Various dietary or nutritional supplements are provided to people to help them cure their body deficiencies. These supplements include vitamins, provitamins, and nutrients. Vitamin supplements are of various types such as multi vitamin, Vitamin B, Vitamin C, Vitamin D etc. The global market for vitamin supplements is expected to exhibit a robust growth surge with the increase in health awareness among people.
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Persistence Market Research has come up with its new market research report on the global vitamin supplements market titled ‘Vitamin Supplements Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)’. It gives an overview of the vitamin supplements market scenario and the contribution of various segments during the forecast period. According to the market analysis by Persistence Market Research, the global vitamin supplements market is expected to reach a market value of over US$ 48,500 Mn by 2017 end. It is anticipated that the market will witness a market value of more than US$ 81,000 Mn by the end of forecast period. i.e. 2025, registering a robust CAGR of 6.6% during the forecast period.
Global Vitamin Supplements Market: Dynamics
The global vitamin supplements market is experiencing a hike due to various factors. One of the major reasons is increase in healthcare costs. Healthcare costs have doubled in the past few years, which has led to people inclining more towards vitamin supplements as these supplements boost immunity and cure many dysfunctionalities. There are other factors too that are encouraging the growth of the global vitamin supplements market like increase in use of vitamins in the form of gummies by children, increase in demand for vitamin supplements by the geriatric population, and increase in awareness among people about vitamin supplements.
However there are also a few factors that are limiting the growth of the global vitamin supplements market. Change in regulatory scenario has affected the overall market as new regulations have included vitamin supplements in the food category and not in the drug category. Some vitamin supplements manufacturers are also blamed for making false promises and many articles on such cases are responsible for negative publicity of vitamin supplements. This has resulted in a negative impact on the global vitamin supplements market.
Global Vitamin Supplements Market: Segmental Highlights
The global market for vitamin supplements is divided into various segments based on product type, application, end user and region. These segments help understand the market better with more accurate analysis. This exhaustive research has shown some interesting results of the global vitamin supplements market. Some of the key highlights related to the segmental forecast are highlighted below:
- The regional segmentation of the global vitamin supplements market indicates that Asia Pacific is expected to lead the global market with a CAGR of 7.1% and a market value of over US$ 15,200 Mn by 2017 end. This is followed by North America with a market value of over US$ 14,400 Mn in 2017.
- In the product segment, the market includes multi vitamins as the dominant segment and this segment is estimated to reach a market value of over US$ 37,900 Mn by the end of 2025. However Vitamin D is expected to register the maximum segmental CAGR of 10.7% during the forecast period.
- In terms of application, pharmaceuticals is the dominant segment with a market value of over US$ 22,200 Mn in 2017 and a CAGR of 6.5% during the forecast period.
- In terms of end user, the adult women segment is the most lucrative with market value expected to reach around US$ 28,000 Mn by the end of 2025. On the other hand, the adult men and senior citizen segments are expected to reflect the same pace of growth throughout the period of forecast.
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Global Vitamin Supplements Market: Competitive Scenario
The competitive scenario presented in the research report exhibits brief profiles of top market companies. Major players profiled in the global vitamin supplements market research report are Glanbia PLC, Herballife International of America, NaturaMarks etc.