New York, April 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Multivitamin Capsules And Tablets Global Market Report 2023" - https://www.reportlinker.com/p06241912/?utm_source=GNW
, Otsuka Holdings Co. Ltd., Nature’s Way Products, Glanbia PLC., Pfizer, Mylan N.V., and Dymatize.
The global multivitamin capsules and tablets market grew from $20.28 billion in 2022 to $22.38 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The multivitamin capsules and tablets market is expected to grow to $33.05 billion in 2027 at a CAGR of 10.2%.
The multivitamin capsules and tablets market consists of sales of antioxidant capsule, iron folic acid tablet, multivitamin gummy, and nicotinamide.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Multivitamin capsules and tablets refers to multivitamin drugs that are used to treat or prevent vitamin deficiencies brought on by a poor diet, specific diseases, or pregnancy. Vitamins are crucial for maintaining your health because they serve as the body’s building blocks. Multivitamins tablets and capsules are a combination of many different vitamins that are normally found in foods and other natural sources
Asia-Pacific was the largest region in the multivitamin capsules and tablets market in 2022.North America was the second-largest market in the multivitamin capsules and tablets market.
The regions covered in multivitamin capsules and tablets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of products include multivitamins tablets and multivitamins capsules.A multivitamin is a pill that people take every day which contains a variety of vitamins and minerals.
The different distribution channels include store-based, non-store-based and are used for energy and weight management, general health, bone, and joint health, gastrointestinal health, immunity, cardiac health, diabetes, anti-cancer, and other applications. These capsules and tablets are mainly used by adults, the geriatric population, pregnant women, children, and infants.
Increasing health consciousness among individuals is driving the market for multivitamin capsules and tablets.Multivitamins tablets or capsules are often prescribed by doctors to treat or prevent vitamin deficiency due to poor diet, certain illnesses, or during pregnancy as it contains different vitamins that are normally found in foods and other natural sources.
The demand for multivitamins also increased attributing to rising health concerns associated with the COVID-19 pandemic. According to SVC Labs Ltd., a UK-based supplement manufacturer the sales for vitamins, minerals and supplements have increased since the beginning of March 2020 as people are concerned with boosting immune health. The sales of vitamins, minerals, and supplements have experienced growth of approximately 20%-140% since March 2020. Therefore, rising health consciousness is expected to drive the multivitamin capsules and tablets market during the forecast period.
Shifting consumer focus towards flavored gummy vitamins for all ages is shaping the multivitamin capsules and tablets market.Consumers are searching for more convenient and entertaining supplement experiences, which will lead to a move toward flavored gummy vitamins.
For instance, in April 2021, Persona Nutrition, a US-based company that provides personalized daily supplement packs launched daily gummy vitamin packs for the entire family.These daily packs are designed to help users achieve specific health goals, such as immune health, focus, relaxation, everyday support, and hair, skin, and nail health.
This family pack includes multivitamins to boost muscle and nerve function.
In February 2021, Nature’s Way Products, a US-based wellness product manufacturing company, acquired Baze Labs for an undisclosed amount.Through this acquisition, Nature’s Way increases its personalized nutrition product capabilities for its customers, home blood test services, and monthly subscription programs.
Baze Labs is a US-based personalized nutrition manufacturing company specializing in the development of vitamins and supplements.
The countries covered in the multivitamin capsules and tablets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The multivitamin capsules and tablets market research report is one of a series of new reports that provides multivitamin capsules and tablets market statistics, including multivitamin capsules and tablets industry global market size, regional shares, competitors with a multivitamin capsules and tablets market share, detailed multivitamin capsules and tablets market segments, market trends and opportunities, and any further data you may need to thrive in the multivitamin capsules and tablets industry. This multivitamin capsules and tablets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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