Multivitamins is a product which is intended to serve as a dietary supplement with vitamins and other nutritional products. Multivitamin supplement contains three or more types of vitamin which help to complete balance diet. Tablets, capsules, powders, liquids, injectable, and others are the various forms of multivitamin supplements. Supplements do not prevent any cancer, heart diseases or other diseases but this multivitamin supplements are useful in people having nutrition issue or those have high risk muscular degeneration. Multivitamins have very negligible side effects but they may harm if consumed too much than daily requirements. Vitamin A, vitamin B, vitamin C, vitamin D, vitamin B12, and others are different types of multivitamin supplement contains.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future owing to the demand for vaccine and treatment drugs for COVID-19. This in turn is expected to have a significant impact on the multivitamin supplements market.
Top Impacting Factors
Increase in cases of malnutrition in underdeveloped countries, rise in demand of multivitamins by sport players, grow in people suffering from low immunity, surge in geriatric population, increase in self-directed care, and rapid growth of e-commerce market are the key factors that drive the growth of the market.
In addition, rise in technological advancement in healthcare sector, surge in number of health conscious peoples, surge in disposable incomes, increase in organizations such as gyms and fitness centers, ongoing development to launch of high quality multivitamin supplement by research institutes and joint ventures and agreements between key market players can boost the growth of the market.
However, stringent regulations by authorities and revised tax structure can restrain the growth of the market.
Contrarily, increase in demand for cost effective multivitamins and increase in awareness to maintain good health are expected to offer lucrative opportunities for the expansion of the market.
Market Trends
New Product Launches to Flourish the Market
In 2021, NewAge announced launch of new children’s multivitamin supplement Nutrfii Kids. This product have better absorption for immune system support and in the form of chewable tablets.
In 2020, ParkAcre announced launch of PAW patrol and SpongBob SquarePants multivitamin ranges for kids. This product was launched in U.K. in the form of fizzy drinks and chewable tablets.
In 2020, Purify Life announced launch of its new product line of Elderberry immune booster multivitamin supplements. Elderberry helps to complete daily requirement of vitamins to support immunity.
Key Benefits of the Report
This study presents the analytical depiction of multivitamin supplements market industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
The current market is quantitatively analyzed to highlight the market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Multivitamin Supplements Market Report
Which are the leading players active in the multivitamin supplements market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities of the market?
What future projections would help in taking further strategic steps?
What is "multivitamin supplements"?
What is "multivitamin supplements" market prediction in the future?
Who are the leading global players in the "multivitamin supplements" market?
What are the current trends and predicted trends?
What are the key benefits of the "multivitamin supplements" market report?
Multivitamin Supplements Market Report Highlights
| Aspects | Details |
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 Key Market Players | Amway Corporation, Pharmavite LLC, ABH Nature's Products, Inc., Pfizer Inc., E.I. du Pont de Nemours & Co., Ayanda Group AS, DCC Health & Beauty Solutions Limited, BASF SE, Bayer, Nature's Products, Inc. |
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