitamins derived from natural sources is driven by the rising popularity of natural and clean-label products. This demand is exceptionally high in North America and Europe due to the high demand for healthy, natural, and organic products.

According to a 2018 US survey by the International Food Information Council Foundation, about 70% of consumers are willing to change their product preferences to steer clear of artificial ingredients. These consumers are also willing to pay more for products that do not contain artificial ingredients. This trend has caused many producers, primarily of foods and beverages, to switch to all-natural ingredients that are rich in nutrients and have numerous positive health effects. Due to this, the demand for natural food ingredients and vitamins is rising globally. Also, manufacturers in the personal care industry highly emphasize the adoption of natural vitamins due to consumers' concerns about using artificial/synthetic ingredients on their skin. Thus, the rising adoption of natural vitamins in the personal care industry would boost the overall vitamins market's growth during the forecast period.

Regional Analysis

By region, the global vitamins market is divided into North America, Europe, Asia-Pacific, and Rest of the world.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global vitamins market shareholder and is anticipated to grow at a CAGR of 6.40% during the forecast period. The emphasis on preventive healthcare over curative treatments is responsible for the growth of the vitamin market in the Asia-Pacific region. The market is also expected to grow in the region because people are becoming more interested in healthy lives. Rapid urbanization in Asia-Pacific emerging economies and rising per capita disposable incomes are essential drivers of the vitamin market. Furthermore, vitamins are used as an ingredient in several functional foods. Functional foods are becoming more popular in the emerging economies of Asia-Pacific because people have more money to spend, are moving to cities, and are worried about not getting enough nutrition. Moreover, many functional food manufacturers have started increasing their production, which is expected to aid in the growth of the vitamin market in Asia-Pacific region.

Europe is expected to grow at a CAGR of 5.28% over the forecast period. Several factors drive the demand for vitamins in Europe. One of the significant factors is the increasing consumption of functional beverages or nutraceuticals, which is exceptionally high in European countries. Consumers prefer healthy and nutritious alternatives over calorie-heavy soft drinks with little or no functional benefits. The emphasis on preventive healthcare and people's increasing awareness of health and wellness is to blame for this shift in preference. Product development and technological upgrades are expected to drive the growth of the functional beverages market in European countries during the forecast period. The increasing prevalence of vitamin deficiencies in Europe has also accelerated the demand for vitamin supplements, increasing the demand for vitamins. According to the WHO, approximately 70% of European consumers suffer from vitamin D deficiency. Moreover, the rising geriatric population in Europe, especially in the UK, Germany, and France, is anticipated to propel the market's growth.

North America is expected to grow significantly over the forecast period. The increasing geriatric population drives the growth of the vitamin supplement market in the region. By 2050, the percentage of adults 60 and older in the population would nearly triple, rising from 6.3% to 23%, according to the US Central Intelligence Agency. The senior population is a large consumer group for vitamin supplements. The consumption of vitamin supplements can also be attributed to increasing medical expenditures across the region. The expansion of fitness centers and health clubs is also driving the vitamin supplement market in North America.

The Rest of the World covers South America and the Middle East and Africa. The demand for vitamin supplements is exceptionally high in South America, and the increasing consumer awareness of the health benefits is driving the growth of the vitamin supplement market. Brazil and Argentina are the two largest country-level markets in South America. Also, the production of animal feed with added vitamins has been going up in South America's emerging economies, which is expected to be a significant factor in the rising growth of the vitamin market over the next few years. Moreover, the expansion of various application industries in the Middle East and Africa is expected to contribute to the market's growth in the region.

Report Scope

Report Metric Details
Segmentations
By Type
  1. Vitamin B
  2. Vitamin C
  3. Vitamin E
  4. Others
By Source
  1. Natural
  2. Synthetic
By Application
  1. Food and Beverages
  2. Pharmaceuticals and Nutraceuticals
  3. Animal Feed
  4. Personal Care
Company Profiles DSM Glanbia Plc ADM BASF SE Lonza Group Sternvitamin GmbH & Co. KG Farbest Brands Adisseo Rabar Pty Ltd BTSA Biotecnologías Aplicadas S.L
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global vitamins market is segmented by type, source, and application.

By type, the global market is divided into vitamin B, vitamin C, vitamin E, and others.

The vitamin B segment is expected to grow at a CAGR of 5.40% over the forecast period. Vitamin B is a water-soluble vitamin that plays a pivotal role in cell metabolism. Several sources of Vitamin B include yeast, seed germs, eggs, liver, flesh, and vegetables. Vitamin B also has a number of health benefits, such as lowering the chance of getting anxious or depressed, stopping infections, and making the body make more red blood cells. The demand for vitamin B supplements is high among pregnant women. Vitamin B-12 deficiency can lead to early pregnancy loss, low birth weight, high blood pressure in the woman, and fetal abnormalities.

