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Vitamin Supplements Market
The global vitamin supplements market generated revenue of $34.7 billion in 2013, and it is further projected to advance at a CAGR of 6.5% during the forecast period (2014–2020). Due to the growing concern and awareness among consumers for preventive healthcare, the market is displaying considerable progress. Moreover, with increasing healthcare expenses, consumers are adopting food supplements, thereby leading to the market growth.
Vitamin supplements are consumed in different forms, such as pills, capsules, tablets, powders, liquids, gel caps, and granules. Products offered by companies operating in the healthcare, food and beverage, and personal care industries, and consumed by adult men and women and the elderly are included in the vitamin supplements market report.
The rising urban population, increasing focus on healthcare education, and augmenting health consciousness among consumers are the key factors leading to the increased consumption of food supplement products, including vitamin supplements, especially in developing countries, such as China and India. Asia-Pacific is noted as a prospective vitamin supplements market, owing to the rising disposable income of the population and increasing awareness about personal health.
Based on end user, the vitamin supplements market has been categorized into adult men, adult women, elderly citizens, and others. Adult women were the largest end users of vitamin supplements in 2013, followed by adult men. Additionally, the deficiency of vitamin D can cause osteomalacia in women. Further, women primarily consume most of vitamin-rich products to protect their skin from UV rays.
However, the vitamin supplements market in the elderly citizens category is expected to witness the fastest growth during the forecast period. Due to loss of appetite, senior citizens are unable to get sufficient nutrients from food. This deficiency can be tackled by consuming additional supplement products. Vitamin supplements are one of the most widely consumed supplement products at a later age. The deficiency of vitamin in the body at older age increases the risk of night blindness, diminished eyesight, fragile bones, and mental disorders. People aged 65 years and above are advised to consume supplements rich in vitamin D. According to the United Nations Department of Economic and Social Affairs (UN DESA)’s Population Division, in 2013, 831 million people were aged 60 years and more across the world, compared to 215 million in 1950. The population is projected to reach over 2.1 billion by 2050.
The global vitamin supplements market displays a highly fragmented landscape with the presence of a large number of players. The key players in the market include NBTY Inc., Archer Daniels Midland Company, Integrated BioPharma Inc., Herbalife Ltd., Bayer AG, Royal DSM N.V., Pharmavite LLC, E.I. du Pont de Nemours and Company, Reckitt Benckiser Group PLC, Glanbia PLC, BASF SE, and Nutraceutical International Corporation.
Key questions answered in this report