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Global Industry Insight: Vitamin Supplements Market Development and Demand Forecast to 2020
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The global vitamin supplements market, estimated to be valued at $36,929 million in 2014, is expected to grow at 6.5% CAGR during 2014 to 2020, mainly attributed to growing consciousness among consumer about preventative healthcare. Healthcare spend is increasing with the increasing research and development (R&D) expenditure. Due to the increasing cost of healthcare, people are turning towards supplement products, including vitamin supplements, for a healthy life. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA) member associations, the European pharmaceutical R&D expenditure increased from $37,030 million in 2011 to $38,055 million in 2012. In the U.S., the expenditure increased from $36,374 million in 2011 to $36,810 million in 2012. Asia-Pacific holds a major market share in the global vitamin supplements market, followed by North America and Europe. Asia-Pacific is expected to dominate the market in the forecast period owing to increasing geriatric population.
With increasing educational level coupled with increasing vitamin supplements product visibility, the consumer awareness regarding vitamin supplements is increasing. Additionally, various sources of information showing the positive and negative effects of vitamin supplements is helping consumers in decision making for choosing appropriate form of vitamin supplements. Also, knowledge of diseases caused due to vitamin deficiency is propelling the consumer to shift to vitamin supplements in their busy lifestyle.
Deficiency of vitamin in body at older age increases the risk of diseases, such as night blindness, diminishing eyesight, fragile bones and mental disorders. This requires more nutrient-rich foods at older age. It is important to maintain balance of nutrients, including vitamin, to keep the body functioning properly. These deficiencies can be fulfilled by consuming additional supplement products. Vitamin supplement is one among the majorly consumed supplements products at later age. People aged 65 years and above are not much exposed to sun, one of the major source of vitamin D.
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The healthcare industry leads the global vitamins supplements market accounting for more than one third of global market share. The vitamin supplements in healthcare industry is estimated to account $17,950 million in 2014 and it is expected to grow at 6.4% CAGR during 2014 to 2020. Increasing expenditure on research and development conducted by healthcare industry is expected to increase the overall healthcare cost globally. Due to the increasing cost of healthcare, people are turning towards supplement products including vitamin supplements, as it provides various health benefits, such as proper functioning of immune system (vitamin C), strengthening to bone and joints (vitamin D), and improving vision power (vitamin A).
The vitamin supplements market is highly fragmented with large number of multinational and regional players operating in the market, who distribute their products locally as well as internationally. Some of the major competitors in the global vitamin supplements market include Glanbia plc, NBTY, Inc., Reckitt Benckiser Group plc, Archer Daniels Midland Company, E.I. du Pont de Nemours and Company, Royal DSM N.V., BASF SE, Integrated BioPharma Inc, Bayer AG, Pharmavite LLC, Nutraceutical International Corporation, Herbalife Ltd.
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