Vitamins & Supplements Market Update – December 2025

Women’s Health & Wellness Brands Gain Momentum, Vitamins and Supplements Market M&A Rises Due to Resilient Consumer Demand

The Vitamins and Supplements market has experienced accelerated merger and acquisition (M&A) activity fueled by resilient consumer spending and rising demand for health supplementation, with women’s wellness products emerging as a hot spot for growth. This momentum has cultivated strong investor interest, as companies seek to capitalize on shifting preferences and emerging trends with enduring potential. Wellness has become increasingly personalized and proactive, evidenced by female consumers mounting interest in immunity, hormonal balance, beauty-from-within, and mental well-being product categories. Companies have diversified portfolios and are expanding into female-focused wellness categories to capture new revenue streams in a burgeoning segment ripe with tailwinds. Across the Health & Wellness space, consumers have demonstrated a strong commitment to improving both mental and physical health. This demand has resulted in a dynamic Vitamins and Supplements market where innovation, brand trust, clinically backed, and targeted health solutions have proven to be key M&A differentiators.

Health and wellness continues to attract robust M&A interest as consumers seek personalized care and cleaner, more innovative products. Women’s wellness, targeted supplementation, and longevity-driven offerings are emerging as key focus areas for acquirers.

Lisa TolliverManaging Director, Capstone Partners

Female Consumer Demand Supports Product Development Initiatives in the Vitamins and Supplements Market

The spotlight on women’s health and high demand from female consumers toward functional ingredients and health-centric supplements has driven strong interest to the category from strategic buyers and investors alike. In 2024, the majority (60%) of women reported taking a daily dietary supplement, according to a Nutrition Business Journal (NBL) survey.¹ Moreover, the U.S. Women’s Health and Beauty Supplements market is expected to grow at a compound annual growth rate (CAGR) of 4.9% between 2025 and 2032, reaching approximately $89.3 billion in 2032, according to S&S Insider.² This robust growth has been underpinned by rising demand for women’s supplements that support both mental and physical well-being, as well as natural, condition-specific remedies. Menopause, fertility, longevity, and metabolic health-oriented supplements have been a growing areas of interest among female consumers looking for natural solutions that support long-term health and wellness. Ingredients like Black Cohosh, utilized within menopause and premenstrual supplements, and Nicotinamide Adenine Dinucleotide (NAD) precursors, for cell regeneration, energy production, and DNA repair, have benefitted from this demand. In addition to longevity and lifecycle-focused formulations, women’s beauty supplements have gained significant traction, as female consumers increasingly seek products that support skin, hair, and nail health. Beauty add ins including Collagen, which promotes skin elasticity, hydration and strength, and Ceramides, for skin moisture, water retention, and wrinkle prevention, have seen a strong usage uptick as a result of this trend. The increased demand for products that include these types of ingredients has bolstered growth opportunities and made companies that utilize them attractive acquisition targets.

Lifecycle Health and Women’s Beauty subsegments have continued evolving to better address female consumer preferences as demand has continued rising. Searches for terms such as “Menopause Supplement”, “UTI Supplement”, “Collagen Supplement”, and “Fertility Supplement” have all experienced peak popularity within the last two years, according to Google Trends.³ Growing female interest in the space has seen many vitamins and supplements providers earmark this category as a key white space opportunity. Reckitt Benckiser Group (LSE:RKT), a manufacturer of health and nutrition products, has seen its female intimate wellness brand’s revenue grow 4x since 2023, according to its Q4 2024 earnings call.⁴ Meanwhile, women’s hormonal health supplement brand BOND launched in more than 435 Whole Foods Market stores in September 2025, according to a press release.⁵ In addition, U.K.-based healthcare product developer Venture Life Group (AIM:VLG) plans on launching more than 11 new fertility, pregnancy, and parenthood products in Q4 2025, underscoring the rapidly expanding Women’s Supplement market, according to Venture Life’s 2025 Interim Results Presentation.⁶ Continued growth in women’s health and wellness supplementation is expected to further support organic product development and innovation with brands offering clinical credibility and scalable business models seeing accelerated acquirer interest and strong valuations.

Attractive Growth Opportunities Lead to Rise in Vitamins and Supplements Market M&A

Rising supplement usage, shifting consumer priorities, and expanding focus on functional ingredients have led to strong acquisition appetite in the Vitamins and Supplement market. Sector transaction volume has surged year to date (YTD), increasing to 70 deals announced or completed compared to 59 in the prior year period. The sector’s M&A market has significantly outperformed that of the broader Consumer industry, which has seen deal volume decline 34.7% year-over-year (YOY) during the same period. The onset of functional ingredients—including magnesium, ashwagandha, beet root, mushrooms, among others—that regulate heart health, manage stress, improve blood flow, and boost immunity have contributed to the M&A increase as acquirers look to fill capability and portfolio gaps through acquisitions.

