According to the report published by Allied Market Research, the global vitamins market garnered $28.8 billion in 2021, and is estimated to generate $59.2 billion by 2031, manifesting a CAGR of 7.5% from 2021 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
|Market Size in 2021||$28.8 billion|
|Market Size in 2031||$59.2 billion|
|No. of Pages in Report||320|
|Segments covered||source, type, application, and region|
|Drivers||The increase in spending on health supplements by consumers
Growing health consciousness
An increase in disposable income
A significant rise in the penetration of online pharmacies
|Opportunities||An increase in awareness through advertisements, social media blogs, YouTube channels, and influencers|
|Restraints||Stringent regulations on the production of vitamins|
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global vitamins market, owing to implementation of global lockdown which resulted to temporary closure of vitamin production facilities.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
- However, the vitamins market has already recovered in the post-pandemic.
The research provides detailed segmentation of the global vitamins market based on source, type, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on source, the plants segment held the highest share in 2021, accounting for nearly two-fifths of the global vitamins market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 7.7% from 2022 to 2031.
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Based on type, the vitamin C segment accounted for the highest share in 2021, contributing to nearly one-thirds of the global vitamins market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the vitamin B segment is expected to manifest the highest CAGR of 8.4% from 2022 to 2031.
Based on applications, the immunity segment accounted for the highest share in 2021, holding more than one-fifths of the global vitamins market, and is expected to continue its leadership status during the forecast period. However, the menstrual health segment is estimated to grow at the highest CAGR of 9.5% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global vitamins market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 8.1% during the forecast period.
Leading market players of the global vitamins market analyzed in the research include BROTHER ENTERPRISES HOLDING CO.,LTD, Zagro, Farbest Brands, Adisseo, Vitablend Nederland B.V., 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 N.V., Jubilant Bhartia Group.
The report provides a detailed analysis of these key players of the global vitamins market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Source From:- https://www.globenewswire.com/en/news-release/2023/02/16/2609896/0/en/Global-Vitamins-Market-Is-Expected-to-Generate-59-2-Billion-by-2031-Allied-Market-Research.html
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