The global Multivitamins Market was valued at USD 46.63 billion in 2021 and is projected to achieve a 6.1% compound annual growth rate (CAGR) in revenue during the forecast period. The growth in market revenue can be attributed to the increasing prevalence of vitamin and mineral deficiencies among individuals worldwide. A significant number of people globally are experiencing inadequacies in their daily intake of crucial vitamins and minerals. According to the World Health Organization (WHO), more than 2 billion people worldwide are estimated to lack essential vitamins and minerals, with a particular emphasis on Vitamin A, Iodine, iron, and zinc. Most of these individuals reside in low-income countries and typically suffer from deficiencies in multiple micronutrients. Global multivitamin market players are expanding their market share by addressing the demand gap for multivitamin products in low-income countries, thereby bolstering market revenue growth.

Notably, vitamin deficiency diseases predominantly impact children, with common examples including scurvy (caused by a deficiency in vitamin C), beri-beri (related to vitamin B1), pellagra (associated with vitamin B3), and rickets (linked to vitamin D). These diseases are alarmingly prevalent, and the WHO reports that 45% of child deaths worldwide are linked to undernutrition. Consequently, multivitamin supplements are increasingly being recognized as an essential part of addressing child nutrition issues.

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Competitive Landscape:

·         Pfizer Inc.

·         Bayer AG

·         Glanbia PLC

·         GSK plc

·         Lonza

·         BASF SE

·         Royal DSM N.V.

·         NewAge

·         Inc.

·         AIE Pharmaceuticals

·         Inc.

·         and Aland (Jiangsu) Nutraceutical Co.

·Top of Form

·Bottom of Form

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Driving Factors:

1. Increasing Health Awareness: Growing awareness about the importance of a balanced diet and the role of vitamins and minerals in overall health is driving demand for multivitamin supplements.
2. Rising Health Concerns: An increase in lifestyle-related health issues such as obesity, diabetes, and cardiovascular diseases has led people to seek preventive measures, including the use of multivitamins.
3. Aging Population: The aging global population is more inclined to use multivitamins to address age-related health concerns, such as bone health and cognitive function.
4. Nutrient Deficiencies: Widespread nutrient deficiencies, as reported by organizations like the World Health Organization, drive the need for multivitamin supplements to bridge the nutritional gap.

Constraints:

1. Regulatory Challenges: The multivitamins market faces regulatory hurdles and quality control issues, leading to concerns about product safety and efficacy.
2. Limited Scientific Consensus: The effectiveness of multivitamin supplements is a subject of ongoing debate within the scientific community, which can affect consumer confidence.
3. Overconsumption Risks: Excessive intake of certain vitamins and minerals can have adverse effects on health, raising concerns about overconsumption.
4. Competition from Whole Foods: Many people prefer obtaining their essential nutrients from a balanced diet, leading to competition from natural sources over multivitamin supplements.

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