The Multivitamins Market had a valuation of USD 46.63 billion in 2021 and is projected to experience a compound annual growth rate (CAGR) of 6.1% over the forecast period. The increasing prevalence of vitamin and mineral deficiencies among individuals is a major driver of the market's revenue growth. Globally, a significant number of people face inadequacies in their daily intake of essential vitamins and minerals. The World Health Organization (WHO) estimates that over 2 billion people worldwide lack key vitamins and minerals, such as Vitamin A, iodine, iron, and zinc, with a higher concentration in low-income countries. Many global multivitamin market players are expanding their market share by addressing the demand gap for multivitamin products in these low-income countries, contributing to the market's revenue growth.
Vitamin deficiencies primarily affect children, leading to diseases such as scurvy, beri-beri, pellagra, and rickets. These diseases are widespread, and according to the WHO, undernutrition is associated with 45% of child deaths globally.
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The competitive landscape of the multivitamins market is moderately fragmented, with several key players operating globally and regionally. These companies engage in strategic alliances to expand their portfolios and establish a strong presence in the global market. Some major companies in the market include:
· Pfizer Inc.
· Bayer AG
· Glanbia PLC
· GSK plc
· Lonza
· BASF SE
· Royal DSM N.V.
· NewAge, Inc.
· AIE Pharmaceuticals, Inc.
· Aland (Jiangsu) Nutraceutical Co.
As an example, on May 6, 2021, NewAge, a U.S.-based pharmaceutical and healthcare company, launched Nutrifii Kids chewable multivitamin specifically formulated for children. This product offers comprehensive daily supplementation to support healthy development, containing vitamins, minerals, digestive enzymes, antioxidants, phytonutrients, and super plant extracts. The inclusion of various fruits and vegetables aims to help children maintain their health and strength.
Multivitamin supplements are increasingly being used as mainstream medicine to address child nutrition problems. Additionally, major international public health organizations, such as the National Institute for Health and Care Excellence (NICE) in the U.K., emphasize the importance of vitamin D for bone and muscle health, as well as boosting the immune response to respiratory viruses. These factors contribute to consumer awareness and drive the revenue growth of the multivitamins market.
Consumer trends show a growing popularity of multivitamins among individuals interested in fitness, bodybuilding, and specialized nutrition. Many consumers in the 20 to 40-year age group use multivitamin supplements to achieve aesthetic goals and enhance daily performance. Multivitamins have also gained traction as ideal supplements for combating COVID-19, further increasing demand. These factors have positively impacted the demand for multivitamin products and accelerated market growth.
The market dynamics are influenced by several factors. The rising geriatric population and increased consumer awareness of health and immunity development are driving the demand for multivitamin supplements. Older adults are at a higher risk of vitamin and mineral deficiencies, contributing to age-related immune system decline. Multivitamin supplement types such as capsules and syrups are in high demand due to the increasing geriatric population. The number of individuals aged 80 years or older is expected to triple between 2020 and 2050, reaching 426 million, according to the WHO. Multivitamins containing essential nutrients help promote healthy aging for senior citizens who can no longer obtain these nutrients solely from their diets. Consequently, many doctors and physicians recommend multivitamin intake for geriatric patients, contributing to the market's revenue growth. Furthermore, consumers worldwide are increasingly interested in maintaining healthy lives. Multivitamins, which contain each nutrient of the Recommended Daily Allowance (RDA), serve as ideal supplements for maintaining a healthy immune system and meeting nutritional requirements. These factors significantly drive the market's revenue growth.
On the other hand, the market faces restraints, such as the risk of serious side effects and product recalls. Many multivitamin products on the market contain minerals that can lead to major side effects, including muscle weakness, teeth discoloration, increased urination, gastrointestinal bleeding, and irregular heartbeat. These potential side effects can damage the reputation of the brand and the companies involved. There is also a risk of product recalls due to mineral contamination. If multivitamin products are incorrectly packed with iron-containing multivitamins, manufacturers may face product recall procedures. Additionally, government health services, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), highly regulate and monitor the manufacturing process of multivitamins to ensure compliance with national and international quality standards. These factors are expected to somewhat hinder the revenue growth of the multivitamins market.
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In terms of market segmentation, the multivitamins market can be divided based on source, form, distribution channel, and region. Synthetic vitamins and natural vitamins are the two main sources of multivitamins. Synthetic vitamins, manufactured in labs using fish liver oil, minerals, and other nutrients, accounted for a larger revenue share in 2021. Natural vitamins, derived from citrus fruits and green leafy vegetables, are preferred by some consumers to avoid minerals. Doctors and nutritionists also recommend natural vitamins, contributing to the growth of this segment.
Regarding the form of multivitamins, capsules accounted for a larger revenue share in 2021. Capsules, made of gelatin or other materials, offer faster relief and are widely used by pharma and life sciences companies. Tablets, syrups, powders, and other forms are also available, with tablets being preferred by consumers seeking immunity boosters.
In terms of distribution channels, pharmacies accounted for a larger revenue share in 2021. Over-the-counter (OTC) positioning of multivitamin products in pharmacies and recommendations from doctors and nutritionists are key drivers of sales in this segment. Supermarkets also play a significant role in distributing multivitamin supplements, using in-store marketing to attract consumers. The e-commerce segment is emerging as a promising distribution channel due to the increasing usage of health and fitness applications and social media. Detailed product descriptions, images, videos, and customer reviews contribute to consumer awareness and drive sales in this segment.
Regionally, North America accounted for the largest revenue share in 2021, driven by increasing consumer awareness, preference for supplements, and new product innovations. Asia Pacific showed steady growth in the multivitamins market, attributed to rising awareness of health and immunity development, a growing middle-class population, and an increasing geriatric population. Europe exhibited moderate revenue share, driven by nutrition and dietetics initiatives among sports clubs, consumer interest in health and immunity, and a rise in middle-class income.
In summary, the multivitamins market is experiencing steady growth driven by factors such as rising deficiencies in essential vitamins and minerals, increasing consumer awareness, and the popularity of fitness and specialized nutrition. However, potential side effects and product recalls pose challenges to the market. The market is segmented based on source, form, distribution channel, and region, with synthetic vitamins, capsules, pharmacies, and North America holding significant shares.
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