Follow us on LinkedIn - 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.
Animal nutrition represents the largest end-use sector for vitamins produced globally. Increasing population and growing affluence are transforming eating habits of people around the world. Consumption of protein rich food, especially meat, is increasing, creating a rush to speed up livestock growth. A concomitant demand is therefore being created for vitamins as additives used in the production of animal feed.
Growth for vitamins in the human healthcare and personal care market is largely driven by urban consumers. Stressful lives, pollution and increasing awareness about the benefits of vitamins in maintaining good health are contributing to market growth. Magnesium, B-complex vitamins, vitamin E and multivitamin are some of the most widely demanded vitamins/minerals all over the world. With life-expectancy increasing in the face of continuous and rapid developments in medical technology, elderly population is growing, especially in developed countries. In their pursuit for maintaining active lifestyles and preventing age-related diseases, aging baby boomers are gradually transforming into one of the most attractive consumer segments for vitamin product manufacturers. While the older population is opting for vitamin supplements, vitamin fortified foods and cosmetics are engaging the gen-X consumers. An important trend in the human healthcare market has been the clear shift from single vitamins towards multivitamins. Consumers perceive multivitamins as the healthier, economical and more convenient option as a result of which multivitamins are the largest and the fastest growing segment in the overall vitamins market. However, vitamin supplements are expected to face stiff competition from herbal supplements and functional foods in the coming years.
As stated by the new market research report on Vitamins, 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 nutrients 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.
Major players covered in the report include Adisseo France S.A.S, Archer Daniels Midland Co., BASF SE, CSPC Pharmaceutical Group Limited, DSM Nutritional Products Ltd., Lonza Group Ltd., North China Pharmaceutical Corporation, Pharmavite LLC, Zhejiang Hangzhou Xinfu Pharmaceutical Co. Ltd., Zhejiang Medicine Company Ltd., and Zhejiang NHU Co. Ltd., among others. In addition to these vitamin manufactures, leading pharmaceutical companies that forayed into the vitamins business include Pfizer Inc., Schiff Nutrition International Inc., and Sanofi, among others.
The research report titled Vitamins: A Global Strategic Business Report announced by Global Industry Analysts Inc., provides a comprehensive review of the market, current trends, growth drivers, issues, new product introductions, recent industry activity, and focus on major global market players. The report provides annual revenue estimates and projections in US$ . Key geographic markets analyzed in the report include the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World. Vitamin types analyzed include Vitamin A, Vitamin B Complex, Vitamin C, Vitamin D, Vitamin E and Vitamin K, while end-use segments analyzed include Animal Feed Additives, Cosmetics, Food and Pharmaceuticals.
For more details about this comprehensive market research report, please visit
http://www.strategyr.com/Vitamins_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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