Global Vitamins Market to Reach US$11.3 Billion by 2030

The global market for Vitamins estimated at US$7.5 Billion in the year 2023, is expected to reach US$11.3 Billion by 2030, growing at a CAGR of 6.0% over the analysis period 2023-2030. Vitamin B, one of the segments analyzed in the report, is expected to record a 6.3% CAGR and reach US$4.5 Billion by the end of the analysis period. Growth in the Vitamin E segment is estimated at 5.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.0 Billion While China is Forecast to Grow at 9.3% CAGR

The Vitamins market in the U.S. is estimated at US$2.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.7 Billion by the year 2030 trailing a CAGR of 9.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.9% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.

Global Vitamins Market - Key Trends and Drivers

Vitamins are organic compounds that are essential for normal growth and development in living organisms. Typically, vitamins cannot be synthesized in sufficient quantities by the body and must be obtained from the diet or supplements. There are two types of vitamins: water-soluble, which includes all the B vitamins and vitamin C, and fat-soluble, which includes vitamins A, D, E, and K. These nutrients play critical roles in various bodily functions such as metabolism, immunity, and cell and tissue growth. One of the primary growth drivers for the vitamin market is the increasing global awareness of health and wellness, particularly following the global health crises such as the COVID-19 pandemic. People are more proactive about maintaining their health, boosting their immune systems, and preventing potential illnesses through dietary supplements. This health consciousness is especially prevalent among aging populations who are prone to nutritional deficiencies. The rise in preventive healthcare measures has consequently spurred the demand for dietary supplements, including those containing essential vitamins, across various age groups and demographics.

As consumers seek healthier food options that support their lifestyle and dietary needs, manufacturers are increasingly adding vitamins to everyday food products to enhance their nutritional value. This includes fortifying bread, milk, cereals, and even snacks with essential vitamins that may be lacking in the average consumer`s diet. Fortification not only helps in addressing public health issues like vitamin deficiencies but also caters to the growing demand for functional and enriched foods.

The trend towards personalized nutrition is further reshaping the vitamin supplement industry. Advances in technology and medicine have led to a better understanding of individual nutritional needs based on genetics, age, health status, and lifestyle. This personalized approach has fostered the development of tailored vitamin supplements designed to meet the specific health requirements of an individual. As a result, there is a burgeoning market for customized vitamin blends and subscription-based supplement services, which provide consumers with tailored nutritional solutions, thereby driving further growth in the vitamins market.