Vitamin and Mineral Market In-depth Insights, Revenue Details, Regional Analysis by 2034
The global vitamin
and mineral market is estimated to be valued at USD 24.5 billion. Global
sales of vitamins and minerals are expected to soar at 4.4% CAGR during the assessment period, totaling USD
37.8 billion by 2034.
Sales
remain high for vitamin C, accounting for a value share of 27% in 2023. This
is due to its multiple health benefits and increasing adoption in food and
beverage sector. The target segment is poised to record a CAGR of 4.2% through
2034.
Several
factors are expected to drive growth of the vitamin and mineral market during
the forecast period. These include rising focus on health and wellness, surging
demand for fortified foods, and increasing geriatric population.
Today, more
and more consumers are prioritizing their health as the prevalence of chronic
diseases continues to increase. This is creating immense demand for
supplements, especially vitamins and minerals, and the trend will likely
continue through 2034.
Consumers
are seeking supplements like vitamin D, vitamin C, iron, calcium, and others to
improve their health and reduce the risk of disease development and
acquisition. Thus, high consumption of these supplements is set to drive the
target industry forward.
Several
food and beverage manufacturers are integrating vitamins and minerals in their
products to meet growing consumer demand for fortified food and beverages. This
will likely open new growth windows for companies throughout the forecast
period.
Information Source: https://www.futuremarketinsights.com/reports/vitamin-and-mineral-market
Key
Takeaways from Market Report:
- The global market value is anticipated to total
USD 37.8 billion in 2034.
- Based on type, vitamin C segment is to record
a CAGR of 4.2% through 2034.
- By application, food and beverages segment
dominated the industry with a share of 36% in 2023.
- China is projected to register a CAGR of 5.2%
through 2034.
- Sales in the United States are slated to
total USD 6.8 billion by 2034.
- South Korea will likely exhibit a CAGR of 7%
between 2024 and 2034.
“Growing
popularity of preventive healthcare and rising incidence of deficiency diseases
are expected to create growth opportunities for the vitamin and mineral
industry during the forecast period.” says a lead Future Market Insights (FMI)
analyst.
Who is
Winning?
Many companies are implementing marketing and
branding strategies to stay relevant in the market. Similarly, strategies like partnerships,
collaborations, acquisitions, mergers, and distribution agreements are becoming
popular among players.
Industry Updates:
- In January
2024, Bimeda, Inc. launched BOVitalize in the United States. The new oral
vitamin and mineral supplement is designed for dairy cows, beef, bulls,
and ruminating calves.
Want
More Insights?
Future
Market Insights (FMI), in its new offering, provides an unbiased analysis of
the global vitamin and mineral market presenting historical demand data (2019
to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights based on type (vitamin C, vitamin D, calcium,
iron, zinc, magnesium, and others) and application (food and beverages,
dietary supplements, pharmaceuticals, personal care products, and others)
across several regions.
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