1. Market Value and Growth Projections
The global Multi-Vitamin and Mineral (MVM) Supplements Tablets market is projected to experience significant growth, reaching an estimated value of 14670.17 M USD by 2024.
This represents a Compound Annual Growth Rate (CAGR) of 11.74% from 2024 to 2029. Multi-Vitamin and Mineral (MVM) Supplements Tablets are nutritional supplements that contain a combination of vitamins and minerals, essential for maintaining good health.
They are designed to fill nutritional gaps in one’s diet, providing a convenient way to ensure adequate intake of essential micronutrients. The growing awareness of health and nutrition, coupled with the busy lifestyles of consumers, has led to an increased demand for these supplements. The market is also driven by the aging population, which tends to have higher nutritional needs, and the rising prevalence of health-consciousness among younger demographics.
Figure Global Multi-Vitamin and Mineral (MVM) Supplements Tablets Market Revenue (M USD) in 2024
2. Driving and Limiting Factors
The growth of the MVM Supplements Tablets market is influenced by several driving factors. The enhancement of health awareness due to unhealthy lifestyles has led to an increase in the number of patients, thereby boosting the demand for healthcare and supplements. The widespread distribution channels, especially the rise of e-commerce, have made MVM supplements more accessible to consumers globally.
Additionally, sustained economic growth has provided the kinetic energy for industry development, as people tend to focus more on health once their basic material needs are met. The aging population has also become a significant driver, as the elderly are the primary consumers of health care products, and their share in the global population is set to increase.
However, the market faces challenges that could limit its growth. One of the primary challenges is the low terminal profit and the issue of terminal interception, particularly in the pharmaceutical retail end. The high cost of consumer education for MVM supplements is another limiting factor, as these products require consistent use over time to show effects.
Furthermore, consumers often lack nutrition knowledge, which leads to weak awareness of overall healthcare and hinders the popularization of nutritional products like MVM supplements. The lack of attention to nutrition and health education by governments, NGOs, media, and the public at large contributes to this issue.
3. Technology Innovation, Mergers, and Acquisitions
In terms of technology innovation and corporate activities, the MVM Supplements Tablets market has seen significant developments. Companies are focusing on product segmentation and diversification to cater to the specific health needs of different consumer groups. The rise of e-commerce has also accelerated the shift towards online channels, providing convenience and a wider selection of products to consumers.
Mergers and acquisitions have played a crucial role in shaping the market. For instance, GSK’s spin-off of its Consumer Healthcare business to form Haleon plc has marked a significant shift in the industry. This move is expected to increase competition and drive innovation within the MVM Supplements Tablets market.
Additionally, Bayer’s acquisition of KaNDy Therapeutics Ltd and its launch of “The Nutrient Gap Initiative” demonstrate the company’s commitment to expanding access to vitamins and minerals globally. Nestlé’s acquisition of core brands of The Bountiful Company has expanded its health and nutrition portfolio, creating a global leader in vitamins, minerals, and nutritional supplements.
These strategic moves indicate a market that is not only growing but also evolving, with a focus on innovation and expansion to meet the diverse needs of consumers worldwide. Companies are adapting to the changing landscape by investing in research and development, pursuing mergers and acquisitions, and exploring new distribution channels to stay competitive in the global MVM Supplements Tablets market.
4. Analysis of Multi-Vitamin and Mineral (MVM) Supplements Tablets Product Types
The Multi-Vitamin and Mineral (MVM) Supplements Tablets market is characterized by a diverse range of product types, each designed to meet specific nutritional needs. The two primary categories of MVM supplements are vitamins and minerals. Vitamins are organic compounds that are essential for various bodily functions, while minerals are inorganic elements that play crucial roles in maintaining health.
In 2024, the market consumption of MVM Supplements Tablets is expected to reflect significant trends in consumer preferences and health awareness.
