The global multivitamin and mineral supplements market size is expected to spike because of the rising consumer demand for micronutrients, says Fortune Business Insights.
The report titled ‘Multivitamin and Mineral Supplements Market, 2021-2028’ says that the lack of vitamins in the diet of many people leads to health conditions related to vitamin deficiency, such as scurvy, rickets, and anemia.
Vegans, people suffering from loss of appetite, and people consuming low-fat foods fulfill their vitamin requirements by consuming multivitamin and mineral supplements.
In addition, patients suffering from health conditions such as osteoporosis and amnesia consume these supplements to improve their recovery rate.
As per the World Health Organization (WHO), over 2 billion people globally suffer from deficiency-related diseases because of the lack of vitamins in their diet.
Thus, with the increasing focus on health and nutrition, especially in developing and underdeveloped nations, the consumption of micronutrients such as minerals and vitamins and their supplements is likely to expand in the forthcoming years.
Impact of COVID-19:
After the easing of lockdown restrictions in a few major economies, several industries have begun their activities at a rapid pace, even as the COVID-19 pandemic continues to ravage large numbers of people.
The demand for healthy products and food supplements has surged, attributable to the improving health consciousness among consumers. Hence, despite the COVID-19 pandemic, the production and manufacturing activities of health supplements are soaring and driving the multivitamin and mineral supplements market growth.
Based on type, this market is segmented into multivitamin supplements and mineral supplements. On the basis of form, the market is divided into tablets, capsules & soft gels, powders, liquid, gummies, and others. It is geographically segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Rising Health Concerns among Consumers to Boost the Demand for Vitamin Supplements
Several factors such as vitamin deficiency, poor immune system, and other health concerns are responsible for attracting consumer attention towards food supplements infused with multiple vitamins and minerals. Because of the hectic schedules and overconsumption of fast foods, people are suffering from diseases related to the deficiency of vitamins, as well as chronic conditions such as diabetes and obesity.
Brands are launching multivitamin drinks in various flavors to attract consumers. For example, in April 2021, Purdeys launched two multivitamin drinks in dark fruit and raspberry and rose flavours.
Government Investments on Nutrition & Health to Spur the Asia Pacific Market Growth
The Asia Pacific region is expected to dominate the multivitamin and mineral supplements market share on account of growing investments by governments in the region on public health and nutrition. For example, in India, the Central Government has been formulating schemes, such as the Anemia Mukt Bharat initiative, targeted towards enhancing the health of rural girls and women.
Further, sales of the nutrient supplements are soaring in the region on account of the rising spending capacity, urbanization, and awareness about adopting healthy diet regimes.
In North America, the US is expected to influence market growth because of the rising consumer demand in the country for health supplements. The uptake of multivitamin and mineral supplements by the older population is escalating in the region, coupled with the rising preference for a healthy lifestyle.
Launch of Innovative Customisable Vitamin Supplements to Boost Companies’ Revenues
Companies are launching supplements for consumers suffering from specific health conditions. For example, in September 2019, The Vitamin Shoppe launched an innovative online evaluation named ‘Only Me’ to customise vitamin supplements for consumers with specific deficiencies. In addition, key players in the market have been devising strategies involving partnerships, product launches, mergers & acquisitions, and geographic expansions to establish a robust market position.