Strategic acquirers have continued to dominate M&A in the Vitamins and Supplements market, as this buyer group has continued to make portfolio adjustments in-line with sector tailwinds while filling gaps within their own portfolio. These buyers have accounted for 80% of sector deals YTD. Private strategic deal volume has increased by 13 transactions to 35 in YTD 2025. Public buyers have followed a similar pattern, increasing from 15 deals in YTD 2024 to 21 in YTD 2025. Strategic buyers have continued to grow supplement brand portfolios, with total Supplements segment M&A comprising the majority (52.9%) of sector deal volume to date. The Food & Beverage category has also remained active, accounting for 21.4% of total sector deals, as consumers increasingly look for functional ingredients in their diets. Financial buyer activity has slowed YOY from 22 deals in YTD 2024 to 14 deals in YTD 2025. Platform acquisitions have fallen by six deals YOY to three in YTD 2025. Similarly, add-on activity has decreased by two transaction YOY to 11 deals to date. Private equity (PE) buyers have become slightly more conservative in deploying capital as many sector businesses have been too small to scale, muddying exit visibility. While strategics will likely continue representing the majority of sector deal volume, everchanging consumer preferences and easing borrowing conditions may allow for sufficient opportunities for PE buyers to gain more exposure in the space.

Vitamins and Supplements Market M&A Pricing Remains Strong, Acquirers Pay Premiums for Brand Recognition and Functional Ingredients

M&A valuations within the Vitamins and Supplements market have shown a notable divergence compared to the broader Consumer industry. The average sector M&A multiple has reached 10.7x EV/EBITDA between 2024 and YTD 2025, compared to 9.7x for the overall Consumer industry during the same period. Companies in the space with one or more widely adopted products have garnered premium multiples, propping up vitamins and supplements M&A valuations. In addition, large corporates are divesting non-core brands to realign their core focus and strengthen their financial position. Notably, Essity recently announced its plans to acquire Edgewell Personal Care Company’s (NYSE:EPC) feminine care business for $340 million—representing  ~12.1x EV/EBITDA on a pro-forma International Financial Reporting Standards (IFRS) basis and 1.2x EV/Revenue, according to a press release.⁷ The company is acquiring long-standing brands such as Carefree, Stayfree, and o.b. in the U.S., Canada, and the Caribbean, global feminine care rights for the Playtex brand and a production facility in Dover, Delaware through the deal. “The acquisition supports Essity’s strategy to focus on high margin categories and to grow market positions in the US, the world’s largest hygiene market, according to the press release.” Capstone anticipates continued buyer interest in vitamins and supplements businesses that have exposure to underpenetrated, but increasingly active, subsegments like Women’s Lifecycle Health, Feminine Care, Telemedicine and Beauty.

Operators Build Scale Through M&A and Equity Financing in the Women’s Health Segment

Quality women’s vitamins and supplements businesses have continued to see elevated levels of M&A interest, in parallel with changing consumer preferences and priorities. The sustained shift toward women-focused, purpose-driven supplement brands that support holistic well-being regimes is expected to drive growth within a relatively nascent, but growing, pocket of the M&A market. Of note, O Positiv Health, a women’s health supplement brand, has been rumored to be exploring a potential sale which could value the company at approximately $1 billion, according to a June 2025 Reuters article.⁸  Supplements targeting specific conditions, functional ingredients, and improving overall health and wellness have seen accelerated buyer appetite. These buyers have sought companies that can progress product innovation and offerings. Several notable women’s health transactions are highlighted below.

