Vitamins & Minerals - North America

North America

Highlights

The Vitamins & Minerals market market in North America is projected to generate a revenue of US$5.89bn in 2024.
It is anticipated to witness an annual growth rate of 4.64% (CAGR 2024-2029).
When compared globally, China leads the market with a revenue of US$5.33bn in 2024.
In terms of per capita figures, each individual in North America is estimated to contribute US$11.55 in revenue in 2024.
The demand for vitamins and minerals in the OTC Pharmaceuticals market is booming in North America, with an increasing emphasis on natural and organic products.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vitamins & Minerals market in North America is experiencing steady growth, driven by changing consumer preferences and increasing awareness about the importance of a healthy lifestyle.

Customer preferences: Consumers in North America are becoming more health-conscious and are actively seeking ways to improve their overall well-being. As a result, there is a growing demand for vitamins and minerals as dietary supplements. People are increasingly looking for products that can help them meet their nutritional needs and support their immune system. Additionally, there is a rising interest in natural and organic products, leading to a shift towards vitamins and minerals derived from natural sources.

Trends in the market: One of the key trends in the Vitamins & Minerals market in North America is the increasing popularity of personalized nutrition. Consumers are now looking for products that are tailored to their specific needs and preferences. This has led to the emergence of customized vitamin and mineral supplements that are formulated based on individual requirements. Companies are leveraging advancements in technology to offer personalized solutions, such as DNA testing and online assessments, to determine the specific nutritional needs of consumers.Another trend in the market is the rising demand for multivitamin supplements. With busy lifestyles and limited time for meal preparation, many consumers are turning to multivitamins to ensure they are getting the necessary nutrients. Multivitamins offer a convenient way to meet daily nutritional requirements and bridge any gaps in the diet. Additionally, there is a growing focus on specific vitamins and minerals, such as vitamin D and omega-3 fatty acids, due to their associated health benefits.

Local special circumstances: The North American market is highly competitive, with a large number of players offering a wide range of vitamins and minerals. This has led to increased innovation and product development as companies strive to differentiate themselves. Manufacturers are investing in research and development to create unique formulations and delivery systems that offer enhanced bioavailability and efficacy. Additionally, there is a growing emphasis on product quality and safety, with consumers demanding transparency and third-party testing to ensure the authenticity and purity of the supplements they consume.

Underlying macroeconomic factors: The growing health and wellness trend, coupled with an aging population, is driving the growth of the Vitamins & Minerals market in North America. As people become more aware of the importance of preventive healthcare, the demand for supplements that can support overall health and well-being is expected to continue to rise. Additionally, the increasing prevalence of chronic diseases, such as obesity and diabetes, is fueling the demand for vitamins and minerals that can help manage these conditions.Furthermore, the COVID-19 pandemic has further accelerated the growth of the market. The pandemic has highlighted the importance of a strong immune system, leading to an increased focus on supplements that can support immune health. Consumers are actively seeking products that can help boost their immune system and protect against illnesses. This has led to a surge in demand for vitamins and minerals, particularly those known for their immune-boosting properties, such as vitamin C and zinc.In conclusion, the Vitamins & Minerals market in North America is witnessing steady growth, driven by changing consumer preferences, increasing awareness about health and wellness, and the impact of the COVID-19 pandemic. The market is characterized by a focus on personalized nutrition, the popularity of multivitamin supplements, and a strong emphasis on product quality and safety. With the growing health-consciousness among consumers and the rising prevalence of chronic diseases, the demand for vitamins and minerals is expected to continue to grow in the region.

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.