The global vitamins market is expected to reach USD 10.52 billion by 2028, growing at a CAGR of 7.21% from 2021 to 2028. The vitamins market is driven by growing demand for nutritional supplements and growing awareness about the importance of a balanced diet.
Vitamins are essential for the proper functioning of the body and play a major role in growth, development and overall health. The growing popularity of nutritional supplements and fortified food products has led to increased demand for vitamins as consumers seek to include additional vitamins in their diets.
Barriers to the vitamin market
- Low market penetration: Vitamins are still considered a niche market and have yet to penetrate the mainstream market. This limits the growth potential of the vitamins market.
- High Production Cost: The production cost of vitamins is relatively high due to the complex production process required. This leads to higher costs for consumers, which can be a deterrent for some buyers.
- Regulation: The sale and production of vitamins is highly regulated. This means companies must follow strict regulations to sell their products, which can be expensive and time-consuming.
- Lack of awareness: Many consumers are not aware of the benefits of taking vitamins and hence may not be inclined to take them. Accordingly, companies should invest in marketing and advertising campaigns to educate consumers about the importance of taking vitamins.
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The market is segmented on the basis of product type, form, application and region. Based on product type, the market is segmented into vitamin A, vitamin B, vitamin C, vitamin D, vitamin E, and others. By form, the market is segmented into solid, liquid and semi-solid. By application, the market is segmented
The market is segmented by region into North America, Europe, Asia-Pacific, South America, Middle East and Africa. North America is the largest market for vitamins, followed by Europe and Asia-Pacific. This is attributed to strong health awareness and the presence of major players in the region.
Major players in the global multivitamin market include Cargill Inc. BASF SE, DSM, Glanbia plc, Herbalife International Inc. and Koninklijke DSM NV and Nature's Bounty, Inc. and Nutraviris, Now Health Group Inc. and Pfizer Inc. Bionova Life Sciences Pvt. Ltd., among others.
