According to the latest report by IMARC Group, titled, “ Vitamins Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ” The study provides a detailed analysis of the industry, including the global vitamins market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advances in the market.
Report Highlights:
The global vitamins market size reached US$ 13.86 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.30% during 2023-2028.
Vitamins represent essential organic compounds that are important for maintaining good health and support numerous bodily functions. They are mainly obtained via a balanced diet, and some can also be synthesized within our bodies. These compounds are classified into two categories, namely fat-soluble vitamins and water-soluble vitamins. They work as coenzymes or precursors for enzymatic reactions, thereby playing a crucial role in energy production, immune function, cell growth and repair, etc. Vitamins also act as antioxidants, protecting cells from damage caused by free radicals. They help in improving vision and enhancing bone health.
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The rising consumer awareness towards the advantages of maintaining a healthy lifestyle and preventing nutritional deficiencies is among the key factors driving the vitamins market. Moreover, the growing prevalence of chronic disorders, such as obesity and cardiovascular ailments, has led to the inflating focus among individuals on preventive healthcare, which is further stimulating the market growth. Besides this, the expanding geriatric population is acting as another significant growth-inducing factor. Furthermore, continuous technological advances, including the introduction of innovative delivery formats and nanotechnology, and the increasing influence of celebrity endorsements and social media platforms promoting the benefits of vitamins are also propelling the global market. Apart from this, the inflating disposable income levels of customers and the escalating demand for these organic compounds that can be incorporated into functional foods and beverages are positively influencing the market growth. Additionally, they are integrated into personalized nutrition and wellness programs, which is anticipated to fuel the vitamins market over the forecasted period.
The report has segmented the market into the following categories:
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The report covers the major market players including:
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