Increasing consumer awareness regarding the preventive healthcare by an aging population has been the main growth driver of European Vitamin and Mineral Supplement Market. The growth of the market is both positively and negatively influenced by the media; the media being used by manufacturers and retailers to effectively market their products and increase visibility and awareness. However, fake claims by some manufacturers and negative publicity hamper the overall reputation of the industry and hinder the market growth.
In 2016, the largest market for dietary supplements turned out to be Asia Pacific, the main drivers being the increasing consumer awareness regarding the benefits of the supplements coupled with easy product availability throughout the region. Increasing disposable incomes as the emergent economies are moving on the path of development are also supporting the market growth in Asia Pacific.
In North America, there is a rise in demand for these supplements on account of an increasing number of aging population. This has been compounded by an increasing need for preventive health in elderly people and concern over high risk of life threatening diseases. While Latin America is predicted to be the future market for vitamins and mineral supplements on account of increasing modernization and urbanization, rising disposable incomes, various retail channels, the Middle East and Africa are huge potential regions for the Vitamin and Mineral Supplement Market which are expected to provide ample opportunities for the market to grow there due to increasing economic activity.
According to research report, “Europe Vitamin & Mineral Supplement Market by Manufacturers, Countries, Type and Application, Forecast to 2022” , the year 2016 saw Europe as one of the leading markets due to the European consumers’ increasing interest in healthy lifestyles resulting in growing consumption of healthy food. On account of the rising aging population, growing healthcare costs and increasing lifestyle diseases, Western Europe is expected to lead the market for Vitamin and Mineral supplements in Europe. In Europe, while Multivitamins remained one of the most popular type of supplements, products having minerals are also gaining popularity on account of their targeting specific benefit or customer segment.
However, the regulatory side is posing some hurdles, due to lack of harmonization among member states in terms of maximum amount of nutrients in a supplement and the ingredients that are allowed. This results in forcing the companies to make country specific products. This is patently resulting in hindering the market growth and creating unnecessary problems for manufacturers, but considering the ample opportunities that Europe is expected to provide to the industry, it is worthwhile to study it in detail to exploit the latent potential that Europe offers for growth and expansion.
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Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com
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