Global Vitamin and Supplement Market Trends
It’s no surprise that the global market for vitamins and supplements is growing at a high rate. People are becoming more and more concerned about protecting their health through maintenance rather than spending huge amounts of money on medical procedures to correct health issues. So, they are turning to vitamins and supplements to ensure that their bodies are getting all of the nutrients they need to stay as healthy as possible.
Overall, the global market for vitamins and supplements was worth $104 billion dollars as of 2013. A recent report shows an overall growth of 4% annually.
It is also being reported that there are a few different interesting trends with the growth of the vitamin and supplement market. One being that though women are one of the biggest consumers of vitamins and supplements, men have recently overtaken women as buyers of supplements. It has also been noted that brick and mortar stores have stopped increasing any floor space to sell vitamins and supplements.
In 2013, vitamins and daily supplements for children in the United States grew 12%. Walmart and online retailers are both making similar numbers on sales of vitamins and supplements. Of the sales made online, two thirds were made by retailers that have e-commerce businesses without a physical location. Online vitamin and supplement sales were about $1.7 billion dollars in 2013.
Asia-Pacific has become the largest market for vitamins and supplements due to the large number of seniors in the population. In North America, people are becoming more educated about their health, as well as being concerned about the increase in healthcare costs. Because of this, the market in North America continues to grow. In Europe, chronic disease is on the rise, fueling the market for supplements there.
Not only are consumers becoming more aware about their health and what they need to do to protect it, they are also realizing that spending more money on better quality supplements can be worth it. When you do your research and pay more money you are more likely to end up with a product that will provide the health benefit that your body seeks.
The global market for nutritional supplements alone is projected to earn more than $60 billion in 2021. In 2012, just nutritional supplements earned $32 billion. That’s a projection of almost double in only eleven years, yet another sign that consumers all over the world are taking their health and wellness into their own hands.
The growth in the market can be partially attributed to the change in the demographic of consumers. Vitamins and supplements no longer belong just to weight lifters and gym rats. Men and women of every age are now using vitamins and supplements to fill in nutritional gaps and prevent medical problems from occurring.
Vitamins and supplements are set to continue to sell well and increase in the coming years. Older consumers are taking their health matters into their own hands, while parents of children are purchasing supplements for their children as a preventative measure and to bolster their health in their early years. The trends for the market of vitamins and supplements are changing but they will likely continue to grow at a robust rate in the near future.
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