Multivitamin Capsules And Tablets Market

According to Stratistics MRC, the Global Multivitamin Capsules and Tablets Market is accounted for $23.56 billion in 2023 and is expected to reach $54.06 billion by 2030 growing at a CAGR of 12.6% during the forecast period. Multivitamins are frequently used to enhance the immune system, help with pregnancy and prenatal care, and address particular health concerns. These are essential tool for all individuals trying to improve their general health and wellbeing. With the help of these dietary supplements, people can easily make up for any nutritional gaps in their diet and make sure they are getting the critical vitamins and minerals that are needed for a variety of body processes. 

According to the World Health Organization 2019, an estimated 17.9 million people die due to cardiovascular diseases worldwide each year, and the number is expected to grow to more than 23.6 million by 2030.  According to the United Nations, World Ageing Population: the 2020 Revision, by 2050, approximately 1.5 billion people are likely to be over 65 years, up from 727 million in 2020. 

Market Dynamics: 

Driver: 

Increasing health awareness

Convenient and efficient methods of providing important vitamins and minerals to diets are in greater demand as people become more aware of the connection between nutrition and general health. With a wide range of nutrients in a single dose, multivitamins provide a useful way to fill in any possible dietary gaps. Moreover, people are turning to multivitamin supplements as a preventative measure for health optimization because they understand how important it is to maintain a balanced and nutrient-rich diet and that a number of factors, including stress, poor dietary choices, and busy lifestyles, can impact nutrient intake.

Restraint:

Environmental concerns

The manufacture, packaging, and consumption of these supplements may all contribute to a variety of environmental problems. The widespread use of plastic packaging and non-recyclable materials in supplement containers generates enormous amounts of plastic trash, contributing to the worldwide pollution problem. However, raw material extraction, energy-intensive manufacturing processes, and product transportation can result in resource depletion, greenhouse gas emissions, and an increased carbon footprint. Improper supplement disposal can result in the release of potentially dangerous compounds into the environment. 

Opportunity:

Nutritional deficiency awareness

Individuals are more likely to seek supplemental remedies as they become more aware of the need for a well-balanced diet and the potential health hazards connected with vitamin deficiencies. Many individuals are now aware that modern lifestyles, dietary limitations, and processed foods can contribute to insufficient vitamin and mineral intake. As a result of this increased knowledge, there is a greater need for simple and conveniently accessible multivitamin supplements. These solutions provide a straightforward approach to filling nutritional gaps and guarantee that the body receives the nutrients it requires. Furthermore, as healthcare professionals and the wellness industry stress the need for preventative healthcare, consumers are turning to multivitamins as a proactive step in maintaining their overall health and well-being.

Threat:

Aging population

While it might seem contradictory, the increasing number of elderly individuals may hinder the market's growth. As people get older, their health demands become more complex and particular, frequently necessitating customized supplements for ailments like osteoporosis, heart health, or cognitive function. Furthermore, older people may be more susceptible to prescription interactions and bad effects, making it critical to consult with a healthcare expert before taking supplements. Furthermore, circumstances such as lower income in retirement may cause seniors to prefer vital prescriptions over multivitamins.

Covid-19 Impact: 

The COVID-19 pandemic had an unequal influence on the market. There was an initial rise in demand for supplements, such as multivitamins, as people looked for ways to improve their immune systems and overall health. The pandemic highlighted the significance of maintaining a strong immune response, sparking greater interest in medicines that may aid immune function. However, this increasing demand was accompanied by supply chain interruptions, affecting the availability of certain supplements. Furthermore, economic uncertainty has caused some customers to reduce their discretionary spending, potentially affecting the market.

The standard multivitamins segment is expected to be the largest during the forecast period

Standard multivitamins are predicted to have the largest share of the market as they provide a fundamental and comprehensive spectrum of necessary vitamins and minerals. These products are intended to provide a convenient alternative for people to achieve their daily nutritional requirements, particularly if their diets are deficient in key nutrients. Moreover, standard multivitamins normally include a well-balanced mix of vitamins such as A, C, D, E, and other B vitamins, as well as minerals such as calcium, magnesium, and iron.

The standard tablets segment is expected to have the highest CAGR during the forecast period

The standard tablet category is expected to increase rapidly due to an extensive consumer base that includes people of all ages and dietary choices who are looking for a simple and effective approach for addressing nutrient deficiencies in their diets. Additionally, those who emphasize overall health maintenance and illness prevention through an accessible and cost-effective supplement alternative frequently choose these tablets.

Region with largest share:

Because of a diversified population, improved health awareness, and changing lifestyles, the Asia-Pacific area governed the largest share. With a greater emphasis on preventative healthcare and wellbeing, people are turning to multivitamins as a convenient way to meet their nutritional needs. Additionally, the region's aging population increases this demand even more, as older people seek supplements to address age-related health concerns.

Region with highest CAGR:

North America is predicted to have profitable growth as individuals become more health-conscious, leading to a greater understanding of the value of nutritional supplementation for general well-being. North America's fast-paced and frequently convenience-driven lifestyles have resulted in dietary gaps, prompting people to turn to multivitamins as an accessible address for nutritional assistance. The region's aging population contributes to this development, as seniors seek supplements to meet age-related health demands. 

Key players in the market

Some of the key players in Multivitamin Capsules and Tablets market include Abbott Laboratories, Amway Corp, Bayer AG, Glanbia plc, GlaxoSmithKline, GNC Holdings, Inc., Herbalife Nutrition Ltd., Kirkman Group, Inc., Nestlé Health Science, Otsuka Holdings, Otsuka Pharmaceutical Co., Ltd, Pfizer Inc., Pharmavite LLC, Rainbow Light Nutritional Systems, Swisse Wellness and The Himalaya Drug Company.

Key Developments:

In September 2023, Abbott has entered a definitive agreement for the acquisition of Bigfoot Biomedical, which develops smart insulin management systems for individuals with diabetes. Developed by Bigfoot Biomedical, Bigfoot Unity is a smart insulin management system. It features connected insulin pen caps that use integrated continuous glucose monitoring (iCGM) data and healthcare provider instructions.

In July 2023, Alexion, AstraZeneca Rare Disease, announced that it has entered a definitive purchase and licence agreement for a portfolio of preclinical gene therapy programmes and enabling technologies from Pfizer Inc. (Pfizer). The agreement furthers Alexion and AstraZeneca’s commitment to advancing next-generation genomic medicines with the addition of complementary pipeline assets and innovative technologies.

In March 2023, Pfizer signs agreement with China on improving health coverage in the country. U.S. pharma giant Pfizer has signed an agreement with China to cooperate on improving the country’s health coverage, according to the company.

Types Covered:
• Standard Multivitamins
• Prenatal Multivitamins
• Multivitamin Gummies
• Gender-Specific Multivitamins
• Specialty Multivitamins
• Other Types 

Capsule Types Covered:
• Gelatin Capsules
• Vegetarian Capsules
• Liquid-Filled Capsules
• Enteric-Coated Capsules
• Softgel Capsules
• Other Capsule Types

Tablet Types Covered:
• Standard Tablets
• Effervescent Tablets
• Chewable Multivitamin Tablets
• Coated Tablets
• Other Tablet Types

Applications Covered:
• General Health and Wellness
• Nutritional Deficiency Correction
• Child Development
• Special Dietary Preferences
• Specific Health Conditions
• Immune System Support
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances