Report: Vitamin Supplement Market Expected To Increase By 60 Percent By 2020

A new report expects the global market for vitamin supplements to jump from $37.4 billion in 2013 to nearly $60 billion by 2020.

The analysis by New York-based Persistence Market Research predicted Vitamin D supplements would lead the growth in the industry over that span. The report expects increasing geriatric populations, particularly in Asia, to bolster demand for Vitamin D, a result of decreasing ability to absorb nutrients from food, loss of appetite and lower exposure to sunlight.

The Asia-Pacific region, already the largest market for vitamin supplement products, will see an increasing elderly population drive supplement demand in that region, particularly in China and India.

In the North American market, the report expects increased consumer awareness of health issues and rising health care costs to influence supplement demand, while in Europe, the supplement market should be bolstered by the incidence of chronic diseases, among other factors.

The report expects the Asian share of the vitamin market to increase further, while the market shares of North American and Europe will see modest declines by 2020.

The report also examined market forecasts for multivitamins, along with vitamins B and C and other supplements, and evaluated results by the type of supplement application and by the type of consumer. The multivitamin segment accounted for nearly half of the market share as of 2013, with a slightly smaller share projected by 2020.