Product ID: SQMIG35I2124
Global Vitamins and Supplements Market Size, Share, Growth Analysis, By Type(Multivitamin, Vitamin A), By Forms(Powder, Tablets) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2124 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|
Tables:
69 |
Figures:
75
Global Vitamins and Supplements Market Dynamics
Vitamins and Supplements Market Drivers
Rise of Health Consciousness to Bolster Market Growth
- Advancement of technology and increasing consumer spending driving the vitamin and supplement market. The growing geriatric population, as well as children worldwide, has increased consumer spending on dietary supplements in recent years. Several food standards and governments are updating regulations and approvals for vitamin and supplement overproduction, making the market more competitive. Furthermore, the growing consumer emphasis on preventative healthcare products has increased the efficacy of production and marketing efforts. To serve these products in the market, manufacturers are increasingly incorporating cutting-edge technologies with high production efficiency. Rising consumer acceptance and increased product innovation would further ensure the vitamins and supplements market's growth over the next few years.
- Increasing Self-directed Care and Ease of Access enhancing the Market expansion. Consumers are becoming more interested in personalized medicines and care as their reliance on the internet grows and the health supplement industry becomes more volatile. The internet is an important shopping medium that helps to lower barriers to accessing dietary supplements on the market. To provide a hassle-free shopping experience, manufacturers are focusing on delivering vitamins, minerals, and supplements through online channels. According to a World Food India report, dietary supplement products account for more than 25% of the global nutraceuticals market and are expected to drive the growth of the vitamins and supplements market in the forecasting years.
Vitamins and Supplements Market Restraints
Stringent Regulations to Hinder Market Growth
- Market growth is hampered by strict regulations and a revised tax structure. With the presence of numerous regulations and procedures prior to product launch, the market has faced numerous challenges in recent years. Manufacturers must submit a vitamin and supplement sample, as well as notification that the product is reasonably expected to be safe on the market. Under the Dietary Supplement Health and Education Act of 1994 (DSHEA), the product must undergo extensive testing, resulting in a market delay. As a result, the tax structure has risen by 5-10% in recent years and this is impeding the market growth.
Global Vitamins and Supplements Market Report Snapshots
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