The global vitamin supplements market was worth US$37.4 billion in 2013 and will reach a total market value of US$59.6 billion by 2020. A CAGR of 6.8% will be demonstrated by the global vitamin supplements market during the forecast period.
The global vitamin supplements market benefits from the ever-growing healthcare industry. Rising healthcare costs are influencing consumers to shift to dietary supplements products such as vitamin supplements. Apart from the pharmaceutical sector, the global vitamin supplements market finds its application in food and beverage, personal care, and other industries.
Product-wise, the global vitamin supplements market is segmented into multivitamins, vitamin D, vitamin C, vitamin B, and others. Since, elderly people suffer from vitamin D deficiency due to low sunlight exposure. The demand for vitamin D supplements is growing, particularly in Asia due to its large base of geriatric population. Currently, Asia Pacific is home to over half of the world’s elderly population (source: United Nations ESCAP).
Asia-Pacific leads the global vitamin supplements market and will demonstrate a 6.0% CAGR during the forecast period. The North American vitamin supplements market benefits from the growing awareness about health and well-being along with the elevated healthcare costs. On the other hand, the European vitamin supplements market’s growth will be fueled by the high incidence of chronic diseases.
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