Vitamin Supplements Market Scenario

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.

Market Dynamics

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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Restraints

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 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, Archer Daniels Midland Company, BASF, Unilever, and DuPont and others.

Segmentation

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, wholesale, 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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Regional Analysis:

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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