The global vitamins and mineral supplements market is expected to grow from $51.70 billion in 2019 to 61.16 billion in 2020 at a compound annual growth rate (CAGR) of 18.3%. The dietary supplement market, particularly the sale of vitamins and mineral supplements is skyrocketing during the COVID-19 pandemic. Vitamins and mineral supplements are seen as a proportion of control and are used by people to build their immunity to keep themselves healthy. Vitamins and minerals positively affect the health and wellness of the population. The market is then expected to stabilize and reach $74.61 billion in 2023 at a CAGR of 6.85%.
The vitamins and mineral supplements market consists of sales of vitamins and mineral supplements that improve the health and wellness of the population. The sales comprise of revenue generated by the establishments manufacturing vitamins and minerals. Vitamins and mineral supplements are available without a prescription and come in tablets, powders or liquids and provide sufficient vital nutrients and minerals that preserve or boost an individual’s health.
North America was the largest region in the vitamins and minerals supplements market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
The consumer preference moving towards organic supplements is a key trend in the vitamins and mineral supplement market. There was a suggested transition towards vegan & organic food in 2020, and this trend will shortly become a lifestyle for many people as COVID-19 is taking the world by storm. As a lot of people globally believe that the COVID crisis is associated with the consumption of animal meat, people will become more cautious of the food they consume and this can result in a significant rise in the demand for organic and vegan food products. Many small and medium enterprises have started to promote plant-based goods and diets in the product space. The coronavirus pandemic is accelerating the trend for organic food supplements.
The vitamins and mineral supplements market covered in this report is segmented by type into multivitamin; single vitamin; multi mineral; single mineral. It is also segmented by application into energy & weight management; general health; bone & joint health; gastrointestinal health; immunity; cardiac health; diabetes; anti-cancer; others, by distribution channel into pharmacies & drug stores; supermarkets & hypermarkets; online channels, and by end-user into adults; geriatric; pregnant women; children; infants.
The disruptions in supply chains for the production of supplements are a key factor hampering the growth of the vitamins and mineral supplement market. COVID-19 outbreak has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. The entire supply chain from production to international trade has been impacted. The economic crisis due to COVID-19 is also impacting dietary supplements by disrupting distribution networks. The supplements, which are economically important, have a fragile supply chain and failure in any stage of the supply chain from farms to dealers, haulers and distributors to manufacturers-can disrupt the entire chain. International Food Policy Research Institute (IFPRI) has gathered evidence of major disruptions to livestock production in China, and vegetables and fruits in Ethiopia, whereas Indian news reported a full-blown collapse in the production of dairy products, which is especially worrying the countries where milk and milk products remain key sources of primary nutrients for young children. Therefore, disruptions in supply chains for nutrient-rich foods are expected to hinder the growth of the vitamins and mineral supplement market.
In April 2020, American Regent Inc, a US manufacturer of pharmaceuticals for human and veterinary use with manufacturing sites in New York and Ohio, acquired Daiichi Sankyo for an undisclosed amount. This acquisition increases American Regent’s production and provides the opportunity to explore other products to manufacture, allowing the company to continue to find innovative ways of responding to customer needs. Daiichi Sankyo is a pharmaceutical company with its corporate origin in Japan.
The growing use of dietary supplements in the modern lifestyle is a key factor driving the growth of the vitamins and mineral supplement market. Nutrition plays an important role in maintaining immune system balance, and supplementation with the micronutrients such as vitamins C and D, Zinc and omega fatty acids within recommended upper safety limits is a safe, effective and low-cost strategy to help support optimal immune function in patients fighting COVID-19 and other respiratory tract diseases. In the case of COVID-19 patients, a variety of high-protein and fibre foods, including cookies, bread and rolls, have been developed by the Indian Research Institute. For example, to improve children’s immunity, dietary supplement company Avida Health has launched a chocolate ball functional food in Singapore. A nutritional focus on the immune system could help minimize the impact of the current COVID-19 pandemic and other infections. Therefore, the implementation of dietary supplements in the lifestyle is expected to drive the growth of the vitamins and mineral supplement market.
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