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The global 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 consists of dietary supplements that contain essential vitamins and minerals to treat and prevent nutritional deficiencies. They come in forms of single or multi-vitamin and mineral tablets that provide concentrated doses of necessary vitamins like A, B complex, C, D, E, and K as well as minerals like calcium, magnesium, iron, and zinc. The tablets are small, lightweight, and easy to consume as part of daily diet routine. They help fill nutritional gaps, support overall health and wellbeing.
Market key trends:
One of the key trends in the vitamin and mineral supplement tablets market is the growing demand for customized supplements. Rising health awareness has led consumers to pay more attention to their nutritional needs based on lifestyle, diet, fitness goals etc. This has encouraged manufacturers to offer supplements tailored for different population groups like kids, adults, women, athletes etc. Another trend is the focus on plant-based and vegan formulations by replacing synthetic and animal-derived ingredients with herbal and organic compounds. Sustainability is also a growing concern driving innovations in packaging like using biodegradable bottles. Furthermore, the market sees advent of advanced tablet designs for better taste masking and enhanced bioavailability.
Porter’s Analysis
Threat of new entrants: Low capital requirements needed to manufacture vitamin and mineral supplements poses potential threat. However, established players have significant brand recognition and distribution channels.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and sensitivity to quality and price of supplements.
Bargaining power of suppliers: Suppliers of vitamins and minerals have moderate bargaining power due to availability of substitutes and suppliers operating at large scale.
Threat of new substitutes: Alternatives like nutraceuticals, functional foods pose potential threat. However, supplements contribute significantly for daily micronutrient requirements.
Competitive rivalry: Intense competition exists among key players to gain market share through product innovation, branding and penetration in high potential regions.
Key Takeaways
The global Vitamin And Mineral Supplement Tablets Market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing consumer preference for preventive healthcare and growing health-consciousness among millennials.
The North America market is projected to dominate the vitamin and mineral supplement tablets market through 2030 owing to increasing consumer spending on nutritional and dietary products. Asia Pacific region is anticipated to exhibit the fastest growth rate during the forecast period due to rising standard of living, population aging, increasing awareness regarding preventive healthcare and growing healthcare expenditure in countries such as China, India, and South Korea.
Key players operating in the vitamin and mineral supplement tablets market include 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. These players are involved in new product launches and adoption of effective marketing strategies to strengthen their market position.
