Increase in awareness results in increasing demand for vitamin supplements
The increase in awareness among people related to the vitamin supplements, has resulted in favorable market condition for global vitamin supplements market. There are various factors that are helping the growth of various vitamin supplement products. The increase in awareness has made people more health conscious. They are also concerned about the increasing health costs. Many vitamins can cure various problems, for instance, Vitamin C can improve immune system, Vitamin D strengthens the bones, and vitamin A improves the vision and so on. Such benefits of various vitamins is shifting public interest towards consumption of vitamins and include them in their diet in order to prevent all their health problems.
Aging population and people with small kids are also preferring such dietary supplements. Geriatric population are using vitamin supplements as to avoid the disorders related to their aging, whereas, the kids are given vitamin supplements in the form of gummy candies. Since 2013, the gummy form of vitamin supplement has seen a double digit growth in its sales.
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Multivitamin type supplement to lead the global market
The research report by Persistence Market Research bifurcates the market into various segments among which multi vitamin segment proved to be a lucrative market segment with a great future prospects. This segment accounts for a significant revenue share in the global vitamin supplements market with multiple product variants coming up in the market. Industries are also focused on improving the specificity of these products. This segment is likely to account for a higher value share during the forecast period.
According to the forecast, multi vitamin segment as the dominant segment with a projected market value of over US$ 23,400 Mn in 2017 which is expected to reach a value of over US$ 37,900 Mn by the end of 2025. However, the Vitamin D segment is expected to grow at a comparatively higher pace to register a stellar CAGR during the period of assessment. The vitamin D segment is projected to show the highest year to year growth with a robust CAGR of around 10.7%. The global vitamin supplements market is anticipated to be over US$ 48,500 mn in 2017 and reach over US$ 81,000 Mn by the end of 2025 soaring at a CAGR of 6.6% throughout the period of forecast, 2017-2025.
Asia Pacific shows maximum opportunities for various vitamin supplement products
The rise in vitamin supplements market in Asia Pacific is the highest with the rise in its urban population. The development in the emerging economies in Asia Pacific, especially China and India are more than willing to embrace healthy diet including use of vitamin supplements, keeping in mind the end goal to meet their nutritious necessities. Asia Pacific is considered as one of the fastest developing markets for vitamin supplements because of the developing urban populace and expanding extra cash. Moreover, several major players have entered Asia Pacific with a view to fulfil the growing requirements of vitamin supplements in this region. In this region also, the multi vitamin products are the most popular ones in the market with maximum market share and vitamin D shows the highest growth to reflect a CAGR of 11.2% during the assessment period.
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