Vitamins Market Size, Share, Forecast, & Trends Analysis by Type (Vitamins A, Vitamins B, Vitamins C, Vitamins D, Vitamins E, Vitamins K), Source (Plant, Animal), Form (Dry, Liquid), Application (Food & Beverages, Pharmaceuticals)—Global Forecast to 2031

The Vitamins Market was valued at $14.55 billion in 2023. This market is expected to reach $26.03 billion by 2031 from an estimated $15.64 billion in 2024, at a CAGR of 7.5% during the forecast period from 2024 to 2031.

Vitamins Market Size & Forecast

Key factors driving the growth of this market include the rising demand for fortified foods, functional beverages, and dietary supplements, coupled with increased awareness of vitamin deficiencies and rising health expenditures. Moreover, the growing preference for naturally sourced products and personal care items is anticipated to create new opportunities for market participants.

Key Findings Vitamins Market

• By Type: The Vitamin B Segment to Dominate the Vitamins Market in 2024
• By Source: The Plant Segment is Expected to Register the Highest CAGR during the Forecast Period of 2024—2031
• By Form: In 2024, the Dry Segment is Expected to Dominate the Vitamins Market
• By Application: the Food & Beverages Segment is Expected to Register Highest CAGR during the Forecast Period of 2024—2031
• By Geography: Asia-Pacific Dominates the Vitamins Market in 2024

Vitamins Market Drivers

Growing Demand for Functional Beverages

The rising adoption of functional beverages is fueled by increasing consumer awareness of health and nutrition, as well as the growing prevalence of chronic diseases. People are becoming more health-conscious and are seeking products that align with their dietary preferences and lifestyle choices. This shift has led to a demand for functional beverages that provide convenient and nutritious solutions.

The growing interest in functional foods & beverages has placed pressure on manufacturers to innovate and broaden their product offerings. As a result, there is an increased demand for vitamins for the formulation of various beverage products. Many functional beverages are fortified with vitamins and minerals, which are viewed as essential for maintaining health and preventing disease. Commonly fortified vitamins include B-complex, A, C, D, and E. These vitamins enhance the nutritional profile of products, offering benefits such as supporting energy metabolism (vitamin B), boosting immune function (vitamin C), and promoting bone health (vitamin D). Therefore, the rising demand for functional beverages is significantly driving the growth of the global vitamins market.

Rising Awareness About Vitamin Deficiencies

Today, people are more conscious of their health and are opting for healthier dietary patterns. The WHO estimates that many individuals are at risk of micronutrient deficiencies, including vitamins. In response, market players are launching collaborative programs aimed at improving dietary quality and access to essential nutrients.

Vitamin deficiencies can lead to serious health issues: for instance, vitamin A deficiency can cause preventable blindness in children, vitamin B12 deficiency may result in neurological problems such as visual disturbances and cognitive decline, and vitamin D deficiency is linked to various health issues, including obesity and metabolic syndrome. The rising awareness about these deficiencies has prompted individuals to seek out foods enriched with vitamins. These factors have contributed to the rising adoption of vitamins, further supporting the growth of the market.

Vitamins Market Opportunities

Rising Demand for Naturally Sourced Products 

In recent years, the demand for naturally sourced products has grown due to safety concerns, health benefits, and environmental considerations. Consumers are increasingly choosing natural and organic products over those containing artificial preservatives, synthetic additives, and harmful chemicals. Products with synthetic ingredients may have adverse effects on mental health and gut health, driving the demand for natural options. As a result, many companies are investing in the development of natural product lines to meet this growing consumer demand. This trend is expected to create opportunities for manufacturers in the naturally sourced vitamins market.

Vitamins Market Analysis: Top Market Opportunity:

By Type: In 2024, the Vitamin B Segment is Expected to Dominate the Vitamins Market

Based on type, the Vitamins market is segmented into Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K. In 2024, the Vitamin B segment is expected to account for the largest share of the Vitamins market. The segment’s major market share is primarily attributed to increasing health awareness, rising vitamin deficiencies, an aging population, rising consumption of processed foods, and the growing use of Vitamin B in various food and beverage, personal care, and nutraceutical applications. Vitamin B is also being used to address issues such as anemia, fatigue, neurological disorders, and energy metabolism. Additionally, Vitamin B is also crucial for pregnant and nursing women, as it aids in fetal brain development and helps reduce the risk of congenital disabilities, which further drives market growth.

Moreover, the Vitamin B segment is expected to register the highest CAGR during the forecast period of 2024–2031. This growth is driven by increased spending on premium fortified food products, a rise in chronic diseases, and a growing prevalence of Vitamin B deficiencies. For instance, in India, approximately 75% of the population—over 650 million people—are estimated to have Vitamin B12 deficiency.

Geographical Analysis

Asia-Pacific Dominates the Vitamins Market in 2024

In 2024, Asia-Pacific is estimated to account for the largest share of the global vitamins market. This significant market share is primarily attributed to the high demand for functional food components, an increasing prevalence of diseases, rising expenditures on health products, abundant availability of raw materials, and the presence of leading market players in the region.

Moreover, the market in Asia-Pacific is projected to record the highest CAGR during the forecast period of 2024–2031. The growth of this regional market is driven by growing health consciousness and increasing vitamin deficiencies in several countries. For instance, there is a rising prevalence of vitamin D deficiencies in India and Malaysia, vitamin B12 deficiencies in India, and vitamin A deficiencies in various Southeast Asian nations.

Key Companies

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players over the past three years (2021-2024).

The key players profiled in the global vitamins market report are BASF SE (Germany), Archer Daniels Midland Company (U.S.), Cargill Incorporated (U.S.), Ingredion Incorporated (U.S.), Tate & Lyle PLC (U.K.), Roquette Freres (France), DSM-Firmenich AG (Switzerland), Lonza (Switzerland), Dishman Carbogen Amcis Ltd (India), Divi's Laboratories Ltd. (India), Fermenta Biotech Limited (India), Lycored Corp. (U.S.), Glanbia plc (Ireland), and Zhejiang Garden Biopharmaceutical Co. Ltd. (China), among others.

Vitamins Industry Overview: Latest Developments from Key Industry Players

• In December 2023, Smart for Life, Inc. (U.S.) signed a Letter of Intent (LOI) to acquire a cutting-edge manufacturer of vitamins and supplements.
• In July 2022, BASF SE (Germany) expanded its vitamin A formulation plant in Ludwigshafen, Germany.
• In July 2022, Biosyntia Aps (Denmark) raised EUR 11.5 million in a Series B funding round to launch the world’s first bio-based vitamin B7.
• In April 2022, Abbott Laboratories (U.S.) launched Arachitol Gummies in India, designed to help maintain sustainable levels of vitamin D.

Vitamins Market Research Summary

Key questions answered in the vitamins market report: