Vitamin supplements are mainly targeted towards people with dietary imbalances and aim to provide an individual with additional nutrients that he may lack or those that a regular diet fails to provide. Vitamin supplements may be vitamin B, vitamin A, vitamin D, and vitamin C, or a combination of all in the form of multivitamin supplements. Vitamin supplements are usually prescribed to adult men and women, senior citizens, and others and may be recommended in pharmaceutical, food and beverage, personal care, and other sectors.
Geographically, the global vitamin supplements market covers four primary regions: North America, Europe, Asia Pacific, and Rest of the World.
While Growth in APAC is Far From Robust, It Will be Healthy and Consistent Nevertheless
Globally, the vitamin supplements market is estimated to grow at a CAGR of 6.8% during the period of 2014 to 2020, rising from a market value of US$37.4 billion in 2013 to US$59.6 billion in 2020. Market analysis suggests that Asia Pacific is the largest market for vitamin supplements owing to rising consumer awareness about the need and benefits of vitamin supplements, increasing population of the elderly, and increasing healthcare costs. According to a report published by Persistence Market Research, the Asia Pacific market for vitamin supplements in 2013 was valued to be US$11.5 billion and grew at a compound annual growth rate of 6.0% between 2010 and 2013.
Here are some of the regional vitamin supplements markets in Asia Pacific, which have impacted the growth of the overall market around the globel and enabled the region to achieve a significant position over the years.
Paradigm shift among Indian population: Urban consumers in India have been undergoing a drastic change in diet and overall attitude towards health and wellbeing, becoming increasingly aware about vitamin supplements and their requirement. With the aim of improving their health, Indian consumers have been consuming more vitamins and dietary supplements today, a trend that wasn’t visible half a decade ago. This has largely driven the vitamin supplements market in India, with 2013 being a rather strong year for the regional market. While Amway India Enterprises Pvt Ltd dominated the Indian market in 2013, other players such as Ranbaxy Laboratories Ltd and Dabur India Ltd also contributed to the vitamin supplements market in the country.
China hopes to rise amidst food scandals: The vitamin supplements market in China has been fluctuating owing to strong favourable and unfavourable factors. On one hand, the regional market is driven by surging demand for health food, change in lifestyle with consumers leaning towards healthier dietary supplements, and active penetration of manufacturers in the vitamin supplements market. On the other hand, the alarming number of food scandals hitting the country has staggered the growth of the market in China. The China Food and Drug Administration has been cracking down on illegal sales, production, advertising, and additives in the sector of health food for the past two years, which has negatively impacted the vitamin supplements market in the region. In addition to this, the economic slowdown that has affected almost every corner of the world has also decelerated the value growth in China.
Taiwan registers positive growth: In 2013, the vitamin supplements market in Taiwan recorded an estimated rise of 5% in terms of value sales, according to industry analysts. Hoping to address the problems arising out of poor lifestyle and dietary habits, consumers have been turning to vitamin and dietary supplements, which serve as convenient, quick, and effective preventive measures. Leading product manufacturers such as Amway Taiwan, Cerebos (Taiwan) Ltd, Grape King Enterprise Inc, Taiwan Sugar Corp, and Sanyo Pharmaceutical Co Ltd have been offering a wide range of products targeted at consumers across all age groups and genders.
On the whole, the Asia Pacific as well as global market for vitamin supplements is influenced by various regional markets and the performance of numerous small, medium, and large vendors at a domestic and international level.
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