• Perelel Secures $27 Million in Series A2 Funding (November 2025) – Perelel secured $27 million in Series A2 funding for a post-money valuation of $145 million (November 2025). Prelude Growth Partners led this round, accompanied by existing investors Unilever Ventures, Willow Growth Partners and Selva Ventures. Perelel operates the first doctor-founded, research-backed supplement company for women. With the additional capital from this funding round, the company plans on continuing to provide clinically proven products to support women throughout their entire hormonal lifecycle. In just five years of operation, the company has achieved profitability, segment-leading customer retention, and double YOY revenue. “As a doctor-founded brand with a commitment to products backed by clinical rigor and robust research, we’ve built our reputation on a foundation of trust. That trust fuels our community and drives real connection — between us and our customers, and within every woman who chooses us”, mentioned Alex Taylor, Co-Founder of Perelel, in a press release.⁹
• Nutrabolt Acquires Bloom Nutrition (September 2025, $110 Million, 0.6x EV/Revenue) – In September 2025, Nutrabolt the remaining stake of Bloom Nutrition for an enterprise value of $110 million, equivalent to 0.6x EV/Revenue. Bloom Nutrition produces health supplements with active ingredients that are functional and high quality. Bloom’s suite of products include its flagship energy drink Bloom Sparkling Energy, Colostrum & Collagen Peptides, and Supergreens. The acquisition of Bloom enables Nurtabolt to extend its reach into new supplement categories and use cases, while also broadening its customer base. In January 2024, Nutrabolt led Bloom’s $90 million financing round, receiving a 20% ownership stake in the company. This initial investment provided Nutrabolt the opportunity to expand its health and wellness portfolio. “With the breakout success of Bloom Pop and a record-breaking year for Bloom Sparkling Energy, the brand’s momentum presents a powerful step-change growth opportunity for Nutrabolt. I’m confident Bloom is on track to become one of the fastest-growing and most talked-about beverage brands in the years ahead,” stated Doss Cunningham, Chairman and CEO of Nutrabolt, in a press release.¹⁰

The integration of functional ingredients and increased attention on women’s health supplements have become promoters of long-term growth within the Vitamins and Supplements market. This shift has positioned women’s health as a focal point for innovation as brands have begun to make female wellness a precedent in product development strategies. Operators willing to expand offerings to support the shifting priorities and preferences of female consumers are expected to garner elevated buyer interest through year-end and into 2026.

To discuss the shift towards women’s health and wellness supplements, provide an update on your business, or learn about Capstone’s wide range of advisory services and Vitamins and Supplements market knowledge, please contact us.

Matt Milone, Analyst, was the lead Market Intelligence contributor to this article.

Endnotes

1. Nutrition Business Journal, “Longevity Report 2024,” https://store.newhope.com/products/longevity-report, accessed October 22, 2025.

2. S&S Insider, “Women’s Health and Beauty Supplements Market Report,” https://www.snsinsider.com/reports/womens-health-and-beauty-supplements-market-8268, accessed October 30, 2025.

3. Google, “Google Trends,” https://trends.google.com/trends/explore?geo=US&hl=en-US, accessed October 30, 2025.

4. Reckitt Benckiser Group, “Full Year Results 2024,” https://www.reckitt.com/media-landing/press-releases/2025/full-year-2024/, accessed October 31, 2025.

5. PR Newswire, “BOND Launches Nationwide Retail, Available Exclusively at Whole Foods Market,” https://www.prnewswire.com/news-releases/bond-launches-nationwide-retail-available-exclusively-at-whole-foods-market-302545481.html, accessed November 3, 2025.

6. Venture Life, “Venture Life 2025 Interim Results Presentation,” https://www.venture-life.com/wp-content/uploads/2025/10/Venture-Life-2025-Interim-Results-Presentation.pdf, accessed November 3, 2025.

7. Essity, “Essity acquires Edgewell’s feminine care business in North America including the brands Carefree, Stayfree and Playtex,” https://www.essity.com/media/press-release/essity-acquires-edgewell-s-feminine-care-business-in-north-america-including-the-brands-carefree-stayfree-and-playtex/3ae0356e4b5fdf7c/, accessed December 4, 2025.

8. Reuters, “Women’s supplements brand O Positiv explores sale, sources say,” https://www.reuters.com/business/healthcare-pharmaceuticals/womens-supplements-brand-o-positiv-explores-sale-sources-say-2025-06-11/, accessed October 31, 2025.

9. PR Newswire, “Perelel Secures $27M Growth Investment from Prelude Growth Partners to Reimagine Women’s Health,” https://www.prnewswire.com/news-releases/perelel-secures-27m-growth-investment-from-prelude-growth-partners-to-reimagine-womens-health-302622022.html, accessed, December 4, 2025.

10. Nutrabolt, “Nutrabolt Expands Strategic Partnership with Bloom Nutrition, Strengthening Portfolio and Broadening Market Reach,” https://nutrabolt.com/news/nutrabolt-expands-strategic-partnership-with-bloom-nutrition-strengthening-portfolio-and-broadening-market-reach/, accessed October 17, 2025.