Vitamin C, commonly known as L-ascorbic acid, is naturally present in some foods, especially fruits and vegetables. The demand for vitamin C is growing as a supplement. Vitamin C consists of antioxidants that boost the immune system. Moreover, it helps reduce the risk of cardiovascular disease and maintain blood pressure. According to the CDC, approximately 75 million American adults (32%) have high blood pressure. Thus, the consumption of vitamin C supplements is increasing in the US. Vitamin C also aids in maintaining healthy skin, blood vessels, bones, and cartilage.

By source, the global market is divided into natural and synthetic.

The synthetic sources segment owns the highest market share and is anticipated to grow at a CAGR of 5.77% over the forecast period. Synthetic vitamins include substances that are produced chemically. Most of the time, these vitamins are made by fractional distillation and further chemical manipulation of chemicals that come from nature. Synthetic vitamins have gained acceptance among end users owing to their economical pricing. Synthetically obtained vitamins are particularly prevalent in developing and underdeveloped economies. On the other hand, the demand for synthetically derived vitamins is decreasing in the developed nations of North America and Europe. Also, getting synthetic vitamins is not challenging, which speeds up the production of vitamins made in a lab.

Natural vitamins are made up of substances from plants or animals through physical, microbial, or enzymatic processes. Clean-label products are becoming more popular, which has made people want natural vitamins even more. Foods prepared with natural food additives are now included in the clean-label trend, which has expanded beyond ingredients. This segment is growing because people care more about their health and wellness and want natural vitamins than synthetic ones. On the other hand, the demand for natural nutraceutical products is increasing among consumers in North America and Europe, accelerating the demand for the natural vitamin market.

By application, the global market is divided into food and beverages, pharmaceuticals and nutraceuticals, animal feed, and personal care.

The pharmaceuticals and nutraceuticals segment is the highest contributor to the market and is anticipated to grow at a over the forecast period. The growth of the pharmaceuticals and nutraceuticals segment is anticipated to be driven by several factors. Adopting new technologies and treatments, excessive use of procedures and tests, and a lack of transparency and information regarding the costs and quality of medical services have contributed to a significant rise in healthcare costs in recent years. Nutraceuticals provide essential nutrients to the body and help enhance metabolism. Consumers are also adopting supplements to improve their digestive and gut health.

Vitamins have massive applications in the food and beverage industry. They are widely used in the production process of several processed functional foods and beverages. Functional foods and beverages are advertised with extra ingredients to offer various health benefits. These foods and beverages benefit the body by containing minerals, vitamins, herbs, amino acids, antioxidants, and bacteria. As a result, these products have improved heart rate, digestive health, electrolyte replenishment after exercise, intestinal flora, and gut function. Vitamins are also used in the production of sports beverages. One of the primary uses of sports drinks is to replace water (rehydrate), electrolytes that balance body fluids lost through sweating due to maintaining body temperature after various activities.

Market Size By Type

Recent Developments

  • November 2022- Lonza Group launched an innovative new capsule technology for intestinal (enteric) drug delivery. The Capsugel® EnprotectTM capsule does not break up in the stomach. Instead, its contents are released in the intestine. The manufacturing of drug products is significantly streamlined by Capsugel® EnprotectTM capsules, which eliminate the need for additional coating or sealing of the capsules.
  • September 2022- Lonza Group announced that they would be working with Touchlight, a biotechnology company at the forefront of enzymatic DNA production, to make the genetic medicine revolution possible. Through this partnership, Lonza can offer customers making messenger RNA (mRNA) therapeutics and vaccines a unique source of DNA.

Top Key Players

DSM Glanbia Plc ADM BASF SE Lonza Group Sternvitamin GmbH & Co. KG Farbest Brands Adisseo Rabar Pty Ltd BTSA Biotecnologías Aplicadas S.L Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Vitamins Market?
The market size will grow at approx CAGR of 7% during the forecast period.
Some of the top industry players in this market are, DSM, Glanbia Plc, ADM, BASF SE, Lonza Group, Sternvitamin GmbH & Co. KG, Farbest Brands, Adisseo, Rabar Pty Ltd, BTSA Biotecnologías Aplicadas S.L, etc.
In this Market, Asia Pacific has established itself as the market leader with a significant market share.
The Europe region has experienced the highest growth rate in the Vitamins Market.
The global Vitamins Market report is segmented as follows: By Type, By Source, By Application


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