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Global Vitamin Supplements Market to Account for US$ 59.6 Billion by 2020 : Persistence Market Research
Vitamin Supplements Market
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With increasing age, it is difficult for the body to optimally absorb the required nutrients from food. Furthermore, loss of appetite is also a common problem among the geriatric population. Elderly people tend to suffer from vitamin D deficiency as they have low exposure to sunlight. Therefore, there is growing the dependence on vitamin D supplements among the geriatric population, especially in Asia. According to the Government of Alberta, people over 60 years of age accounted for 44% of the supplement consumption in Japan in 2011. Moreover, increasing healthcare costs are influencing consumers to shift to supplement products, including vitamin supplements. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA) and Japan Pharmaceutical Manufacturers Association JPMA, expenditure on R&D in Europe increased from USD 37,030.6 million in 2011 to USD 38,055.6 million in 2012. In the U.S., this expenditure increased from USD 36,374 million in 2011 to USD 36,810 million in 2012.
Asia-Pacific is the largest market for vitamin supplements products. Increasing geriatric population is driving the vitamin supplements market in the region. Increasing consumer awareness about health and wellbeing coupled with rising healthcare costs are propelling the vitamin supplements market in North America. High incidence of chronic diseases is one of the factors boosting the market in Europe.
In this report, the vitamin supplements market is segmented by product type (multivitamin, vitamin B, vitamin C, vitamin D, and others), end user (adult women, adult men, senior citizens, and others), and application (food and beverage, pharmaceutical, personal care, and others). The segmentation is in terms of value (USD billion) and region (North America, Europe, Asia-Pacific and Rest of the World).
The global vitamin supplements market grew from USD 31.0 billion in 2010 to USD 37.4 billion in 2013 at a CAGR of 6.4%. Among regions, the Asia-Pacific vitamin supplements market (the largest market in 2013) stood at USD 11.5 billion in 2013, expanding at a CAGR of 6.0% from 2010 to 2013.
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The global vitamin supplements market is highly competitive with numerous multinationals operating in the market. BASF SE sells its products in over 200 countries and leads the market with revenue of USD 95,300.0 million in 2013. Other major players operating in the global vitamin supplements market are NBTY, Inc., Glanbia plc, Reckitt Benckiser Group plc, Archer Daniels Midland Company (ADM), E.I. du Pont de Nemours and Company (DuPont), Koninklijke DSM N.V. (DSM), Integrated BioPharma, Inc., Bayer AG, Pharmavite, LLC, Nutraceutical Corporation, and Herbalife International, Inc. (Herbalife).
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Vitamin Supplements Market, by Product
Multivitamins
Vitamin B
Vitamin C
Vitamin D
Others
Vitamin Supplements Market, by End User
Adult women
Adult men
Senior citizens
Others
Vitamin Supplements Market, by Application
Food and beverage
Pharmaceutical
Personal care
Others
Vitamin Supplements Market, by Region
North America
Europe
Asia Pacific
Rest of the World
About Us
Persistence Market Research (PMR) is a full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients business needs.
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