Vitamins are projected to dominate the market, accounting for approximately 80.58% of total consumption. This is largely due to the widespread recognition of the importance of vitamins in supporting overall health, boosting immunity, and enhancing energy levels. Vitamins such as Vitamin C, Vitamin D, and the B-complex vitamins are particularly sought after, as they are associated with numerous health benefits, including immune support, energy metabolism, and mental health.
On the other hand, minerals, while still essential, are expected to hold a smaller market share, estimated at around 19.42% of total consumption. However, the consumption of mineral supplements is also on the rise, driven by increasing awareness of their role in bone health, muscle function, and metabolic processes. Key minerals such as calcium, magnesium, and zinc are gaining traction among consumers looking to enhance their nutritional intake.
Table Market Consumption and Share by Type in 2024
|
Type |
Consumption (K Units) |
Market Share (%) |
|---|---|---|
|
Vitamins |
60118.0 |
80.58% |
|
Minerals |
14490.9 |
19.42% |
|
Total |
74609.0 |
100.00% |
5. Analysis of Applications in the Multi-Vitamin and Mineral (MVM) Supplements Tablets Market
The Multi-Vitamin and Mineral (MVM) Supplements Tablets market is characterized by a variety of applications that cater to different consumer needs. The primary applications for MVM supplements include supermarkets and hypermarkets, pharmacies, and online sales. Each of these channels plays a crucial role in the distribution and consumption of MVM supplements, reflecting the evolving preferences of consumers in 2024.
In 2024, the application of pharmacies is expected to hold the largest market share, accounting for approximately 43.04% of total consumption.
Pharmacies are traditionally viewed as trusted sources for health-related products, and consumers often seek professional advice when purchasing vitamins and supplements. This trust factor, combined with the convenience of purchasing health products in pharmacies, contributes to their dominance in the MVM supplements market. The pharmacy channel is projected to consume around 32108.1 K units in 2024, reflecting the continued reliance of consumers on these establishments for their health needs.
Supermarkets and hypermarkets represent another significant application, expected to account for about 29.55% of the market share. This channel is particularly popular among consumers who prefer one-stop shopping for their groceries and health products. The convenience of finding MVM supplements alongside other daily necessities makes supermarkets a favored choice. In 2024, this application is projected to consume approximately 22049.8 K units, showcasing the importance of accessibility in driving sales.
Online sales, while currently holding a smaller market share of around 27.41%, are experiencing the fastest growth rate among the applications. The online sales channel is expected to see a CAGR of approximately 12.87% from 2024 to 2029, driven by the increasing consumer preference for the convenience of shopping from home and the ability to compare prices and products easily. In 2024, online sales are projected to consume about 20451.1 K units, reflecting a growing trend towards e-commerce in the health and wellness sector.
Table Global Multi-Vitamin and Mineral (MVM) Supplements Tablets Consumption (K Units) Forecast by Application in 2024
|
Application |
Consumption (K Units) |
Market Share (%) |
|---|---|---|
|
Supermarkets and Hypermarkets |
22049.8.8 |
29.55 |
|
Pharmacy |
32108.1 |
43.04 |
|
Online Sales |
20451.1 |
27.41 |
|
Total |
74609.0 |
100.00 |
6. Regional Analysis of the Multi-Vitamin and Mineral (MVM) Supplements Tablets Market in 2024
The Multi-Vitamin and Mineral (MVM) Supplements Tablets market is experiencing robust growth across various regions, driven by increasing health awareness and the rising demand for nutritional supplements. In 2024, the market consumption (in K Units) is expected to vary significantly by region, with North America, Europe, Asia-Pacific, South America, and the Rest of the World all contributing to the overall market dynamics.
In 2024, North America is projected to be the largest regional market for MVM supplements, with an estimated consumption of approximately 28495.2 K units. This dominance can be attributed to the high level of health consciousness among consumers in the region, coupled with a well-established retail infrastructure that includes pharmacies, supermarkets, and online platforms. The United States, in particular, plays a crucial role in this market, as consumers increasingly turn to MVM supplements to support their health and wellness goals.
