Global Vitamins and Minerals Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023
Vitamins and minerals are most vital nutrients for human body and should be taken in required quantity, high or low intake of vitamins and minerals may lead to complications. Though vitamins and minerals are micronutrients they differ in their basic ways. Vitamins are the organic substances and can be a breakdown by air, acid or heat while minerals are inorganic substances and they hold on to their chemical structure. Vitamins and minerals are helpful in boosting the immune system, supports the growth and development.
Rise in awareness regarding the health conditions, dietary supplements and nutritious intake of food are expected to drive the growth of vitamins and minerals market. Furthermore, rapid urbanization, changes in consumer lifestyle, increase in health and diet maintenance, and rise in technological advancements are expected to accelerate the growth of vitamins and minerals market. On the other hand, limited awareness regarding the benefits of nutritious food and dosage and amounts of vitamins and minerals has to be taken, misconceptions and false product claims are expected to hamper the growth of vitamins and minerals market.
The Vitamins and Minerals Market is classified on the basis of source, type, dosage form, distribution channel, and geographical regions.
Based on source, Global Vitamins and Minerals Market is segmented as
Based on type, Global Vitamins and Minerals Market is segmented as
Based on dosage form, Global Vitamins and Minerals Market is segmented as
Based on distribution channel, Global Vitamins and Minerals Market is segmented as
Health and wellness stores
Vitamins and minerals market is experiencing a significant growth during the forecast period. People are focused on the dietary supplements and fitness foods to maintain proper health. As per, Council for Responsible Nutrition survey in 2014 in U.S. around 68% of adults took dietary supplements every year and in that, about 50% adults are regular consumers. U.S FDA has imposed several regulations regarding the standards of labeling of vitamins and minerals and quality of the products, hence vitamins and minerals producing companies have increased the development expenditure to produce the better quality products. Market players are majorly focused on new product launches, mergers, and acquisitions.
Geographically Vitamins and Minerals Market is segmented as Latin America, North America, Asia Pacific, The Middle East & Africa and Europe. North America accounts the largest share followed by Europe in vitamins and minerals market owing to rise in consumption of dietary supplements, growing adoption of nutritious diet intake, rising inclination towards the healthcare clubs, fitness maintenance and presence of a large number of producers. Asia Pacific holds a significant position in vitamins and minerals market due to the rise in disposable income, rise in awareness about the benefits and usage of vitamins and minerals, increasing health concerns, lifestyle modifications among the consumers. Moreover, introduction of e-commerce portals like Alibaba in Asia Pacific countries especially in India, China, and Thailand. Growing economic conditions, the rise in opportunities, presence of huge unmet needs are the factors that are attributing to the growth of vitamins and minerals market in Latin America and MEA regions.
Some of the players in Vitamins and Minerals Market BASF SE (Germany), Herbalife International (U.S), Dupont (U.S), Royal DSM N.V. (Netherlands), Glanbia Plc. (Ireland), Abbott Laboratories (U.S.), Apotex (Canada), NBTY Inc. (U.S.), Amway Enterprises (U.S.), GlaxoSmithKline(UK) and Bayer AG (Germany).
In July 2017, Apotex launched premium value pharmacy only range ofVitamin and Mineral supplements OVIIT.
In July 2017, The Vitamin Shoppe, and Healthy Natural Solutions entered into Platinum Vendor relationship to launch NU LIFE therapeutic into U.S. market.