The global multivitamin and mineral supplements market is expected to post a CAGR of close to 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is increasing adoption of multivitamin and mineral supplements by the growing aging population. It is estimated by 2030, nearly 17% of the global population will be above the age of 60 years. The aging population is becoming increasingly health-conscious about degenerative functioning and related conditions such as Alzheimers and Parkinsons. Therefore, to prevent the effect of such conditions, baby boomers are engaging in physical activities, such as travelling, along with consuming multivitamin and mineral supplements. Aging also results in a reduced intake of food, which results in nutrient gaps which can be supplement with vitamins. Moreover, the demand for multivitamin and mineral supplements will also be driven by the high spending power of baby boomers.
This market research report on the global multivitamin and mineral supplements market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing popularity of private-label brands as one of the key emerging trends in the global multivitamin and mineral supplements market:
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Global multivitamin and mineral supplements market: Growing popularity of private-label brands
Private-label products are priced lesser than the mainstream brands, which makes them a popular option among budget-conscious consumers. Supermarket chains, such as Walmart and Costco, have come up with their own private-label brands of multivitamin and mineral supplements to cash in on the increasing demand for private-label products. Supermarket chains are allocating more shelf space for their private-label offerings and are also carrying out in-store promotions and campaigns to increase the popularity of these products. Players are also positioning their private labels offerings as lifestyle brands to distinguish their products from those of their competitors. Thus, the increasing private-label brands in the market will help the growth of the market during the forecast period.
Apart from increasing popularity of private labels, other major factors such as the increasing adoption of preventive measures for lifestyle-related diseases, and emergence of customized multivitamin and mineral supplement offerings, will boost the growth of the overall global market, during the forecast period, says a senior analyst at Technavio.
Global multivitamin and mineral supplements market: Segmentation analysis
This market research report segments the global multivitamin and mineral supplements market by application (eye health supplements, bone and joint supplements, heart health supplements, other supplements) and geographical regions (APAC, EMEA, and the Americas).
The eye health supplements segments led the market in 2017 with a market share of over 25%, followed by bone and joint supplements and heart health supplements segment respectively. However, during the forecast period, the heart health supplements segment is expected to register the highest incremental growth.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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