Vitamin and Mineral Supplement Tablets Market is Estimated to Witness High Growth, Due to Increasing Health Consciousness among Consumers and Rising Geriatric Population
Vitamin and mineral supplement tablets market is estimated to be valued at USD 15.91 Bn in 2024, exhibiting a CAGR of 4.7% over the forecast period (2024-2031). Growing awareness among people regarding health and nutrition boosts demand for vitamin and mineral supplements. Furthermore, busy lifestyle and increasing consumption of junk food also boosts need for dietary supplements.
Market Dynamics
Vitamin and mineral supplement tablets market growth is majorly driven by increasing health consciousness among consumers and rising geriatric population worldwide. With growing age, the body's ability to absorb nutrients decreases, which increases the risk of vitamin and mineral deficiencies. Thus, elderly population's dependence on dietary supplements increases. Rising prevalence of lifestyle diseases such as diabetes and cardiovascular diseases prompt people to take supplements to fulfill their daily nutrient requirements. The marketing and promotional strategies adopted by manufacturers through various marketing platforms also boosts sales of these supplements.
Market Drivers for Vitamin and Mineral Supplement Tablets Market
Increasing health awareness and nutrition deficiency concerns among consumers
There has been growing awareness among consumers about the importance of maintaining good health and preventing diseases. Proper nutrition through a balanced diet is essential for overall well-being. However, modern lifestyles and eating habits have resulted in many people not getting sufficient vitamins and minerals from their daily diets. This has boosted the demand for dietary supplement tablets that can fulfill the nutritional gaps. Tablets are convenient to consume on a daily basis and help address common deficiencies.
Growing preference for natural products over synthetic medications
Health-conscious consumers prefer natural remedies over synthetic drugs for mild health issues and maintaining wellness. Vitamin and mineral supplement tablets, commonly referred to as multivitamins, are designed to provide essential nutrients that may be lacking in a person's diet appeal to this trend as these are perceived as safer and more 'natural' options compared to medications. Tablets also offer the added benefits of convenience, easy dosing and portability compared to other natural supplements like powders, liquids or capsules. This growing inclination towards natural wellness solutions boosts sale of vitamin and mineral tablets.
Market Restraints for Vitamin and Mineral Supplement Tablets Market
Concerns over inconsistent regulations regarding product labels and ingredients
While the supplement industry remains largely unregulated compared to drugs, regulatory authorities are increasingly focusing on standardizing labeling norms and restricting certain ingredients due to safety issues. It also stops manufacturers from utilizing some ingredients with proven benefits. The associated compliance costs and formulation changes required act as deterrents, especially for smaller players.
Rising availability of similar private label products from retailers
Large retail chains are launching their own private label vitamin and mineral supplement tablets that directly compete with established brands. Since retailers can price their products more aggressively, it hampers sales and margins of popular national brands. The easier access and attractive deals offered by retailers on their own private labels divert consumer demand away from prominent manufacturers in this market.
Market Opportunities for Vitamin and Mineral Supplement Tablets Market
Growing demand from millennials and focus on personalized nutrition
The millennial population is emerging as a large consumer group with increasing spending power on wellness and nutrition products. These are highly influenced by trends and prefer easy to consume personalized supplements that suit their individual dietary requirements and lifestyles. Tablets allow customization based on specific vitamin/mineral needs assessed through diagnostic tests or consultations. This offers a good opportunity to launch tailored tablet supplements.
Increased focus on digestive and gut health needs
There has been rising awareness about role of gut microbiome in overall well-being. With changing diets and busy lifestyles affecting digestion, there has been huge demand for supplements supporting digestive functions and intestinal health. This provides opportunities to introduce specialized probiotic and prebiotic enriched vitamin-mineral tablets that also promote gut and digestive wellness alongside overall nutrition. Such innovative products appeal to modern health-centric consumers.
Key Developments
- On September 25, 2024, Jarrow Formulas, a vitamin supplements company, launched a new line of multivitamins called Multi+, in Women’s, Men’s, and Mood varieties. The products contain 100% of the daily value of 20 minerals and vitamins, along with an enzyme blend to ensure proper absorption. Women’s Multi+ Multivitamin Tablets are formulated for breast, brain, eye, heart, bone, and immune health, and healthy hair, skin, and nails. The multivitamin is formulated with Lustriva, a branded ingredient formulated to promote fuller, thicker hair. Men’s Multi+ Multivitamin Tablets are formulated to support prostate, brain, eye, heart, bone, and immune health. The formula contains S7, a branded ingredient to support nitric oxide and healthy blood flow.
- In October 2023, Amway India, a company that operates in health and wellbeing sector, launched PlusLife, a multivitamin and multimineral health supplement. It contains 24 essential vitamins and minerals.
- In December 2022, Mankind Pharma, a pharmaceutical company, launched lemon flavored version of multivitamin tablet “HealthOK”
Key Players
Otsuka Pharmaceutical Co., Ltd., NutraScience Labs, Glanbia plc, GSK plc, Herbalife International of America, Inc., Bactolac Pharmaceutical, Inc., Noreva Biotech, Pharmavite, Brunel Healthcare, Nestlé, Pfizer, Inc., Abbott, Bayer AG, and American Health, Inc.
