The global vitamins market has been forecast to reach a value of US$8.4 billion by 2018, driven by the increasing adoption rates of preventive healthcare practices and the rising incidence rates of age-related illnesses.
Vitamins have emerged as one of the most dynamic segments of the health and wellness industry both in developed as well as developing economies.
Though competitive, the industry has been showing slower growth in recent years due to the economic crisis, regulation difficulties and an overabundance of products in more mature markets.
Vitamins and dietary supplements are non-drug and non-hormone based products that can be consumed orally in the form of pills, powders, liquids or intravenously by injection. Their function is to supplement the diet, affording consumers added nutritional value to maximize the amount of beneficial elements in their diet, including amino and fatty acids, vitamins, minerals and fibre.
According to a recent report, 'Vitamins: A Global Strategic Business Report,' Asia-Pacific represents the largest and the fastest growing market worldwide trailing a compound annual growth rate (CAGR) of 6.1%. 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.
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.
The global market for vitamins, including both human healthcare as well as animal nutrition, is poised for healthy growth in the long run, driven primarily by a rising health consciousness among consumers, particularly the aging population, and the growing meat consumption in both industrialised and developing countries.
For more information on the global vitamins market, see the latest research: Vitamins Market Research
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.