The global vitamin supplements market was worth US$37.4 billion in 2013 and will reach a total market value of US$59.6 billion by 2020. A CAGR of 6.8% will be demonstrated by the global vitamin supplements market during the forecast period.
Albany, NY -- (SBWIRE) -- 09/04/2015 -- Market Research Reports Search Engine (MRRSE) has added a new research report based on the global vitamin supplement market that predicts growth for this market at a CAGR of 6.8% during the period from 2014 to 2020. The global market for vitamin supplements stood at US$37.4 billion in 2013 and it is projected to be worth US$59.6 billion by the end of the forecast period.
The market study, titled "Global Market Study on Vitamin Supplements: Vitamin D Segment to Witness Highest Growth by 2020", has been published by Persistence Market Research (PMR) and states that the rising cost of healthcare coupled with the increasing awareness regarding vitamin supplements has fueled the demand for vitamin supplements across the globe.
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On the other hand, the lack of proper regulatory authorities to arbitrate the quality and effects of vitamin supplements is a major obstacle in the path of the expanding market. Apart from this, various side-effects have been reported after consuming vitamin supplements containing imprecise proportions of key ingredients, which has given a bad rap to vitamin supplements. This factor is limiting the development in the global vitamin supplements market considerably, states the report.
According to the study, the global vitamin supplements market is analyzed on four fronts: Products, end users, application, and regional distribution. Based on products, the market is classified into multivitamins, vitamin B, vitamin C, vitamin D, and others. Adult men, adult women, senior citizen, and others are the key end users of the vitamin supplements market. Food and beverage, personal care, pharmaceutical, and others are the market segments of the global vitamin supplements industry based on application, whereas regionally the market is distributed among North America, Europe, Asia Pacific, and the Rest of the World.
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The multivitamin market segment was valued at US$18.3 billion in 2013. It is projected to develop at a CAGR of 6.1% during the forecast period to amount US$27.7 billion by the end. However, the market for vitamin D is anticipated to exhibit the highest growth, at a CAGR of 15.4%, among all product segments during the forecast period.
Asia Pacific dominated the global vitamin supplements in 2013, holding a 30.7% share of the overall vitamin supplements market, whereas the markets in Europe and North America accounted for 27.4% and 24.8%, respectively. Analysts expect the vitamin supplements market in Asia Pacific to further grow at a 6.1% CAGR between 2014 and 2020. Correspondingly, North America is expected to witness a decline in its market share by 2.1%, while Europe is likely to exhibit a 1.2% decline in its market share by the end of the forecast period.
The report also includes profiles of major companies operating in the global vitamin supplement market such as NBTY, Inc., Archer Daniels Midland Co., Glanbia Plc., and BASF SE.
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