Global Vitamins Market – Key Players Vitamins market appears to be fragmented with low entry barriers and rising competition. The global vitamin supplements market is highly competitive, with numerous international players operating in the
Market along with a few regional players operating in the vitamin supplements market. A number of retailers and manufacturers are being challenged by the new players in the market and online market growth. Though many leading retailers and producers continue to expand through Merger & acquisition and collaborations to gain market share in a fragmented vitamins marketplace; the speedy proliferation of new players launching a wide range of products, especially via online platforms is challenging the industry further.
The growth of Vitamins Market is propelled by the factors such as growing geriatric population and increasing prevalence of various lifestyle diseases such as night blindness, osteomalacia, digestive disorders, and other vitamin deficiency diseases, along with hectic lifestyles of people. With growing age, it becomes challenging for the body to optimally absorb the required nutrients from food. Furthermore, loss of appetite is also a common problem among the elderly population. Elderly people tend to suffer from vitamin D deficiency. Therefore, there is growing a dependence on vitamin D supplements among the elderly population.
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Additionally the trends towards healthy lifestyles and disease prevention contribute to the growth of Vitamins Market Trends toward healthy lifestyles and disease prevention among consumers aiming to avoid expensive healthcare costs and extend healthy life spans are generating growth opportunities and challenges for Vitamins Market, while regulatory frames are simultaneously becoming stricter. By creating healthier, more diverse portfolios to drive growth; Vitamins manufacturing Companies are fine-tuning in the new scenario wherein a consumer is well informed and demands for a self-explanatory label.
As consumers and public health agencies aim to reduce and prevent chronic diseases and increase healthy life spans, demand for supplements as a tool to prevent medical conditions and stay healthy has increased.
Customization and Technology bring new opportunities as the combination of direct-to-consumer genetic testing and use of self-monitoring devices, web and mobile apps, and easy remote access to medical consultations is transforming prevention. This is a great opportunity for the Vitamins industry to connect with and monitor consumers more closely to better match their needs, while creating more partnerships with health facilities around prevention.
Key Players Analysis:
Identified and profiled in MRFR analysis; some of the key players operating in the Global vitamin Market include- DSM, Amway, Pharmavite LLC, NBTY, Inc, Vitamin Shoppe, Bayer AG, Reckitt Benckiser Group PLC, ADM, Pfizer and BASF SE
Bayer AG, a prominent player’s acquisition of Merck & Co in 2014 added important brands such as Claritin to Bayer’s portfolio, and further solidified Bayer’s strength in developed markets such as Western Europe and the US.
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The Vitamins Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation On the basis of Product Type: Comprises water-soluble and fat-soluble. Further water-soluble is sub-segmented as vitamin b and vitamin c and fat soluble is sub-segmented as vitamin A, vitamin D, vitamin E and vitamin K. Segmentation On the basis of Form: Comprises capsules, tablets, granule and liquid. Segmentation On the basis of Application: Comprises food and beverages, animal feed, personal care and health care. Segmentation On the basis of Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
North-America and Europe dominates the Global Vitamins Market with the largest market share followed by Asia and RoW, accounting for an exponential value in terms of revenue generation and is expected to grow over its previous growth records by 2023 with a significant rate of a CAGR during 2016 to 2023.
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