Market Overview —
Vitamins are essential in the human body to keep it healthy and maintain a strong metabolism and immunity. In many adults, however, vitamin deficiencies are observed in the recent past, owing to dietary and lifestyle changes. To meet with daily vitamin needs, vitamin supplements are introduced and adopted by many people. The vitamin supplements market is estimated to reach a CAGR of 14% by the end of the forecast period, conferring to the latest report published by Market Research Future (MRFR).
Various factors are fueling the upsurge in the vitamin supplements market during the forecast period. Growing awareness towards the benefits of vitamins, the rising influence of the media, increasing urbanization, and changing lifestyle are some drivers for vitamin supplements market. Further, poor dietary intake due to sedentary lifestyles and growing consumption of junk foods, rising disposable income, and growing adoption of vitamins in animal feeds are contributing to the ascension of the vitamin supplements market to a great extent. Mounting prevalence of immune-compromised patients and disease such as rheumatic disorders, allergy, and cardiology are fueling the augmentation of the vitamin supplements market through the review period.
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As per the Council for Responsible Nutrition estimates, 68% of Americans consumed dietary supplements in 2015. Moreover, 35% of the U.S. health supplement market is comprised of the geriatric population. The emergence of e-commerce is driving the vitamin supplements market exponentially as 60% of the US citizens do their prior research for health-based information and base their buying decisions on such research. With the emergence of self-serving and informed consumers is another factor contributing to the ascension of the vitamin supplements market. Furthermore, growing demand from application extensions such as the adoption of vitamins by the food & beverages and cosmetics industry is promoting positive growth in the vitamin supplements market.
Albeit many factors are contributing to the growth of the vitamin supplements market, some factors are posing as a hindrance during the forecast period. Channel proliferation and market fragmentation are some of the challenges faced by prominent market players. The leading manufacturers hold less than 30% sales, which reflects a lack of brand awareness and an absence of consumer loyalty in the vitamin supplements market. This has resulted in the pressure on the pricing margin and the menace of substandard products with vitamin concentration below the prescribed limits. Further, concerns over whaling, in addition to the poor yields of vitamin A in vegetable sources are also hampering the growth of the vitamin supplements market to a great extent.
Some notable players in the global Vitamin Supplements Market include
• Glanbia plc. (US),
• NBTY, Inc. (US),
• Reckitt Benckiser Group plc. (UK)
• Archer Daniels Midland Company.
May 2019: CVS Pharmacy announced that it would only sell vitamin supplements that have been third-party tested for safety and label accuracy. This regulation has been brought in to bring order to the under-regulated industry of health and dietary aids.
The global vitamin supplements market is segmented by MRFR on the basis of type, application, end-user, and region. Based on type, the global vitamin supplements market is segmented into vitamin A, vitamin B, vitamin C, vitamin D, and vitamin E. On the basis of application, the global vitamin supplements market is segmented into personal care, healthcare, and food & beverages.
Detailed Regional Analysis
The global Vitamin Supplements Market is geographically segmented into North America, Asia Pacific, Europe, and the Middle East & Africa. In 2014, North America and Europe together accounted for more than 25% of the vitamin supplements market. Since the last decade, North America and Europe have been the second strongest markets for vitamin supplements. In North America, the U.S. is the largest country-specific market for vitamin supplements market owing to the presence of many prominent players in the region. On the other hand, France, Germany, Italy, Sweden, and the U.K. are showing promising upscaling in the vitamin supplements market during the forecast period.
Asia Pacific is estimated to be the largest market vitamin supplements market, which accounted for 31.4% of the global market share in 2014. Some of the factors contributing to the ascension recorded in the APAC region include the rising consumer awareness about the aids of vitamin supplements and product availability. Collective geriatric population in the region is expected to increase the demand for vitamin supplements in the Asia Pacific region. India is anticipated to lead the Asia Pacific’s country-specific market for vitamin supplements during the review period.
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