Multivitamins Supplements Market Size, Share, Analysis 2031

Report Description

Multivitamins Supplements Market Outlook

The Global Multivitamins Supplements Market was estimated at USD 1,533.9 million in 2021 and is anticipated to reach USD 2,554.3 million by 2030, expanding at a CAGR of 5.9% during the forecast period. Multivitamins are consumable dietary supplements containing a combination of vitamins, minerals, and other valuable ingredients. These supplements are packed under one capsule to bring about health needs satisfaction.

Vitamins are a group of complex organic compounds required in small quantities by the body to maintain good health. 13 vitamins and 16 minerals are important to human nutrition, and each of these serves multiple functions in the body. Vitamins are not normally synthesized in the body and thus are supplied through the diet. The addition of vitamin supplements to a routine gives the body an extra boost and increases human health.

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Multivitamins provide stable health in an easy way. The need to lead healthy lives among people has given rise to the development of multivitamin supplements. Multivitamins are available in forms such as tablets, capsules, powders, liquids, and injectables. The consumption of multivitamin supplements has increased substantially in the past few decades. On average, 20% to 30% of people in developed and developing countries consume multivitamins.

Macro-economic Factors

Healthcare Spending

Governments across the globe are investing in the healthcare industry to increase real per capita healthcare spending. Healthcare expenditure plays an important role in providing opportunities for maintaining health. It strengthens human capital and improves productivity, thereby contributing to economic performance.

According to National Health Expenditure (NHE), in the US, hospital expenditure increased up to USD 1,270.1 Billion in 2020, which is faster than the 6.3% growth in 2019. Physician and clinical services expenditure increased up to USD 809.5 billion in 2020, faster than the 4.2% growth in 2019. Healthcare systems are organized and financed in different ways across the EU member states.

In 2021, healthcare expenditure in Germany and France was equivalent to 12.8% and 12.2%, respectively, of gross domestic product (GDP), more than any other EU member state. Continuous R&D activities, investments, and spending for innovations in multivitamin supplements propel the global market.

GDP

Gross domestic product (GDP) is the standard measure of the value added through the production of goods and services in a country during a certain period. Improvements in the healthcare industry lead to an increase in GDP and the other way around. Healthcare holds a significant place in the quality of human capital. Increasing expenditure on healthcare surges the productivity of human capital; thus, making a positive contribution to economic growth.

Investments in various healthcare aspects are boosting income, GDP, and productivity across the globe. High-income countries spend on healthcare around USD 3,000 for each citizen, while low-income countries only spend up to USD 30 per capita. While some countries spend higher than 12% of their GDP on healthcare, others spend as little as ~3%. Thus, an increase in the spending on healthcare is boosting GDP.

Multivitamins Supplements Market Dynamics

Market Driver

• Rising Number of Health-conscious Consumers

Health-conscious consumers (HCCs) are individuals who are concerned about nutrition, fitness, stress, and their environment. According to the International Food Information Council, the age group between 25 and 34 is the most health-conscious people. High emphasis on immunity and nutrition is indicative of a consumer shift toward holistic health.

Consumer prioritization of overall health and wellness has propelled the demand for multivitamins supplements. Consumer awareness about the importance of well-being and prevention is growing, due to consulting online medicine portals and websites in the health sector.

In general, consumers are increasing their focus on health, with a proactive approach to the treatment and prevention of potential diseases. High global health consciousness is correlated to the investment in multivitamins supplements. Thus, high consumer health consciousness is expected to fuel the market during the forecast period.

• Increasing Demand for Multivitamins Supplements

Multivitamins are the most commonly used supplements in the world. Their popularity has increased rapidly in the past few decades. In a modern scenario, with the rising awareness toward enhancing the nutrition profiles of consumers, multivitamins have become instantly popular. These products are vital for good health and daily bodily functions.

The demand for multivitamins is increasing continuously as they improve health, compensate for poor eating habits, and reduce the risk of developing chronic diseases. Across the globe, the demand for multivitamins in female populations is projected to rise by ~30%. They are crucial for female health, mainly in areas of menstruation, ovulation, oocyte quality, and maturation.

