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| Vitamins Market |
Mass merchandisers among distribution segments is expected to dominate the vitamins market over the forecast period and is expected to expand at a CAGR of over 4.96% in terms of revenue. According to a study conducted by Coherent Market Insights, the global mass merchandisers market is projected to reach over 2.41 billion units by the end of 2021. This rapid growth of mass merchandisers industry is expected to boost growth percentile of vitamins market during the forecast period. For instance, as of June 2, 2016, AR Walmart—the global leader in mass market retail—operated over 11,453 Walmart stores across the U.S.
Factors such as growing consumer awareness for good health and increasing demand for supplement diet, in turn is expected to boost growth of the vitamins market throughout the forecast period.
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Regional Insights
North America, followed by Europe and Asia-pacific, respectively, accounted for major share in the global vitamins market in terms of revenue in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a share of 27.64% in terms of revenue, followed by Europe (28.10%). The growing demand for supplement diet in Asia Pacific due to rising public awareness coupled with growing retail and hospitality sector is expected to drive growth of the global vitamins market over the forecast period. The global animal source segment in the global vitamins market is expected to witness a CAGR of 4.99% from 2017 to 2025. Asia Pacific is expected to be the most lucrative market during the forecast period, due to its rapidly growing economy, especially in China and India, coupled with rising disposable income, which in turn is expected to bend the consumers towards supplement food along with the regular diet. Moreover, the growing retail sector across the region is also expected to boost the market for vitamins from 2017 to 2025. For instance, according to India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the retail market in India is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, due to income growth, urbanization, and attitudinal shifts.
Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Major players in the global vitamins market include Adisseo France S.A.S., Archer Daniels Midland Co., BASF SE, CSPC Pharmaceuticals Group Limited, Lonza Group Ltd., North China Pharmaceuticals Corporation, Pharmavite LLC, Zhejiang Hangzhou Xinfu Pharmaceutical Co. Ltd., among others. Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future. For instance, on April 17, 2017, Ashland announced to acquire Pharmachem Laboratories, a leading international provider of ingredients to global health and wellness industries and products to fragrance and flavor houses.
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