Vitamin, Nutritional Supplement & Other Health-Related Product Manufacturing Industry Profile

Companies in this industry develop and manufacture vitamins, nutritional supplements, herbal remedies, and other natural health products. Major companies include Amway, Herbalife Nutrition, Nature's Bounty, and USANA (all based in the US), as well as Arkopharma (France), Nelsons (UK), Tong Ren Tang (China), and divisions of companies such as Pfizer and Procter & Gamble (both based in the US).

The global market size of dietary supplements is expected to reach about $310 billion by 2028, according to Facts and Factors. The Asia Pacific is expected to dominate the global dietary supplement market as the demand for supplements has expanded in recent years in countries such as China, India, and Japan due to a large elderly population.

The US medicinal and botanical manufacturing industry includes about 500 establishments with combined annual revenue of about $11 billion.

COMPETITIVE LANDSCAPE

Demand for vitamins and nutritional supplements is driven by demographics, acceptance of natural medicines, and the desire to maintain long-term health. The profitability of individual companies depends on the ability to develop superior products. Large companies benefit from economies of scale of manufacturing, research, and marketing. Small companies can compete effectively by specializing in niche nutritional products, or through advanced product development efforts. The US industry is concentrated: the top 50 companies account for over 75% of revenue.

Exports account for about 20% of US production. Major export markets for US vitamins include Canada, Mexico, the ...