Huge Growth In Vitamin & Supplement Industry
Vitamin And Supplements Stats For 2021 And 2022
What Do The Numbers Say? Let’s dive in and take a look
The Rise Of The Gummy Vitamin
The youth and millennials prefer gummies due to busier lifestyles, rising disposable incomes, growing awareness of preventive healthcare and maintaining better health.
Other factors driving the demand for gummy vitamins include a rise in vitamin deficiencies as people age, and conversely, undernourishment in poorer developing and underdeveloped countries.
Gummy vitamins are chewable vitamins with taste, flavour, colour, shape, and size similar to gummy candies. However, these gummies get infused with vitamins to offer various health benefits.
Gummies have targeted consumers who are accepting new forms or alternatives other than tablets, capsules, and pills. And last but not least, they are easy to consume, particularly for people who have difficulty swallowing.
The North American region, followed by Europe and Asia Pacific, play a vital role in the gummy vitamins market due to the concentration of several key players operating in those regions.
Gummies are expected to grow in the market at the fastest CAGR of 7% from 2021 to 2028.
High Growth In Market Share Forecast
At 40% of revenue, the multi-vitamin segment dominated the market in 2020. This large share of the market is due to the high demand for a blend of vitamins for the overall improvement of health and wellness. The online sales share of the market is expected to grow by a CAGR of 6.9% from 2021 to 2028.
North America dominated the market, with a revenue share of over 30% in 2020 due to increasing demand.
Just How Big Is The Vitamin And Supplement Market?
The global dietary supplement market is forecast to reach a market value of $185.1 billion in 2025. In 2021, it was estimated to be worth around $137 billion. The market has been growing since 2018 and is expected to continue to grow until 2028.
Among the other noteworthy geographic markets are Japan and Canada, both of which will grow at 4.5% and 7.4% respectively over the 2020-2028 period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR.
China will remain among the fastest-growing in regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $41.4 billion by the year 2028, while Latin America will expand at a 9.5% CAGR through the same analysis period.
Market Growth Helped By Covid
Immunity boosting products have seen a spike as a result of the pandemic. More than 50% of people in the US are taking these products according to the US National Health and Nutrition Examination Survey. This trend is expected to continue as technological advancements and innovation take hold and new research and development take place.
The author of a September 2021 post stated the vitamin and supplement industry has seen huge growth since the COVID-19 pandemic has started. Just as exercising to improve health has caught on, taking vitamins and supplements daily has skyrocketed.
This unprecedented shift towards the use of supplements is due to people seeking protection against the virus. The trend is expected to continue even in a post-Covid world.
Growth In Types Of Supplements
Adults were the biggest spenders on nutritional supplements, accounting for 47.2% of the revenue.
Other immune-boosting supplements such as magnesium, probiotics, omega-3 and zinc accounted for 40% of the dietary supplement market. This category is expected to grow by 8.5% until 2028.
People are also becoming more aware of neurological diseases such as dementia, Parkinson’s disease and Alzheimer’s. In the next six years, sales of brain and mental health supplements will grow by 8.5%.
The COVID-19 pandemic impact has resulted in a 50% increase in internet searches for immune-supporting supplements as consumers are arming themselves with information.
According to a 2017 survey, consumers previously prefered:
Supplement Market By Region
As Europe has a higher per capita disposable income in supplement users, the region is expected to experience a growth rate of 6.8% annually.
The dietary supplement industry rose by 9%, reaching £494 million in value in the UK. 24% of vitamin users have increased their intake since the virus outbreak and 36% of vitamin users take them daily to boost their immunity.