The vitamin supplements market in the report includes vitamin supplements that are taken in different forms including capsule, pill, powder, granules, gel caps, tablet and liquid. The report includes the vitamin supplements offered by food and beverage, healthcare and personal care industry and consumed by adult women, adult men and elderly citizen.
Key findings of Vitamin Supplements Market:
- The vitamin supplements market is driven by growing elderly population, especially in the Asia-Pacific region.
- Vitamin supplements market is expected to witness highest growth in personal care sector.
- Asia-Pacific is likely to dominate the market in the forecasted period owing to increasing aging population.
- India and China are expected to generate significant demand for vitamin supplements during 2014 – 2020.
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Global vitamin supplements market is increasing 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.
Rising urban population paired with rise in educational qualification and rising number of health conscious people, especially in the developing Asian countries such as India and China, are more willing to shift towards intake of supplement products including vitamin supplements to compensate their nutritional requirement. Recently, demand of vitamin supplements products have increased in all stage of life, including children as parents have become more conscious about their health and wellness. Asia-Pacific region is still considered as one of the promising market for the vitamin supplements due to increasing urban population paired with increasing disposable income.
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Deficiency of vitamin in body at older age increases the risk of diseases such as night blindness, diminishing eyesight, fragile bones and mental disorders. More of nutrient rich food is needed at older age. It is important to maintain balance of nutrients including vitamin to keep the body functioning properly. The deficiency can be fulfilled by consuming additional supplement products. Vitamin supplement is one among the majorly consumed supplements products at later age.
With increasing educational level coupled with increasing vitamin supplements product visibility, the consumer awareness regarding vitamin supplements is increasing. Additionally, various source of information showing the positive and negative effects of vitamin supplements is helping the 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.
Major Competitors: Some of the major competitors in the 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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