Global Vitamin Supplements Market to Grow at 6.8% CAGR due to Heightened Healthcare Awareness

New York City, New York, August 28, 2015: According to the latest market research report released by Persistence Market Research, the global vitamin supplements market is anticipated to increase to US$59.6 billion by 2020 from US$37.4 billion in 2013, indicating a CAGR of 6.8% for the forecast period 2014 to 2020. The report, titled “Global Market Study on Vitamin Supplements: Vitamin D Segment to Witness Highest Growth by 2020”, is available for sale on the company website.

According to this market research report, factors such as rising costs of healthcare, greater awareness about vitamin supplements, and surging demand for vitamin supplements from the aging population propel the global vitamin supplements market. Much of the demand for vitamin supplements comes from the geriatric population, which suffers from several deficiencies and related problems. They derive much of their nutritional requirements from vitamin supplements, since with age, their bodies become incapable of absorbing sufficient nutrients from the food they consume.

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It has been observed that a major part of the global geriatric population suffers from vitamin D deficiency. Insufficient exposure to sunlight leads to vitamin D deficiency. The global vitamin supplements market at present is dominated by high demand for vitamin D supplements. Urbanization, leading to fast-paced lifestyles, pollution, and high stress levels, is also a prominent factor that drives the global vitamin supplements market.

The global demand for vitamin supplements is stimulated by high focus of people towards maintaining healthy and active lifestyles and the growing trend of preventive healthcare. An interesting trend in the global vitamin supplements market is the increasing use of vitamins in gummy form for children.

This PMR research study segments the global vitamin supplements market on the basis of product, end users, application, and geography. Based on product, this market is categorized into multivitamins, vitamin B, vitamin C, and vitamin D. The market for multivitamins is anticipated to reach US$27.7 billion by 2020, from US$18.3 billion in 2013, thereby depicting a CAGR of 6.1% between 2014 and 2020.

It is however, the market for vitamin D that will expand at the highest CAGR – 15.4% – during the forecast period. The various end users in the global vitamin supplements market are senior citizens, adult men, and adult women. On the basis of application, the vitamin supplements market is segmented into personal care, pharmaceutical, and food and beverage.

Geographically, this research report segments the global vitamin supplements market into Asia Pacific, Europe, North America, and Rest of the World. Driven by a rapidly growing geriatric population, Asia Pacific is the largest regional player in the global vitamin supplements market.

The North America vitamin supplements market is propelled by surging healthcare costs and heightened healthcare awareness amongst the masses in the region. The market for vitamin supplements in Europe is driven by the rising incidence of chronic illnesses in the region. The discouraging negative publicity about vitamin supplements and a changing regulatory structure will prove to be detrimental to the global vitamin supplements market.

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Some of the key companies in the global vitamin supplements market are Herbalife Ltd., Nutraceutical International Corporation, Bayer AG, BASF SE, Reckitt Benckiser Group Plc, Glanbia plc, and NBTY Inc.

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