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Vitamin Supplements Market to Witness 7% CAGR During 2014 - 2020

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Published Date:   November 2015

The global vitamin supplements market is projected to display a considerable CAGR of 6.5% during the forecast period (2014–2020), owing to the rising awareness regarding vitamins’ benefits, increasing demand from the elderly, and surging healthcare costs. With the increasing educational level, coupled with the increasing product visibility of vitamin supplements, the consumer awareness regarding these is increasing. Additionally, various information sources, showing the beneficial effects of vitamin supplements, are helping consumers in choosing the appropriate form of such products. Further, the knowledge of diseases caused due to vitamin deficiency is making consumers adopt vitamin supplements.

Insights on market segments

On the basis of application, the healthcare industry led the vitamin supplements market in 2013, accounting for more than one-third of the market share. The personal care industry is expected to advance at the highest CAGR during the forecast period.

The personal care industry has emerged as a prominent end user of vitamin supplement products. Vitamin C is one of the most widely used antioxidants in the manufacturing of skincare products. It provides the required nutrients to the skin for protection from the sun and other harmful external elements, such as pollution and smoking. Vitamin E is also used as a strong antioxidant for skin protection; therefore, the growing skincare awareness is helping the vitamin supplements market grow.

Asia-Pacific (APAC) to showcase significant growth

Asia-Pacific held the largest market share in the vitamin supplements market, followed by Europe and North America in 2013. As per the European Federation of Pharmaceutical Industries and Associations (EFPIA), pharmaceutical R&D expenditure in Europe rose from $37.0 billion in 2011 to $38.0 billion in 2012. Similarly, the expenditure saw a hike from $36.3 billion in 2011 to $36.8 billion in 2012, in the U.S. The APAC region is further projected to lead the market during the forecast period due to the increasing geriatric population.

Nutritional product purchase via online shopping portals is trending

Websites such as Amazon.com and Vitacost.com have grown in recent years. The busy lifestyle of people is driving them to shop online extensively. On online platforms, consumers have access to product reviews and all the related information, and the trend is expected to increase the demand for vitamin supplements. According to the Nutrition Business Journal (NBJ), online sales accounted for 15.4% of the overall sales of nutritional products in the U.S. in 2010, and the share grew to 21.7% by 2013. The number of digital shoppers in the U.S. was 181.1 million in 2010, and it is expected to reach 210.6 million by 2020. With the growing number of online shoppers and increase in the online sales of nutritional products, including vitamin supplements, the vitamin supplements market is gaining considerable traction.

Vitamin supplements market competitive landscape

The global vitamin supplements market is scattered, and the top eight players collectively held about 30% share in 2013; Amway was the largest shareholder. The intensity of rivalry is high owing to low product differentiation, low switching cost, and healthy market growth rate. The presence of local and regional players also drives the competition in the market. The presence of large conglomerate players, such as NBTY and Bayer, intensifies the rivalry further, as such companies are capable of pooling in investments from other business units to increase their market share.

Explore detailed TOC and Scope of the report: https://www.psmarketresearch.com/market-analysis/vitamin-supplements-market

Some of the key players in the vitamin supplements market are 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.

GLOBAL VITAMIN SUPPLEMENTS MARKET SEGMENTATION

By End User

  • Adult Women
  • Adult Men
  • Elderly Citizens
  • Others

By Application

  • Food and Beverage
  • Healthcare
  • Personal Care

By Geography

  • North America
    • By end user
    • By application
    • By country – U.S., Canada
  • Europe
    • By end user
    • By application
    • By country – U.K., Germany, France, Italy, Spain, Rest of Europe
  • Asia-Pacific (APAC)
    • By end user
    • By application
    • By country – China, India, Japan, Australia, Rest of APAC
  • Rest of the World (RoW)