The global Vitamins market is projected to reach US$8.4 billion by 2018, driven by increasing adoption of preventive healthcare practices and rising incidence of age-related illnesses.
Vitamins has emerged as one of the most dynamic segments of the health and wellness industry both in developed as well as developing economies. World market for vitamins, including both human healthcare as well as animal nutrition, is poised for healthy growth in the long run, driven primarily by rising health consciousness among consumers, particularly the aging population, and the growing meat consumption in both industrialized and developing countries.
Growth in the vitamins market witnessed signs of slowdown during the 2007-2009 recession period. Fall in employment rates, reduction in disposable incomes and household wealth, and plummeting per capita spend, resulted in the decline in consumption levels during the period. The market regained poise in 2010 and started witnessing growth on par with the pre-crisis period. Medium to long-term outlook for the market also remains encouraging based on population growth, increase in consumption of vitamin supplements particularly in developing countries, GDP growth, discretionary spends and growing emphasis among consumers for leading longer, healthier and active lives.
Asia-Pacific represents the largest and the fastest growing market worldwide trailing a CAGR of 6.1% over the analysis period. Europe and the US constitute the second and third largest regional vitamin markets respectively. In the US, demand is largely driven by shrinking coverage for healthcare. The Asian market is primarily driven by the towering presence of two of the most populated and rapidly developing countries of China and India along with the established Australian market. The burgeoning middle class population in India and China is fueling healthy demand for all vitamin types from human health as well as animal nutrition sectors. China represents the largest producer and consumer of vitamins worldwide.
Segment-wise, the vitamins market is dominated by Vitamin B Complex. Increasing preference for B vitamin fortified foods is providing new opportunities for growth. B vitamins are also being increasingly used in personal care products strengthening the nutrient's cosmetic application. Vitamin D usage in functional foods is expected to open up new avenues for growth worldwide. Few countries have made milk fortification with vitamin D mandatory in order to avert vitamin deficiency-linked diseases. Vitamin E is a key ingredient in lotions, sunscreens and anti-aging creams and is experiencing increased growth as a health supplement.
For more information on the global vitamins market, see the latest research: Global Vitamins Market Research
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