Globally, the vitamin supplements market is expected to grow at a calculated annual growth rate of approximately 6.8% between 2014 and 2020, rising from a market value of US$37.4 billion in 2013 to US$59.6 billion in 2020, a new report has found.
The report, by US-based market research group Persistence Market Research, says that Asia Pacific is the largest market for vitamin supplements.
Carl Gibson, CEO of Complementary Medicines Australia, welcomed the results.
“The findings of this study can be attributed to several factors driving growth in the complementary medicines industry,” he says.
“In the Asia-Pacific – already the largest market for vitamin supplement products – an ageing population is one of these key factors. With increasing age it is more difficult for the body to absorb the required nutrients from food, and people are turning to supplements to bridge the gap,” he says.
“Ensuring optimal levels of Vitamin D is of particular concern to the elderly, as they generally have a lower exposure to sunlight and many suffer from loss of appetite.
“As a result, the report predicts that Vitamin D will lead the growth in the industry.
“Increased consumer awareness of health issues, coupled with rising healthcare costs, is found to be influencing supplement demand in North America, while the supplement market in Europe is being propelled by the incidence of chronic diseases, among other factors.”
The global vitamin supplement market grew from US$31 billion in 2010 to US$37.4 billion in 2013 at a CAGR of 6.4%.
Among regions, the Asia-Pacific vitamin supplements market (the largest market in 2013) stood at US$11.5 billion in 2013, expanding at a CAGR of 6.0% from 2010 to 2013.