Vitamins Supplements Market To Register Impressive CAGR During the Forecast Period
Growing Awareness among consumers are
driving the growth in Global Vitamins Supplements Market in the forecast
period, 2020-2024.
According
to TechSci Research report, “Global Vitamins Supplements Market By Source (Natural
Vitamins & Synthetic Vitamins), By Product Type (Multivitamin, Vitamin B,
Vitamin C, Vitamin D & Others), By End User (Adult Women, Adult Men, Senior
Citizen & Others), By Region, Competition, Forecast & Opportunities,
2024”,
the global vitamins supplements market is expected to register an impressive
CAGR of 9% in the forecast period, 2020-2024. The market growth is anticipated
on the account of rapidly increasing health scare among the population. The
general diseases like obesity, anxiety, blood pressure, diabetes, etc. is
driving the market growth in the upcoming five years of forecast. Moreover,
rising population concerned over their health and adopting health supplements
to overcome the lack of nutrition in the body is driving the growth of the
market in the upcoming forecast period. Also, consumers are inclined toward
incorporating vitamins and supplements in their daily routine thereby surging
the demands of vitamin supplements and aiding the growth of the global vitamin
supplement market in the future five years.
Although,
stringent regulations and revised tax regulations may put mild restraint over
the growth of the market in the upcoming five years. Market players are bound
to submit samples of the variant vitamin supplements such that the Food and
Drug Administration may provide certification toward its safety and
authenticity and that further delays the product launch. The delays in the
product launch might slow down the consistent growth of the market in the
forecast period, that can be overcome by rapid research on the vitamin
supplements.
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The global vitamins
supplements market is segmented by source, product type, end user, regional
distribution, and competitional landscape. Based on source, the market is
further segmented into natural supplements, and synthetic supplements. Natural
supplements are anticipated to hold the largest revenue shares of the market
and might dominate the market segment in the next five years. The market growth
can be attributed to consumer inclination toward natural supplements. The
absence of artificial ingredients that often has reactive effects on the
consumer health are aiding factor toward the consumers inclination toward the
natural supplements. Moreover, health conscious consumers are actively
supporting the herbal and organic products for the vitamin supplements thereby
driving the growth of the market in the next five years.
Holding major revenue shares
of the global vitamins supplements market some of the leading market players
are, E.I. du Pont de Nemours & Co., Amway Corporation, Pfizer Inc., Bayer
Aktiengesellschaft, BASF SE, Pharmavite LLC, Nature's Products, Inc., Ayanda
Group AS, ABH Nature's Products, Inc., DCC Health & Beauty Solutions Limited,
among others. The market players are actively involved in research and
development of vitamins supplements. They are consistently working toward
launching new products. The majority of market players are working in prospects
of providing better supplements looking at the surge in the demand of the
variants based on consumers’ requirements. New market player may step into the
market with multiple vitamin supplements and function specific antioxidants. Other
strategic recommendation involves partnerships and acquisitions among the
players.
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“Asia Pacific region is the most
promising market with the future growth prospects. Asian countries have more
profound and established concept of nutritional food. With increasing awareness
and concerns of the consumers regarding malnutrition the market is bound to
experience esteemed growth in the subsequent market. With extended history of
traditional medicines in the countries like China, Japan, India the market
growth is supported in the future five years. Moreover, the consumers for
vitamin supplements are more inclined with their increasing disposable income
and thereby supporting the growth of the market in the future forecast years.
New market players can enter the market region with new product launches and
with an extended product line they may substantiate an established market,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based Global management consulting firm.
“Global Vitamins
Supplements Market By Source (Natural Vitamins & Synthetic Vitamins), By
Product Type (Multivitamin, Vitamin B, Vitamin C, Vitamin D & Others), By
End User (Adult Women, Adult Men, Senior Citizen & Others), By Region,
Competition, Forecast & Opportunities, 2024”, has evaluated the future
growth potential of global vitamins supplements and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global vitamins supplements market.
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