The vitamins market is the most established within the supplements industry yet continues to see substantial growth. As consumer awareness and demand increases, and manufacturers develop innovative new products and delivery methods, it’s a continually evolving segment. So, what’s the state of the market right now and where will the opportunities be in the coming years?
In this article – we’ve collated the latest vitamin industry statistics on market size, growth, consumer insights, and trends into one useful resource.
We’ve spent 15+ years working in the health and wellness industry, from supplement companies to leading fitness brands, so we know the market inside-out. We proactively study the ever-changing landscape, highlight new trends, and analyse the big players. For the last 5 years, we’ve shared this expertise with the wider industry through our articles and Research Reports which are available to purchase.2024 Nutrition Industry Market Report
Vitamins Market Overview
The vitamins market is a substantial and well-established segment within the nutrition industry that looks set to continue growing in the coming years (sources and methodology can be found at the end)…
- The vitamins market is estimated to be worth $55.9bn in 2024.
- The vitamins industry is growing at a rate of 7.3% each year.
- Vitamins are the largest segment within the $178.5bn supplement industry.
- The biggest nutritional supplement manufacturers are BASF, Abbot Laboratories and Koninklijke DSM.
Vitamins Market Growth Areas
The vitamin market is well-established but there remain substantial opportunities as brands target new markets and continue to innovate their product offerings…
- North America has the largest vitamin market share accounting for almost 36% of global revenue.
- The North American market is predicted to grow at a rate of 4.2%, driven by the prevalence of obesity and lifestyle-related diseases which is resulting in consumers opting for supplements.
- The Asia Pacific region is expected to be the fastest growing market at 11.1% per year.
- China, India, and Japan are predicted to be the largest APAC markets due to their population size and high consumption levels.
- Multivitamins are the largest sub-segment accounting for 40%, with vitamins A, B, C, D, E, and K making up the remaining product market.
- Vitamin tablets are the best-selling format generating over $20bn in revenue annually.
- Vitamin gummies are a rapidly growing format at 8.1% per year, faster than tablets, powder, capsules, and softgels.
The minerals market is a smaller and slower growing segment than vitamins, with much of the demand satisfied by multivitamin products.
- The mineral supplements market is worth $16.1bn in 2024.
- The minerals market is growing at 3.3% per year, which is significantly slower than the vitamins market.
- Micronutrient deficiencies are common in North America and Western Europe. For example, in the UK men are deficient in selenium (26%), magnesium (14%), and vitamin A (11%) and women are deficient in iron (25%), selenium (50%), and potassium (24%).
- Consumer demand for mineral supplements is also being driven by an increasing number of people living with conditions such as osteoporosis and anemia.
Vitamin Market Trends
Looking at vitamin and supplement trends can be helpful in identifying opportunities. Whether you’re looking to develop your own nutritional product or thinking about what to stock in your gym, here’s what’s hot in the industry right now…
- Vitamins for plant-based diets – the rapid rise of plant-based diets is driving increased demand for vegan-friendly formulations, along with specific micronutrients associated with dietary deficiencies, such as B12 and omega oils.
- Cosmetic vitamin supplements – beauty supplements that improve skin, hair, and nails are trending among millennials and gen Z.
- Vitamins gummies – are the fastest growing vitamin product and predicted to continue expansion faster than the overall market.
- Probiotic combinations – increasing consumer interest is helping to drive this segment which some companies are combining with vitamins to gain a competitive advantage over single-nutrient products.
- Collagen with vitamins – supplement brands have raced to incorporate collagen into their ranges and combine it with vitamins for additional benefits.
- Liquid encapsulation – is a trend being driven by manufacturers to aid deliverability and effectiveness of their supplements.
- Mental health vitamins – as prioritisation of mental health increases and awareness grows around the impact of nutrition on brain function, vitamins with mental health benefits will be in demand.
You might also like… Top Nutrition & Healthy Diet Trends.
Future Outlook of the Vitamins & Minerals Market
The future of the vitamins and minerals market look bright with 7.3% growth predicted which equates to $4bn annually. Consumer demand for vitamins is likely to increase, driven by growing interest in wellness, prevalence of dietary-related diseases, and aging populations.
North America is anticipated to remain the largest market for vitamins and a solid choice for nutrition brands wanting to roll out new products. Asia Pacific is the fastest growing market offering manufacturers huge potential opportunities as populations increase.
2024 Nutrition & Vitamin Market Report
This is the most comprehensive and up-to-date nutrition industry research report available. Unlike others, you get extended access to the 2024 edition, including any updates that are made as new market data becomes available. Ideal for business planning, the report includes;
- Nutrition industry growth, revenue & future predictions
- Impact of recent global events & estimated recovery timelines
- Growth markets, segments & audiences including Millennials
- Latest industry trends & how to capitalise on them
- Financial information for the largest nutrition manufacturers globally
- Biggest & fastest-growing nutrition brands
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