Vitamins are organic nutrient essential in miniscule amounts, which cannot be synthesized by the body and which need to be supplied by external sources such as diet. The market for global vitamin supplements is expected to surge at a CAGR of 14.0 % during the forecast period ending 2024.
Growing awareness of benefits of vitamins, increasing urbanization, growing influence of media, changing lifestyles, poor dietary intake due to sedentary lives and consumption of junk foods, rising incomes, growing adoption of vitamins in animal feeds, growing prevalence of immune-compromised patients and disease such as rheumatic disorders, cardiology, and allergy are the drivers of the market. However the growing ageing population especially the baby boomers will shift the healthcare market towards supplements. The effect is reflected by the estimates by the Council for Responsible Nutrition which states that 68% of Americans consume dietary supplements in 2015. Moreover older people account for 35 percent of U.S. health supplements market.
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Innovative products and packaging has resulted in formulation of softgels, gelcaps, apart from the traditional tablets, and powders. The emergence of ecommerce is a strong commercial driver of the market as 60 % of U.S. citizens research the internet for health information and buying decisions. The emergence of the self-serving and informed consumers is another change that the players have to comprehend with. Walmart successfully integrated its brick and mortar stores with its online platform driving the sales of vitamin supplements to a high note. Growing demand from application extensions such as adoption of vitamins by the food and beverages, and cosmetics is another driver of the market.
Channel proliferation and market fragmentation are challenges facing the players. The leading manufacturers hold less than 30 % sales reflecting a lack of brand awareness and an absence of consumer loyalty. The unfortunate situation has resulted in pressure on the pricing margin and the menace of substandard products with vitamin concentration below the prescribed limits. Concerns over whaling coupled with the poor yields of vitamin A in vegetable sources is another restriction hampering the market.
Major Key Players:
Prominent players of the vitamin supplements market include Glanbia plc. (US), Pharmavite LLC., and Nutramark, LLC, Reckitt Benckiser Group plc. (UK), NBTY, Inc. (US), Country Life LLC., Rainbow Light Nutritional System, Inc., Reckitt Archer Daniels Midland Company, BASF, Unilever, and DuPont and others.
To generate an accurate assessment of the market the global vitamin supplements market is divided by type, application, end users and others.
Based on type, the market has been segmented by Vitamin D, Vitamin C, Vitamin A, Vitamin B, vitamin E, others
Based on application, the market has been segmented by healthcare, personal care, food & beverages, others
Based on channels, the market has been segmented by retail, whole sale, ecommerce and others
Based on regions, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.
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North America and Europe accounted for the largest market share of greater than 30 % in 2016. The factors driving the dominance of North America and Europe are large economy, large per capita income, and presence of large market players. Germany, Sweden, France and the U.K. dominate the European region.
Asia Pacific is projected to be the fastest growing market led by Japan, South Korea, China and India owing to availability of feed stock due to their diverse agriculture and labor attractiveness. Asia-Pacific accounts for 31.4 % of the global vitamin supplements market.
The Middle East and Africa region is anticipated to generate a moderate growth skewed in favor of the Gulf economies of Saudi Arabia, Kuwait and UAE.
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