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October 12, 2021, New York, USA -
Vitamin and Mineral Supplement: Introduction
Americans had taken minerals and vitamins since the 1940s before the first products of this kind were made available. Mineral and vitamin supplements are still extremely popular supplements. According to research that more than a third of all Americans use these supplements. Multivitamins and Minerals account for nearly one-sixth of all sales of nutritional supplements and 40 percent of all sales of mineral and vitamin supplements. (Sales of all supplements for dietary use within the United States totalled an estimated $36.7 billion in 2014. The figure includes $14.3 billion of all mineral and vitamin-based supplements, including $5.7 billion was spent on Multivitamins and Minerals)
There is no standard, or legal definition exists for a Vitamin and Mineral supplement--such as what nutrients it is required to include and in what amounts. Thus, the term could be used to describe products with diverse compositions and features. These products are known by a variety of names, such as multis, multiples, as well as MVMs. Manufacturers decide on the type and amounts of minerals, vitamins, and other ingredients that they use in their MVMs. Therefore, a wide range of kinds of MVMs is available on the market.
The Global Vitamin and Mineral Supplement Market Forecast:
The global vitamin as well as mineral supplements market will be USD 119.66 billion by 2020. The impact of COVID-19 across the globe has significantly impacted demand for vitamin and mineral supplements in every region due to the fact that they can help improve immunity and overall health. Based on our research, the market showed an impressive increase of 10.80% in 2020 in comparison to the average year-on-year growth from 2017 to 2019. This market is predicted to increase to USD 129.60 billion in 2021 and reach USD 196.56 billion in 2028, with an annual rate of 6.13% during the forecast period 2021-2028. The gradual decline in CAGR could be caused by the fluctuation in growth and demand before returning to pre-pandemic levels after the pandemic has ended.
With an ever-growing awareness and concern about wellbeing and health, increasing numbers of consumers are shifting toward incorporating supplements and vitamins into their routine. A majority of the population around the world are taking vitamins (functional food items) regularly, while approximately 55% of them are attracted to having supplements to keep the balance between health and life. The optimism of consumers and their belief in the benefits and their increased spending power have led to numerous chances for top brands to grow into 2020 and beyond.
Demand for Immunity-Boosting Products To See An Increase In Demand During The COVID-19 Pandemic:
While there is a strict closure of the market and decreased buying products for the food and beverages industry, the nutraceuticals sector has seen an increase in demand for healthy and nutritious products. Following the outbreak of the COVID-19 pandemic, consumers are looking for products that help build the natural body's defense system. Recent research and developments in specific antioxidants that boost immunity are likely to open up new opportunities for supplements and vitamins producers. As per the U.S. National Health and Nutrition Examination Survey, over 50% U.S. population has reported the consumption of these items in the course of the pandemic. This trend is likely to continue around the globe, with technological innovation and innovation are expected to play a major part.
Market Latest Trends and Dynamics of the Global Vitamin and Mineral Supplement Market:
The Demand For Herbs For Improving Immunity System Is the Latest Trend:
Consumers are looking for innovative and healthy products that are enriched with nutrients that help to prevent symptoms of coronavirus, like shortness of breath or diarrhea, chest pain, fatigue, and more. Therefore, the nutraceuticals market is witnessing a massive need for proteins, child nutritional supplements, sport nutrition multivitamins, and other items that can help reduce health risks. The manufacturers are emphasizing the benefits of immunity boosters available on the market as well as the benefits of natural herbal remedies and botanicals. According to a study published by Wright Enrichment Inc. 2018, the use of herbal extracts and botanicals into the nutraceuticals market increased by 6.7 percent over the course of 2017 and is anticipated to increase in the coming years because of its growing demand.
Restraining Factors of the Global Vitamin and Mineral Supplement Market:
Stringent Regulation and Revised Tax Structure To Stop Market Expansion:
The market has been facing several challenges in the past several years because of the existence of numerous regulations and procedures prior to the launch of the product. Manufacturers must provide a sample of supplements and vitamins and a statement stating that the product is believed to be safe in the marketplace. The product has to be tested according to the Dietary Supplement Health and Education Act of 1994 (DSHEA) for a lengthy period of time, which causes a procedural delay in the marketplace. The tax structure has been increased by 5-10% over the recent years, which is limiting the expansion of the market.
The Key Market Segmentation of the Global Vitamin and Mineral Supplement Market:
Global Vitamin and Mineral Supplement Market can be divided into Product Types, Packaging Types, Product Applications, and Geographical landscapes, etc.
Vitamin and Mineral Supplement Market Segmentation By Product Type:
Vitamin and Mineral Supplement Market Segmentation By End-User / Product Application:
Vitamin and Mineral Supplement Market Segmentation By Geographical Landscape:
Middle East and Africa
Major Key Players in the Global Vitamin and Mineral Supplement Market Are:
The Nature's Bounty Co. (U.S.)
Herbalife Nutrition Ltd. (U.S.)
Abbott Laboratories (U.S.)
Glanbia PLC (Ireland)
GlaxoSmithKline plc (UK)
Otsuka Holdings Co. (Japan)
Amway Corp (U.S.)
Bayer AG (Germany)
Nature's Way Products LLC (U.S.)
Nu Skin EnterprisesInc. (the U.S.)
The Covid-19 Impact Analysis:
Due to the sudden impact of COVID-19, the market has seen a rise in the demand for supplements that aid in digestion and immune health. This has positively affected the market. This has led to the market for supplements like vitamin supplements, protein, omega-3 fatty acids, and more, witnessed huge growth.
In the end, this has led to a number of products being launched to meet the increasing demand. In addition, in order to meet the growing demand and keeping safety standards in mind, companies have been working on increasing sales by encouraging customers to shop online.
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