Hyderabad, Telangana -- (SBWIRE) -- 02/22/2023 -- OTC Vitamins and Minerals Dietary Supplements Market

Overview:
Apart from meeting daily nutritional requirements, vitamin and mineral supplements contain therapeutic characteristics that provide healing effects. It aids in the development of a robust immune system against common ailments. Vitamins and minerals have grown in prominence in the food and beverage industry in recent years. Food enrichment is the process of adding minerals and vitamins to food items that would otherwise be lost during the production or storage process. It is recognized as a significant technique highlighted by the World Health Organization for raising mineral and vitamin intake among consumers globally.

Market Growth and Future Apprehension:
The most recent USD Analytics report predicted that the worldwide "OTC Vitamins and Minerals Dietary Supplements Market" will expand at a CAGR 8.2% during 2023 to 2030.

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Market Dynamics:

Drivers:

Growing awareness regarding vitamin deficiencies such as iron insufficiency, iodine shortage, and others, as well as changing lifestyle, are significant drivers driving revenue growth in the worldwide market. Furthermore, rising food and beverage expenditure, rising per capita income levels, rising living standards among consumers, and rising awareness about nutritious food intake among individuals are some of the reasons driving the worldwide OTC vitamins and minerals dietary supplements market.

Restraints:
However, some risks and side effects associated with OTC vitamins and minerals dietary supplements products due to overconsumption, product recalls due to the presence of bacterial or microbial contaminations, and stringent regulatory policies by governing bodies are major factors expected to limit global market growth to some extent.

Market Challenges:
The availability of supplements without a legitimate prescription is the biggest impediment to industry expansion. Overdoes of vitamins and minerals can result in significant adverse effects such as redness, weight loss, and other negative consequences on the human body. Cancer and heart diseases are frequent among customers, which may have an impact on market growth.

Segmentation Analysis:
The global OTC Vitamins and Minerals Dietary Supplements market segmented by it's type and, application

By Type:
- Vitamins
- Minerals
- Other Dietary Supplements
By Application:
- Bone and Joint Health
- Cardiac Health
- Immunity Boosting & General Health
- Gastrointestinal
- Weight management & Energy
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa

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Competitive Landscape:
Major players for OTC Vitamins and Minerals Dietary Supplements Market are
- Pfizer
- GlaxoSmithKline
- Sanofi SA
- Merck Group
- Royal DSM
- Abbott Laboratories
- Reckitt Benckiser
- Abbvie
- Alacer Corp
- Colgate-Palmolive CompanyArkopharma

Recent Developments:
- GSK plc completed the demerger of the GSK Group's Consumer Healthcare division to become the Haleon Group in July 2022.
- Dr. Reddy's Laboratories Ltd. signed a licencing deal with Slayback Pharma LLC in July 2022 to acquire rights to Slayback's Brimonidine Tartrate Ophthalmic Solution 0.025%, the U.S. private label counterpart of Lumify® (OTC eyedrop). The deal also grants Dr. Reddy exclusive rights to the product outside of the United States.
- IFF agreed to buy Health Wright Products, LLC(HWP), a contract maker of nutritional supplements, in February 2022.
Geographical Analysis:
North America is predicted to account for the target market's greatest revenue share. This is mostly due to greater disposable income levels and rising knowledge about the consumption of nutritious foods in nations such as the United States and Canada. Because of the expanding food and beverage sector, Asia Pacific is predicted to have the greatest CAGR in the future years. Some of the primary drivers driving the rise of OTC vitamins and minerals nutritional supplements in the Asia Pacific area include India, China, and Japan.
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