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The Vitamin And Mineral Supplement Tablets Market is estimated to be valued at US$ 15.46 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2028 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The vitamin and mineral supplement tablets market contains products containing different vitamins and minerals that provide nutritional support. Tablet form supplements are popular as they are easy to consume and portable. Common supplements include multivitamins, vitamin B, C, D, calcium, and iron supplements. Tablets supplements are used to fulfill dietary gaps, support general health and wellness, and also used for treating certain health conditions like deficiencies.
Market Dynamics:
The growth of the vitamin and mineral supplement tablets market is supported by two key drivers – changing dietary habits and busy lifestyle. Firstly, increase in consumption of fast and processed foods has decreased micronutrients intake for many people. Secondly, hectic schedules leave little time for proper home cooked meals, driving the demand for quick nutrition from supplements. Moreover, growing health consciousness among consumers is triggering preventive healthcare, contributing further to the market growth. The market also benefits from rising online sales and product promotion through social media influencers. However, availability of alternative delivery forms like gummies and lack of regulation over supplements industry pose challenges for the market.
Segment Analysis
Vitamin And Mineral Supplement Tablets Market is segmented into multivitamins, single vitamins, and mineral supplements. The multivitamins segment dominates the market and accounts for the largest market share. This is because multivitamins provide various essential nutrients required for maintaining overall health and wellness through a single supplement.
PEST Analysis
Political: Government regulations are enforced regarding the quality standards and labeling of dietary supplements to ensure consumer safety.
Economic: Rising income levels and health awareness are boosting consumer spending on preventive healthcare products like supplements.
Social: Changing lifestyles, aging population, and growing demand for preventive healthcare drive the adoption of supplements.
Technological: New delivery technologies aid in developing advanced formats like chewable tablets and gummies for improved patient compliance.
Key Takeaways
The global Vitamin And Mineral Supplement Tablets Market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing health consciousness. The market size for 2023 is US$ 15.46 Bn.
Asia Pacific region dominates the market and is expected to maintain its leading position over the forecast period owing to increasing consumer health awareness and growing middle-class populations in countries like India and China.
Key players operating in theVitamin And Mineral Supplement Tablets market are Otsuka Pharmaceutical Co., Ltd., NutraScience Labs, Glanbia plc, Herbalife Nutrition, Abbott, Amway, Bayer AG, GlaxoSmithKline plc, NSE, inc. Company, Bactolac Pharmaceutical, Inc., Nature’s Way Products, LLC, Noreva Biotech, Pharmavite, Brunel Healthcare, HTC Health. Otsuka Pharmaceutical Co., Ltd., dominates the market owing to its diversified product portfolio and strong distribution network.
