Multivitamin and Mineral Supplements Market Size (2024-2028)

The global multivitamin and mineral supplements market is forecasted to experience significant growth, with an expected increase of USD 2.98 billion at a CAGR of 4.5% from 2023 to 2028. This growth is driven by the aging population, rising consumer health consciousness, and ongoing innovations in supplement formulations.

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Market Segmentation

By Application

• Eye Health Supplements
• Bone and Joint Supplements
• Heart Health Supplements
• Other Supplements

By Geography

• North America
  • US
• Europe
  • Germany
  • UK
• Asia
  • China
  • Japan
• Rest of World (ROW)

Market Dynamics: Drivers, Trends, and Challenges

Drivers: 

The aging population worldwide is increasingly adopting multivitamins and mineral supplements to maintain optimal health, prevent degenerative conditions, and address micronutrient deficiencies. In 2020, over 1 billion people were aged 60 and above, a number projected to reach 1.4 billion by 2030. This demographic, along with health-conscious consumers of all ages, is turning to multivitamins to support immunity, bone health, and overall well-being.

Trends: 

There is a growing number of product launches in the market, with companies introducing innovative formulations to cater to specific consumer needs. Products incorporating natural ingredients, such as herbs, botanicals, and proteins, are gaining popularity. The demand for immunity boosters, sports nutrition, and pediatric nutrition is also on the rise.

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Challenges: 

The market faces challenges such as misleading advertisements and promotions, which could erode consumer trust. Regulatory complexities and the proliferation of counterfeit products pose additional obstacles to growth.

Key Players in the Multivitamin and Mineral Supplements Market

• Abbott Laboratories
• Amway Corp.
• Archer Daniels Midland Co.
• BASF SE
• Bausch Health Companies Inc.
• Bayer AG
• Cargill Inc.
• Glanbia plc
• Innophos Holdings Inc.
• International Flavors and Fragrances Inc.
• Kappa Ingredients GmbH
• Natures Bounty
• New Chapter Inc.
• Otsuka Pharmaceutical Co. Ltd.
• Pfizer Inc.
• Pharmavite LLC
• Pinnacle Health Nutrition Ltd.
• Reckitt Benckiser Group Plc
• Swisse Wellness Pty Ltd.
• ZeaVision LLC

Future Market Insights 

The multivitamin and mineral supplements market is poised for continued growth, driven by demographic shifts, increasing health awareness, and continuous innovation in supplement formulations. As more consumers seek preventative health solutions, the demand for diverse and effective multivitamin products is expected to surge across different regions and consumer segments.