What does Biden’s FY2023 Budget has in store for multivitamins future
- 29-Mar-2022 6:30 PM
- Journalist: Henry Locke
Multivitamins have been traditionally used as supplements across the world for a long time now as millions of people take them on a daily basis with their diet in order to stay healthy, improve nutritional qualities, and lower several health problems, including heart diseases, arthritis, osteoporosis, among others. The Health Food Manufacturers’ Association (HFMA), which represents around 125 manufacturers and suppliers of specialist health products across the UK, believes that more than one-third of adults feel they do not get all the necessary nutrients they need in their diet. The global market of multivitamins is highly fragmented, with several small-scale players operating at regional levels. The top 5 major market players around the globe barely make up 13% of the overall share.
However, Vitamins cannot cure covid-19, but with the unprecedented outbreak of COVID along with its delta and omicron variant, there circulated a public notion that vitamins could reduce the severity of symptoms. This led to the increased demand for vitamins and supplements as people around the world started consuming them to strengthen their immunity and fight infections. Rapidly increasing demand for plant-based vitamins and dietary supplements is driving the vitamin market globally. In the global market, the region of North America has the highest volume of consumers for vitamins and supplements, occupying 40% share as over two-thirds of the adult population consumes supplements in the United States.
Biden’s administration has proposed an FY2023 budget request for FDA (Food and Drug Administration) yesterday that includes $1.23 billion for the food sector considering the regulation of supplement manufacturing and marketing. This proposal is likely to boost the consumption of multivitamins and dietary supplements in the domestic market of the United States. An increase of more than $128,000 from the FDA’s current food programs budget will be done in this funding that would be split between $419,932 for CFSAN (Center for Food Safety and Applied Nutrition) and $800,261 for field related work by ORA (Office of Regulatory Affairs).