Market Overview
Multivitamin pills and capsules are dietary supplements that help fulfill essential nutrient requirements daily. Multivitamin pills and capsules are designed to give you energy, boost your immune system, support your brain, and keep your bones healthy. The demand for multivitamin tablets and capsules is growing due to the rising prevalence of vitamin deficiencies in the population because of a lack of sufficient nutrients in daily diets. Furthermore, there is an increase in wellness literacy and the expansion of gyms and health clubs that promote multivitamin capsules and pill needs. Due to greater convenience, ease of dosing, longer shelf life, and low cost, multivitamin products in pill form are becoming increasingly common. This should help the tablet sector expand in the coming years. During the forecast, manufacturers of wellness and safe goods are expected to increase their demand for capsules due to the increasing value of micro capsulation of finished products to ensure controlled release.
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The market was dominated by energy and weight applications. Humans primarily use dietary supplements to address nutritional deficiencies. During the forecast, increased consumer understanding of personal well-being and fitness could boost demand for dietary supplements such as amino acids and proteins, minerals, omega fatty acids, and vitamins. The rise in the prevalence of diabetes, cardiovascular disease, obesity, and other associated diseases among adults around the world should be the primary market driver. Over the forecasted era, the increasing acceptance of sports as a professional career could increase demand for dietary supplements such as amino acids, proteins, and vitamins. Since the geriatric population is more vulnerable to infections, demand for stronger immunity is expected to rise faster, particularly in the midst of the covid-19 pandemic. The demand for dietary supplements is expected to rise as people become more conscious of infants’ and children’s nutritional needs. During the forecast period, the increasing working population and rising per capita income in developing economies are expected to increase consumer spending on child nutrition, boosting the demand.
Market Segmentation
The global market for multivitamin capsules and tablets market has been segmented by region, end-user, and distribution channels.
The market has been segmented into three categories: men, women, and unisex. In 2018, the unisex segment had the largest market share. Historically, unisex multivitamin intake has been strong. The increased consumption of multivitamins to prevent vitamin deficiency caused by poor diet or illness can be attributed to the segment’s development. However, as people become more conscious of the different nutrient requirements for men and women, the sale of multivitamin capsules and tablets for women is expected to rise. As a result, the women’s market is expected to grow at the fastest rate during the forecast period.
The market has been divided into store-based and non-store-based segments based on the distribution channel. Supermarkets and hypermarkets, specialty shops, and others are also part of the store-based segment. In 2018, the store-based segment took a greater share of the market, with supermarkets and hypermarkets accounting for the bulk of multivitamin capsules and tablet sales. Store-based outlets are preferred by customers because they have a one-stop shopping experience. During the review era, however, the non-store-based segment is projected to expand at a faster pace.
Regional Overview
In 2020, the European region accounted for a large portion of sales and is projected to rise at a rate of 6.8% above the estimated figure. During the forecast, the regional market is expected to benefit from increased consumer knowledge and higher disposable income per capita in developed countries such as the United Kingdom, France, and Germany.
During the forecast period, Asia-Pacific is expected to expand significantly. Due to rising consumerism in countries such as South Korea, India, and China, the market is projected to become the region’s largest by 2025. During the forecasted era, rising per capita income increased awareness, and increased spending on items that enhance health in the area could motivate the use of dietary supplements.
Due to increased consumption of low-calorie and healthy foods, North America became the region’s most significant market, accounting for 35.7 percent of sales by 2020. An increase in demand for dietary supplements is expected during the forecast period, in addition to increasing knowledge of the consumption of supplement products in Mexico due to the launch of new products.
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Competitive Dashboard
The major players operating in the global market for multivitamin tablets and capsules include Glanbia plc (Ireland), The Nature’s Bounty Co. (USA), Nu Skin Enterprises, Inc. (United States), Herbalife Nutrition Ltd. (USA), Amway Corp (USA), Abbott Laboratories (USA), Bayer AG (Germany), Otsuka Holdings Co., Ltd (Japan), GlaxoSmithKline plc (United Kingdom) and Nature’s Way Products, LLC (USA).
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