Vitamins and Dietary Supplements Industry Procurement Intelligence Report: Plant-based Vitamins to Propel the Growth of Global Industry | Grand View Research, Inc.
The global vitamin and dietary supplements market is expected to exhibit a CAGR of 4.9% from 2020 to 2025 with capsules and tablets being the most consumable dosage form of supplements. Powder is expected to emerge as the fastest-growing dosage form from 2020 to 2025 with a projected CAGR of 6.4% from 2020 to 2025.
Multivitamins have been traditionally used as supplements along with diet to improve nutritional qualities and lower health problems, like osteoporosis and arthritis. With the onset of COVID, there has been a public notion that vitamins could reduce the severity of symptoms (although it is not a cure) for COVID. Manufacturers of multivitamins are capitalizing on this and the demand for multivitamins has increased since 2020. Overall, the vitamins and dietary supplements market is expected to expand at a CAGR of 4.9% from 2020 to 2025. However, as time progresses, these myths have been debunked by several studies. For example, NCBI has published articles stating that CBD-based supplements are not a cure for coronavirus or any other maladies caused due to the infection of coronavirus.
One of the recent trends witnessed in the market is the entrance of vitamin and dietary supplement manufacturers into the food and snacks business. For example, Chinese dietary supplement provider BY-HEALTH is investing in product diversity and is segregating its products between food and snacks with “light” functionalities and supplements with “strong” functionalities. Protein bars have become the choice of snack for such dietary supplement suppliers. The company, by the end of 2020, has received filing approvals for 112 health foods and registration approvals for over 140 health foods.
