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Global Industry Insight: Vitamin Supplements Market Development and Demand Forecast to 2020
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Global vitamin supplements market is increasing mainly attributed to growing consciousness among consumer about preventative healthcare. Healthcare spend is increasing with the increasing research and development (R&D) expenditure. Due to the increasing cost of healthcare, people are turning towards supplement products, including vitamin supplements, for a healthy life. According to European Federation of Pharmaceutical Industries and Associations (EFPIA) member associations, European pharmaceutical R&D expenditure increased from $37,030 million in 2011 to $38,055 million in 2012. In the U.S., the expenditure increased from $36,374 million in 2011 to $36,810 million in 2012. Asia-Pacific holds a major market share in vitamin supplements followed by North America and Europe. Asia-Pacific is expected to dominate the market in the forecast period owing to increasing geriatric population.
With increasing educational level coupled with increasing vitamin supplements product visibility, the consumer awareness regarding vitamin supplements is increasing. Additionally, various source of information showing the positive and negative effects of vitamin supplements is helping consumers in decision making for choosing appropriate form of vitamin supplements. Also, knowledge of diseases caused due to vitamin deficiency is propelling the consumer to shift to vitamin supplements in their busy lifestyle.
Deficiency of vitamin in body at older age increases the risk of diseases such as night blindness, diminishing eyesight, fragile bones and mental disorders. This requires more nutrient rich food at older age. It is important to maintain balance of nutrients including vitamin to keep the body functioning properly. This deficiency can be fulfilled by consuming additional supplement products. Vitamin supplement is one among the majorly consumed supplements products at later age. People aged 65 years and above are not much exposed to sun, one of the major source of vitamin D.
Increasing expenditure on research and development conducted by healthcare industry is expected to increase the overall healthcare cost in the global market. Due to the increasing cost of healthcare, people are turning towards supplements products including vitamin supplements, as it provides various health benefits such as proper functioning of immune system (vitamin C), strengthening to bone and joints (vitamin D), improving vision power (vitamin A) and various other benefits.
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The vitamin supplements market is highly fragmented with large number of multinational and regional players operating in the market, who distribute their products locally as well as internationally.
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