Technavio analysts forecast the global vitamins market to grow at a CAGR of over 7% during the forecast period, according to their latest market research report.
The increasing health consciousness among consumers is one of the major trends being witnessed in the global vitamins market 2019-2023. The rising incidences of obesity and related diseases are making consumers more health conscious and giving rise to the need for food and beverage products that are natural-based and low in fat and calories. Players in the market are coming up with food with low fat and calorie content and fortified with vitamins and minerals to cater to the changing demands of consumers. The trend of health and wellness is gaining popularity among young consumers in the age group of 18-32 years. The number of consumers indulging in fitness activities is increasing globally. They are willing to pay high premiums for products offering various functional benefits such as low fat and calorie content. Increasing demand for healthy food and beverage products among consumers will help the growth of the global vitamins market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global vitamins market is the increasing number of increasing number of product launches:
Global vitamin market: Increasing number of product launches
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Successful new product launches will help increase the revenues of players and also ramp up their market share. Some of the new product launches in the global vitamins market are – In February 2018, VITAMIN ENERGY launched Vitamin Energy shot that promises a healthy surge of energy. The company said the product does not contain sugar and is fortified with vitamins B and C. The new product has received accolades from many world-class athletes such as 3X boxing champion Nate Bower and Olympic wrestling coach Jonathan Johnson. Also, In March 2018, The GHT Companies introduced Vegan Life Nutrition to provide nutritional supplements that are completely free of animal products. The new product line features vitamins in a variety of formats such as pills, powders, gels, and others. Thus, such new product launches will help the global vitamins market to grow during the forecast period.
According to a senior analyst at Technavio, The emergence of private label brands is another positive factor that will boost the growth of the global vitamins market during the forecast period. Private label products are priced lower than products of mainstream brands, and they are more appealing to price-sensitive consumers. Supermarket chains such as Walmart and Costco have come up with their own private label brands of vitamin supplements to cash in on increasing demand among consumers. Thus, the increasing number of private label brands in the market will drive the growth of the market during the forecast period.
Global vitamin market: Segmentation analysis
The global vitamin market research report provides market segmentation by application (food and beverages, pharmaceuticals and cosmetics, feed additives), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 45% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by the EMEA region.
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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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