A market study by Persistence Market Research (PMR) states that the global vitamin supplements market will exhibit a compound annual growth rate (CAGR) of 6.8% between 2014 and 2020. At this CAGR, the market will be valued at US$59.6 billion in 2020. The market stood at US$37.4 billion in 2013.
Eating right, which incorporates the consumption of essential vitamins, minerals, and other nutrients is needed for good health. Among the urban population, having a multitude of activities to take care of means that there isn’t adequate time to prepare food balanced in nutrients needed for normal body functions and sound health, hence the need for dietary and vitamin supplements.
For the elderly, with reduced metabolism comes inefficient absorption of nutrients from food and loss of appetite. To fill this nutrient gap, vitamin supplements are the easiest remedy.
Elevated energy levels, weight loss, improved performance, and beating stress are some of the effects commonly attributed to vitamin supplements. But do vitamin and mineral supplements actually fulfill such claims, or is it more marketing gimmick than truth?
Vitamins and other dietary supplements are certainly not meant to substitute food, but there is definitely a place for the supplements in our diet. Vitamin supplements and other dietary supplements, if used in small amounts for a small period of time, can help improve health. Vitamin supplements are available in the form of powder, pill or liquid form. The most popular dietary supplements are vitamin B12, vitamin D, vitamin C, and calcium and iron supplements.
These are the prime factors expected to boost demand for various vitamin supplements:
Rising consumer awareness regarding preventive healthcare and overall well-being will drive consumption of vitamin supplements.
Increased prevalence of lifestyle diseases and escalating healthcare costs are shifting consumer preference towards vitamin supplements as a preventive measure.
Inadequate exposure to sunlight due to immobility will increase vitamin D supplement consumption globally among the geriatric population.
Increased dependence on vitamin D supplements in the aging population in Asia is promising for the global vitamins supplements market; 44% of the total supplement consumption was accounted by people over 60 years of age in Japan in 2011.
Vitamin D supplements and other supplements such as folic acid and iron are highly recommended for pregnant women to prevent birth defects.
On the other hand, these are a few of the major restraints acting on the global vitamin supplements market:
Some commonly used supplements need further research on their health effects in order to accentuate the global vitamins supplements market.
Vitamin supplements are not duly tested for side effects or interference with other medication, which can lead to a regression in the market in the coming years.
Effects of many supplements have not been tested in pregnant women, children, and other similarly vulnerable groups, which can further reduce market size in the near future.
Lifestyle changes and rising disposable incomes in India and China will drive demand for vitamin supplement products in Asia Pacific in the next few years.