Increasing consumer spending on dietary supplements, increasing health awareness, and increasing disposable income are driving the global vitamin market. The outbreak of the COVID-19 pandemic has adversely impacted the growth of the global vitamins market. By region, North America accounted for the largest share in 2021, accounting for nearly two-fifths of the global vitamin market.
PORTLAND, OR, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The global vitamins market is valued at $28.8 billion in 2021 and is expected to reach $59 billion by 2031, according to a report released by Allied Market Research. . 2 billion USD, CAGR. 7.5% from 2021 to 2031. The report provides an extensive analysis of the changing market dynamics, key segments, value chains, competitive landscape and regional environment. This study offers valuable guidance for key players, investors, shareholders and start-ups in developing strategies for sustainable growth and competitive advantage in the market.
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Report scope and details:
coverage report | Details |
forecast period | 2022-2031 |
base year | 2021 |
Market size in 2021 | 28.8 billion dollars |
Market size in 2031 | 59.2 billion dollars |
CAGR | 7.5% |
The number of pages in the report | 320 |
includes segments | source, type, application, and region |
drivers | Increase consumer spending on dietary supplements increasing health awareness Increase your disposable income A significant increase in the popularity of online pharmacies |
Opportunity | Increase awareness with ads, social media blogs, YouTube channels and influencers. |
restrictions | Strict rules for the production of vitamins. |
Covid-19 Scenario:
The outbreak of the COVID-19 pandemic negatively impacted the growth of the global vitamins market due to the introduction of global quarantine and led to the temporary closure of vitamin production facilities.
Supply chains have been disrupted due to import and export restrictions. Manufacturers faced shortages of labor and raw materials.
However, the post-pandemic vitamin market has been gaining momentum.
This study provides a detailed segmentation of the global vitamins market based on source, type, application and region. The report discusses the segments and their sub-segments in detail with the help of tables and figures. Market participants and investors can develop strategies according to the fastest growing and most profitable segments mentioned in the report.
In 2021, the herbal segment holds the largest share accounting for nearly two-fifths of the global vitamin market and is expected to maintain its leading status during the forecast period, the sources said. This segment is expected to have the highest CAGR of 7.7% from 2022 to 2031.
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By type, the vitamin C segment accounts for the largest share accounting for nearly one-third of the global vitamins market in 2021 and is expected to maintain revenue leadership over the forecast period. However, the vitamin B segment is expected to witness the highest CAGR of 8.4% between 2022 and 2031.
According to the document, the immune segment holds the largest share accounting for more than one fifth of the global vitamins market in 2021 and is expected to maintain its leadership status throughout the forecast period. However, the menstrual health segment is expected to grow at the highest CAGR of 9.5% during the forecast period.
From a regional perspective, North America holds the largest share accounting for almost two fifths of the global vitamins market in 2021 and is projected to maintain its dominant share in terms of revenue by 2031. Moreover, the Asia-Pacific region is expected to show the largest share. A faster CAGR of 8.1% over the forecast period.
The major players of the global vitamins market analyzed in this study include BROTHER ENTERPRISES HOLDING CO.,LTD, Zagro, Farbest Brands, Adisseo, Vitaend Nederland BV, Vertellus, Glanbia PLC, Zhejiang Garden Bio-chemical High-Tech Co., Ltd., Lonza , Archer Daniels Midland Company, BASF SE, Stern Wywiol Gruppe, Wright Enrichment Inc, Koninklijke DSM NV, Jubilant Bhartia Group.
This report is available at: https://bit.ly/3I3xngo.
The report provides a detailed analysis of these key players in the global vitamins market. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements etc. to increase their market share and maintain a dominant stake in various regions. The report highlights business performance, operational segments, product portfolio, and market players' strategic steps to present a competitive scenario.
About Us
Allied Market Research (AMR) is the full-service market research and business consulting division of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides unrivaled quality market research reports and business intelligence solutions for global enterprises and SMEs. AMR is focused on providing business intelligence and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas.
We have professional corporate relationships with a number of companies, which help us find market data which helps us to create accurate research data tables and ensures the highest accuracy of our market forecasts. Pawan Kumar, CEO, Allied Market Research, inspires and motivates everyone associated with the company to maintain high quality data and help clients succeed in every way possible. All of the information presented in our published reports was obtained as a result of initial interviews with leaders of leading companies in the relevant fields. Our secondary data collection methodology includes in-depth online and offline research and discussions with experienced industry experts and analysts.
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