The global market for vitamin supplements derives its demand from the rising geriatric population base all over the world. Expanding at an expected CAGR of 6.8% between 2014 and 2020, the market is likely to be worth US$59.6 billion by the end of 2020. In 2013, the market had reached a value of US$37.4 billion, states a research report by Persistence Market Research (PMR). Historically, the global vitamin supplements market developed from US$31.0 billion in the year 2010 at a CAGR of 6.4% to US$37.4 billion by the end of 2013.
For elderly people, it is difficult to absorb the nutrition from food required to keep health from deteriorating. In addition to this, the loss of appetite is also a general problem the geriatric population faces. Those in their old age tend to suffer from the deficiency of vitamin D as they have limited exposure to sunlight. Women, during their pregnancy, suffer from various kinds of deficiencies and hormone-related problems, the treatment of which requires intake of several vitamins. Children also need to be supplemented with regular doses of various vitamins to regulate their growth.
Asia Pacific Dominating Global Vitamin Supplements Market
The industry in Asia Pacific is the biggest market for vitamin supplements products. The rapid rise in the geriatric population in this region is fueling the demand for the vitamin supplements. In Japan, the geriatric population under the bracket of 60 years of age held for around 44% of the supplement consumption in 2011. Furthermore, the increase in the medical and healthcare costs is influencing customers in Asia Pacific to shift to dietary supplement such as vitamin supplements as remedies for the ailments. The vitamin supplements market in Asia Pacific qualified for the first position in the global market and worth US$11.5 billion in 2013, rising at a CAGR of 6.0% during the period of 2010 to 2013.
The rise in the consumer awareness pertaining to the healthcare together with the increase in the medical and healthcare costs is propelling the vitamin supplements market in North America. The growing prevalence of chronic diseases is triggering the vitamin supplements industry in Europe. As stated by the Japan Pharmaceutical Manufacturers Association and the European Federation of Pharmaceutical Industries and Associations, the expenses on the research and development in Europe increased to US$38,055.6 million in 2012 from US$37,030.6 million a year earlier. The expenditure on the research and development in the U.S. increased to US$36,810 million in 2012 from US$36,374 million in the previous year.
Leading Player: BASF SE with Products Sold in 200 Nations
The global vitamin supplements industry is highly competitive with a number of MNCs operating in it. BASF SE is the leading player in this market that generated revenue of USD$95,300.0 million in 2013. Its products are sold in more than 200 countries.
Other prominent players operating in this market are Nutraceutical Corporation, Glanbia plc, NBTY, Inc., Reckitt Benckiser Group plc, E.I. du Pont de Nemours and Company (DuPont), Archer Daniels Midland Company (ADM), Koninklijke DSM N.V. (DSM), Bayer AG, Integrated BioPharma, Inc., Pharmavite, LLC, and Herbalife International, Inc.