Multivitamin Capsules Tablets Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The world market for multivitamin capsules and tablets is estimated to be worth $33.2 billion in 2023 and is forecast to reach $45.8 billion by 2032, at a CAGR of 3.44% between 2024 and 2032. The steady growth in the market is a result of a growing concern for health and a greater emphasis on preventive medicine. As consumers become more aware of the benefits of taking vitamins, the market for vitamins is expected to grow further, fuelled by new developments in product formulations and delivery methods. The rise in the prevalence of lifestyle-related diseases, the growing number of elderly people and the growing interest in dietary supplements all contribute to the growth of the market. Also playing a significant role are technological developments in the manufacture of vitamins and the development of new, more effective formulations. The market is dominated by a few large players such as Herbalife, Amway and GNC, which are constantly expanding their range of products and launching new ones. Competition is also being stoked up by new alliances between companies offering nutritional products and digital health solutions.

Regional Market Size

Regional Deep Dive

Multivitamin capsules and tablets are experiencing dynamic growth across the globe, owing to the rising health consciousness, increasing disposable income, and a growing geriatric population. In North America, consumers are increasingly focusing on products that address their specific health concerns. In Europe, the trend is towards organic and natural multivitamins. The Asia-Pacific region is expected to witness the highest growth, owing to the urbanization and changing lifestyles. The Middle East and Africa are experiencing growth owing to the young population and the rising health awareness. In Latin America, the trend is towards using multivitamins as a part of their daily health regime. Each region has its own opportunities and challenges, which are influenced by the cultural, economic, and regulatory factors.

Europe

• The European market is increasingly leaning towards vegan and plant-based multivitamins, with companies like Herbalife and MyVitamins launching new product lines to cater to this growing consumer preference.
• The European Food Safety Authority (EFSA) has been involved in the assessment of health claims related to vitamins and minerals. This has had an impact on product development and marketing in the region, ensuring that only scientifically proven claims are made.

Asia Pacific

• In Asia-Pacific, the trend of personalized nutrition is gaining traction, with companies like Amway and Herbalife offering customized multivitamin solutions based on individual health assessments, catering to the diverse needs of consumers.
• Government initiatives promoting health and wellness, such as the 'Healthy China 2030' plan, are encouraging the consumption of dietary supplements, including multivitamins, as part of a broader strategy to improve public health.

Latin America

• The Latin American market is witnessing a rise in the popularity of multivitamins among the younger demographic, with brands like GNC and Nutrilite targeting this segment through innovative marketing strategies and product formulations.
• Economic growth in countries like Brazil and Mexico is leading to increased disposable income, allowing consumers to invest more in health supplements, including multivitamins, which is expected to drive market expansion.

North America

• The emergence of e-commerce platforms has greatly changed the way of selling multivitamins, with companies like Amazon and Walmart expanding their health supplement business and making it easier for consumers to buy a variety of multivitamins.
• The latest regulatory changes imposed by the Food and Drug Administration have led to stricter labeling requirements for dietary supplements. As a result, manufacturers have been increasing the transparency and quality of their products, which is expected to increase the trust of consumers and thus drive market growth.

Middle East And Africa

• The growing influence of social media and health influencers in the Middle East is driving awareness and demand for multivitamin products, with brands leveraging platforms like Instagram to reach younger consumers.
• Regulatory bodies in the region, such as the Gulf Cooperation Council (GCC), are implementing stricter guidelines for dietary supplements, which is expected to enhance product quality and safety, thereby increasing consumer confidence.

Did You Know?

“Did you know that nearly 50% of adults in the United States take multivitamins regularly, with the most popular reasons being to fill nutritional gaps and support overall health?” — National Institutes of Health (NIH)

Segmental Market Size

Multivitamin capsules and tablets are playing a major role in the market for dietary supplements, which is growing steadily. This growth is driven by a growing concern for health among consumers. Awareness of nutritional deficiencies and a growing trend towards preventive medicine are other important factors. In addition, government policies that encourage the use of health and well-being products are also helping to boost the growth of this market. The use of multivitamin capsules and tablets is currently at a mature stage, and the market is dominated by companies such as GNC and Herbalife. These products are used primarily for daily nutritional support, for targeted health benefits (such as immune system support) and for specific needs (such as pre-natal vitamins). There are several trends that are boosting growth in this area. The pandemic of flu (COVID-9) has sharpened the focus on health among consumers, and the demand for sustainable products is boosting the market for organic and plant-based formulations. Also, new technology, such as advanced formulations and nutrition applications, is shaping the evolution of this market and enabling a more tailored approach to meet the needs of a wide range of consumers.

Future Outlook

Multivitamins are expected to grow steadily from 2023 to 2032, with a CAGR of 3.44%. It is mainly due to the growing concern for health and well-being of consumers and the increasing frequency of lifestyle diseases. In addition, the trend of preventive medicine is attracting more and more consumers to pay attention to the prevention of health problems. Therefore, the demand for multivitamins is also expected to increase, and the penetration rate is expected to increase, especially among millennials and generation Z consumers, who are more willing to use convenient and effective nutrients. In 2032, it is expected that almost 60% of adults will take multivitamins regularly, compared with about 46% in 2023. Besides, the main driving forces of the multivitamin market are also driven by technology and policy. In terms of technology, the development of personalized vitamins, which are more suitable for individual health needs, is also a trend. In addition, the trend of clean labeling is also a trend. In terms of policy, the support of the authorities for the development of dietary supplements and the increase in research and development will also play an important role in the development of the market. The trend of the industry is also in line with these two driving forces, and companies that adapt to the trend and use data to optimize the business will be able to seize market opportunities and meet the needs of consumers who are concerned about health.