According to a new market report published by Persistence Market Research - Global Market Study on Vitamin Supplements: Vitamin D Segment to Witness Highest Growth by 2020 - the global vitamin supplements market was valued at USD 37.4 billion in 2013 and is expected to expand at a CAGR of 6.8% from 2014 to 2020, to reach US$59.6 billion in 2020.
With increasing age, it is difficult for the body to optimally absorb the required nutrients from food. Furthermore, loss of appetite is also a common problem among the geriatric population. Elderly people tend to suffer from vitamin D deficiency as they have low exposure to sunlight. Therefore, there is growing the dependence on vitamin D supplements among the geriatric population, especially in Asia.
According to the Government of Alberta, people over 60 years of age accounted for 44% of the supplement consumption in Japan in 2011. Moreover, increasing healthcare costs are influencing consumers to shift to supplement products, including vitamin supplements.
According to the European Federation of Pharmaceutical Industries and Associations (EFPIA) and Japan Pharmaceutical Manufacturers Association JPMA, expenditure on R&D in Europe increased from US$37,030.6 million in 2011 to US$38,055.6 million in 2012. In the US, this expenditure increased from US$36,374 million in 2011 to US$36,810 million in 2012.
Asia-Pacific is the largest market for vitamin supplements products. Increasing geriatric population is driving the vitamin supplements market in the region. Increasing consumer awareness about health and wellbeing coupled with rising healthcare costs are propelling the vitamin supplements market in North America. High incidence of chronic diseases is one of the factors boosting the market in Europe.
In this report, the vitamin supplements market is segmented by product type (multivitamin, vitamin B, vitamin C, vitamin D, and others), end user (adult women, adult men, senior citizens, and others), and application (food and beverage, pharmaceutical, personal care, and others). The segmentation is in terms of value (USD billion) and region (North America, Europe, Asia-Pacific and Rest of the World).
The global vitamin supplements market grew from US$31.0 billion in 2010 to US$37.4 billion in 2013 at a CAGR of 6.4%. Among regions, the Asia-Pacific vitamin supplements market (the largest market in 2013) stood at US$11.5 billion in 2013, expanding at a CAGR of 6.0% from 2010 to 2013.
Browse the full report HERE.