The demand for vitamin supplements grew effectively during the coronavirus pandemic and is expected to increase further. Changing food habits and the large presence of the Men & Women group population in developing countries are projected to increase the demand for these supplements in the coming years.

Market Restraint

Presence of Counterfeit Dietary Supplements

Counterfeit dietary supplements are finished products that look identical to the original supplement and are harmful to the body. Counterfeiting is the branding and sale of unauthorized products. They usually contain substances such as harmful chemicals, and poor quality or fake ingredients, and they look similar to the authentic ones in color, size, and texture. Counterfeit, poor quality, or adulterated dietary supplements are unsafe for consumption.

The increase in the consumption of dietary supplements has led to an increase in counterfeit supplements in the market. Counterfeit dietary supplements are manufactured using low-cost non-standard materials and are not tested or approved by regulatory authorities; therefore, they are unfit for human consumption. The number of counterfeit supplements consumed increased during the pandemic. Thus, counterfeiting of dietary supplements is expected to restrain the market during the forecast period.

Market Opportunity

Increasing Nutrition Needs in Sports Activities

The growing popularity of fitness, bodybuilding, and specialized sports between the age group of 20 years and 40 years is increasing the demand for multivitamin supplements. Nutrition and vitamins play an important part in the growth and development of young athletes. The benefits of multivitamins in sports activities are:

Boosting metabolic rate: The addition of multivitamins into the diet or post-workout boosts the metabolic rate, as multivitamins have a high thermic effect on food (TEF). Promoting muscle strength and growth: multivitamins akin to creatine, calcium, and vitamin D help build and strengthen muscles.

Accelerating healing: multivitamins help build strong muscles and promote recovery. Thus, the increasing need for nutritional supplements is expected to create opportunities in the market, as it is useful for increasing performance.

Scope of Multivitamins Supplements Market Report          

The report on the global Multivitamins Supplements market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Multivitamins Supplements Market Segmental Outlook

On the basis of type, the global multivitamins supplements market is bifurcated into premium multivitamins and mass multivitamins. The premium multivitamins segment is expected to expand at a CAGR of 6.8% from 2022 to 2030, due to its anti-inflammatory and antioxidant properties boosting the metabolism.

The segment is expanding, particularly in developing and developed regions such as Asia Pacific and North America. Premium multivitamins are generally recommended by nutritionists, as they are used to support general health and wellness.

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Based on form, global multivitamin supplements are segmented into capsules, tablets, gummies, powders, and liquids. The tablet segment is expected to expand at a CAGR of 6.1% from 2022 to 2030. The growing adoption of multivitamin supplement capsules to support the immune system and energy level is driving the segment.

Based on target gender & age group, the global multivitamin supplements market is segmented into labeled men and labeled women, which are further divided into 18-35, 36-50, and >50.

The labeled women segment held 57.8% share of the market in 2021 and is anticipated to expand at a 6.0% CAGR during the forecast period, as large dietary supplement manufacturers and distributors are investing heavily in multivitamins for women and promoting multivitamins that have a high nutrient content, such as vitamins B6, B12, and folic acid.

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Based on distribution channels, the global multivitamin supplements market is segmented into online and offline. The online segment is expected to hold a 63.4% share of the market and is anticipated to expand at a 6.0% CAGR during the forecast period, as online stores provide more benefits to consumers than traditional retail stores, including offers, discounts, convenience, reduced product cost, and anonymity for consumers. Increasing high-speed internet penetration and growing smartphone users are expected to fuel the online segment over the forecast period.

Regional Outlook

On the basis of region, the global multivitamins supplements market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America accounted for 29.7% share of the market in 2021, due to the growing geriatric population and rising prevalence of heart & cancer diseases that increase the prescription rate of multivitamin supplements. Additionally, increasing investment in the manufacturing of multivitamin supplements and drugs for efficient treatment and promoting healthy aging is driving the market in North America.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Multivitamins Supplements Market
• Historical, Current, and Projected Market Size in terms of Value
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Multivitamins Supplements Market Performance