Following North America, the Asia-Pacific region is expected to emerge as a significant player in the MVM supplements market, with a projected consumption of around 21865.3 K units in 2024. The growing population, coupled with rising disposable incomes and increasing health awareness, is driving the demand for nutritional supplements in countries like China and India. Moreover, the region is witnessing a shift in consumer behavior, with more individuals seeking preventive healthcare solutions, thereby boosting the market for MVM supplements.
Europe is also a key market, with an estimated consumption of 18197.2 K units in 2024. The region’s focus on health and wellness, along with stringent regulations regarding dietary supplements, ensures that consumers are inclined to purchase high-quality MVM products.
Figure Global Multi-Vitamin and Mineral (MVM) Supplements Tablets Market Consumption by Region in 2024
7. Analysis of the Top Three Multi-Vitamin and Mineral (MVM) Supplements Tablets Companies in 2022
7.1 Bayer AG
Company Introduction and Business Overview:
Bayer AG, a German multinational pharmaceutical and biotechnology company established in 1863, operates under the vision of “Health for All, Hunger for None.” and is headquartered in Leverkusen, Germany. With a global presence, Bayer’s business spans pharmaceuticals, consumer healthcare products, agricultural chemicals, seeds, and biotechnology products. The company is renowned for its commitment to innovation, particularly in the realm of health care and nutrition.
Products Offered:
Bayer AG offers a diverse range of MVM supplements, with a focus on quality and scientific formulation. One of their key products is the Elevit™ multivitamin and mineral supplement, tailored to meet the nutritional needs of women who are trying to conceive, pregnant, and breastfeeding. This product is formulated to support daily energy levels, immune function, and brain function, and is gluten-free and made without artificial flavors or sweeteners.
Sales Revenue in 2022:
In 2022, Bayer AG reported sales of 2162.0 K units for MVM supplements, generating a revenue of approximately 824.41 million USD. The company’s dedication to providing high-quality supplements has helped it maintain a robust market position.
7.2 Haleon plc
Company Introduction and Business Overview:
Haleon plc, established in 2022, is a British multinational consumer healthcare company with headquarters in Weybridge, Surrey. It was formed as a corporate spin-off from GSK and has since become the largest consumer healthcare business globally. Haleon is known for its brands including Sensodyne toothpaste, Panadol painkillers, and Centrum vitamins.
Products Offered:
Haleon plc offers a variety of MVM supplements, including Centrum Fresh and Fruity Chewables, a multivitamin for adults. This product is packed with essential nutrients to support daily energy levels, immune function, and brain function. It contains over 100% of the daily value of B-vitamins and is gluten-free with no artificial flavors or sweeteners.
Sales Revenue in 2022:
Haleon plc reported sales of 10609.2 K units in 2022, with a revenue of about 778.32 million USD. The company’s extensive product range and global reach have contributed to its significant market share.
7.3 Amway Corp.
Company Introduction and Business Overview:
Amway Corp., founded in 1959, is an entrepreneur-led health and wellness company based in Ada, Michigan. It is among the top 50 privately held, family-owned companies in the United States. Amway is committed to helping people live better, healthier lives across more than 100 markets worldwide.
Products Offered:
Amway Corp. offers a line of MVM supplements, including Nutrilite™ Men’s Daily Multivitamin Tablets. This product is tailored to support men’s health needs, including immunity, energy, muscle, and heart health. It contains 22 essential vitamins and minerals, plus 200 mg of organic plant nutrients, and is free of gluten, dairy, lactose, and artificial colors, flavors, or preservatives.
Sales Revenue in 2022:
In 2022, Amway Corp. recorded sales of 519.4 K units, generating a revenue of approximately 296.07 million USD. The company’s strong brand recognition and commitment to health and wellness have solidified its market presence.