Vitamin Supplements Market Development and Demand Forecast to 2020

The global vitamin supplements market, estimated to be valued at $36,929 million in 2014, is expected to grow at 6.5% CAGR during 2014 to 2020, mainly attributed to growing consciousness among consumer about preventative healthcare. Healthcare spend is increasing with the increasing research and development (R&D) expenditure. Due to the increasing cost of healthcare, people are turning towards supplement products, including vitamin supplements, for a healthy life.

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According to the European Federation of Pharmaceutical Industries and Associations (EFPIA) member associations, the European pharmaceutical R&D expenditure increased from $37,030 million in 2011 to $38,055 million in 2012. In the U.S., the expenditure increased from $36,374 million in 2011 to $36,810 million in 2012. Asia-Pacific holds a major market share in the global vitamin supplements market, followed by North America and Europe. Asia-Pacific is expected to dominate the market in the forecast period owing to increasing geriatric population.

Deficiency of vitamin in body at older age increases the risk of diseases, such as night blindness, diminishing eyesight, fragile bones and mental disorders. This requires more nutrient-rich foods at older age. It is important to maintain balance of nutrients, including vitamin, to keep the body functioning properly.

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Some of the major competitors in the global vitamin supplements market include Glanbia plc, NBTY, Inc., Reckitt Benckiser Group plc, Archer Daniels Midland Company, E.I. du Pont de Nemours and Company, Royal DSM N.V., BASF SE, Integrated BioPharma Inc, Bayer AG, Pharmavite LLC, Nutraceutical International Corporation, Herbalife Ltd.

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