The 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.

The Vitamin And Mineral Supplement Tablets market is segmented on the basis of product type, distribution channel, and region. Based on product type, it is segmented into Mono supplement Tablets and multi supplement Tablets. The multi supplement tablets segment is expected to hold a dominant position in the global vitamin and mineral supplement tablets market over the forecast period. This is attributed to increased awareness among people regarding benefits of consuming multi-vitamin and mineral supplements. Based on distribution channel, the market is segmented into supermarket/hypermarket, pharmacies & drug stores, online stores, specialty stores, and others.

Market Overview:
Vitamin and mineral supplement tablets provide essential nutrients required for maintaining normal body functioning. These supplements are consumed to fulfill the nutrient gap caused due to poor diet. The tablets are convenient to use on-the-go and easily absorbable in the body. They help in boosting energy levels and improving overall health and wellbeing of individuals.

Market key trends:
One of the key trend gaining traction in the vitamin and mineral supplement tablets market is increasing demand for vegan supplements. Growing vegan population has fueled the demand for plant-based supplements which do not contain any animal-derived ingredients. Manufacturers are focusing on developing vegan gummies, chewables and tablets made from fruits and vegetable extracts to cater to the demands of vegan consumers. For instance, Naturelo Whole Food Vitamins offers plant-based whole food supplements in tablet form for vegan population. Other key trends include development of personalized vitamin and mineral supplements based on individual nutrient needs and launch of supplements with added probiotics for enhanced gut and digestive health.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is relatively low as this market requires large capital investments and research and development capabilities. Moreover, established brands have strong customer loyalty.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many substitute products available in the market. However, branded supplements have customer loyalty due to perceived better quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials like vitamins and minerals have few suppliers globally. However, requirements are commoditized.

Threat of new substitutes: The threat of new substitutes is moderate as products from alternative therapies like herbal supplements pose competition. However, customer preferences for branded supplements provide stability.

Competitive rivalry: Intense due to presence of global and regional players.

SWOT Analysis

Strengths: Large product portfolios, strong brand reputation and global reach for key players.

Weaknesses: Heavy reliance on few branded products, exposure to regulations and input price fluctuations.

Opportunities: Increasing health awareness, growth in e-commerce and demand in emerging markets.

Threats: Intense price wars, customer preference for natural alternatives and regulations on health claims.

Key Takeaways

The global Vitamin And Mineral Supplement Tablets Market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing health awareness and demand for preventive healthcare solutions. North America dominates currently due to nutritional deficiencies and proactive consumer attitudes. However, Asia Pacific is expected to grow fastest due to rising incomes, awareness and westernization.

Regional analysis: The Asia Pacific region is expected to be the fastest growing market for Vitamin And Mineral Supplement Tablets, expanding at a CAGR of around 5.5% during the forecast period. This is attributable to changing lifestyles, increasing incomes, and growing health and wellness trends within major countries like India and China. North America currently holds the largest share of around 35% attributed to proactive health management attitudes and availability of products.

Key players operating in the Vitamin And Mineral Supplement Tablets market are 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. Major players are focused on new product development and expansion in profitable segments through mergers and acquisitions.