The Multivitamin And Mineral Supplements Market is being driven by Increasing adoption of multivitamin and mineral supplements by growing aging population
The Multivitamin And Mineral Supplements Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2978.8 million. The global multivitamin and mineral supplements market is anticipated to experience significant growth during the forecast period, driven in part by the increasing number of new product launches. Successful introductions of innovative formulations, such as Amway's October 2023 launch of Nutrilite Daily Plus for PlusLife, which contains 24 essential vitamins and minerals and double the quantity of plant concentrates, will not only cater to consumer demand but also enable market players to expand their market shares and boost revenues. These strategic new product launches will contribute to the growth of the multivitamin and mineral supplements market.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 2978.8 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
4.23 |
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Key countries |
US, UK, Germany, China, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Multivitamin and Mineral Supplements Market encompasses products containing active ingredients, which are essential nutrients, and inactive ingredients that aid in their delivery. Supplement standards prioritize quality assurance, addressing nutrient deficiencies, and enhancing immune function, bone health, energy metabolism, cognitive function, and antioxidant properties. Absorption enhancement, controlled release, enteric coating, and delayed release technologies ensure optimal ingredient utilization. Product labeling, GMP compliance, and regulatory approval ensure consumer safety and batch consistency. Niche supplements offer ingredient combinations and product differentiation, catering to specific target audiences based on health claims and clinical evidence. Product formulation and ingredient standardization are crucial for maintaining ingredient consistency and efficacy.
The multivitamin and mineral supplements market is a significant segment within the larger pharmaceuticals industry. Factors driving market growth include increasing life expectancy and the resulting rise in the elderly population, with predictions that by 2050, nearly one-quarter of the US population will be over 60 years old, and Europe reaching a similar demographic shift by 2030. To cater to this growing market, companies focus on enhancing vitamin absorption rates and mineral bioavailability through advanced supplement formulation, tablet compression techniques, and coating technologies. Technavio, a leading market research firm, calculates the global pharmaceuticals market size based on the combined revenue generated by manufacturers and providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. The market's growth is further fueled by advancements in nutrient content and delivery systems, ensuring optimal health benefits for consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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