Vitamin Supplements Market - Global Industry Analysis, Size, Share and Forecast and Vitamin D Segment to Witness Highest Growth by 2020
New York, NY -- (SBWIRE) -- 09/15/2017 -- Increasing consumer awareness about wellbeing and preventive healthcare are major factors driving the consumption of vitamin supplement products. With age, it becomes 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 a 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 incidence of various lifestyle diseases such as night blindness, osteomalacia, digestive disorders, and other vitamin deficiency diseases, along with hectic lifestyles of people are expected to propel the growth of the global vitamin supplements market.
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Asia Pacific was the largest market for vitamin supplements in 2013, accounting for 30.7% of the global market share. It was followed by Europe and North America with market shares of 27.4% and 24.8% respectively. From 2014 to 2020, in terms of value, the Asia Pacific vitamin supplements market is expected to expand at a CAGR 6.1%, owing to increasing demand from countries such as India and China. Increasing elderly population is also expected to propel the growth of the market in the region. Market shares of North America and Europe are expected to decrease to 22.7% and 26.2% respectively by 2020.
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 multivitamin products segment stood at USD 18.3 billion in 2013 and is expected to reach USD 27.7 billion by 2020 at a CAGR of 6.1% from 2014 to 2020. However, vitamin D is expected to witness highest CAGR growth of 15.4% during the same period.
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The global vitamin supplements market is highly competitive, with numerous multinationals operating in the market. Also, there are few regional players operating in the vitamin supplements market. BASF SE sells its products in over 200 countries and leads the market with revenue of USD 95,300.0 million in 2013. Other major players operating in the global vitamin supplements market are NBTY, Inc., Glanbia plc, Reckitt Benckiser Group plc, Archer Daniels Midland Company (ADM), E.I. du Pont de Nemours and Company (DuPont), Koninklijke DSM N.V. (DSM), Integrated BioPharma, Inc., Bayer AG, Pharmavite LLC, Nutraceutical Corporation, and Herbalife International, Inc. (Herbalife).