Vitamin supplement is a dietary supplement that contains vitamins and can provide the human body with the nutrients it needs. Such preparations can be obtained in the form of tablets, capsules, powders and so on. To healthy people, most scientific evidence shows that vitamin supplement cannot prevent cancer, heart disease or other diseases, so there is no need to supplement regularly. However, certain groups of people may benefit from vitamin supplements, such as undernourished people, the elderly or pregnant women. Natural vitamins are obtained from all foods in the diet. Synthetic vitamins are usually manufactured artificially in industrial processes. Natural vitamins usually list food sources or are labeled as 100% plant-based. The main applications of Vitamins & Supplements are Health Care and Therapeutic Use. People may take the initiative to buy vitamin supplements when they feel undernourished or when they are exercising. In the case of treatment, they may also take it on the recommendation of a doctor.
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Vitamins & Supplements Market Analysis
According to our research, the North America Vitamins & Supplements market has a total revenue of 8484.2 M USD back in 2015, and increased to 10467.0 M USD in 2019. We made a series of functional calculation and deduced the past 5 year’s data with scientific model. Finally, we made the prediction that the value of North America Vitamins & Supplements markets can be 15254.8 M USD by 2026. The CAGR of North America Vitamins & Supplements is 5.53% from 2019 to 2026. North America Vitamins & Supplements companies are mainly from USA; the industry concentrate rate is moderate. The top three companies are Bayer, Pfizer, Amway with the revenue market share of 10.30%, 8.29% and 6.50% in 2019. USA was the largest revenue market with a market share of 84.78% in 2015 and 83.97% in 2019, an increase of -0.81%. In 2019, the Canada market share was 16.03%, Canada Vitamins & Supplements market is expected to be the growing market. Development of economy, increase downstream demand, technology innovation progress in these areas will promote the North America Vitamins & Supplements market.
The growth of the North America Vitamins & Supplements market is driven by the downstream demand market. As the North America economy develops, the population continues to increase. Growing market demand plays an active role in the expansion of the North America Vitamins & Supplements market. Higher product quality and more affordable products will be one of the growth opportunities in this market in the future. At the same time, competition in new regions may become more intense. This may become a factor hindering market growth.
Vitamins & Supplements Business Environment Analysis
With the progress of society and the development of production, excessively refined food, the pollution of air and chemical substances in food has caused some diseases. The number of infectious diseases that originally harmed people\'s health is gradually decreasing, while non-communicable diseases are gradually threatening people\'s health. Cardiovascular diseases, cerebrovascular diseases, malignant tumors, diabetes, obesity, osteoporosis, etc., which are among the top mortality rates, are all related to nutritional factors. Changes in disease patterns have promoted a renewed understanding of the relationship between diet and modern diseases, which has triggered a dietary revolution and stimulated the consumption of vitamin supplements.
Modern life gives people great material enjoyment. At the same time, there are also some troubles and ills, such as air pollution, high tension in the rhythm of life, ecological deterioration, and chemical pollution. These changes have led people to become more inclined to natural foods, believing that natural foods have better health effects. Although most vitamin supplements on the market are currently synthetic, the share of natural vitamin supplements is rising. Changes in consumer perceptions may bring opportunities to the natural vitamin supplement market during the forecast period.
In recent years, life sciences in the United States have achieved rapid development. People have realized how to use vitamin supplements and scientifically adjusted diets to regulate body functions to prevent diseases. People\'s awareness of vitamin supplements rose from
the perceptual stage to the rational stage, which promoted the development of the industry. The industry is highly competitive. Market concentration is not high, and companies strive for more market share. Companies that already have loyal customers, mature teams, and a comprehensive understanding of customer needs may be less affected. However, if the newly entrant company does not have a strong team, sufficient funds and mature sales channels, it will be difficult to gain a place in The "Dietary Supplement Health and Education Act" promulgated by the United States in 1994, while ensuring the healthy development of the health food market, prohibits false publicity of health food. The United States adopts a filing system for health foods, which allows products to declare their impact on human physiological functions in a reporting way. No proof is required, but it must be stated on the health food packaging label that the product is not used for diagnosis, treatment or prevention of any disease. When the FDA doubts the safety of the health food sold by the company, it must produce relevant evidence that the product is unsafe. Subsequently, after hearing the company\'s defense, the FDA sent the negative evidence about product safety and the company\'s application materials to the court for ruling.
Unlike the United States, in Canada, dietary supplements (or “Natural Health Products” (NHPs) as Health Canada refers to them) are considered non-prescription drugs and are subject to the Natural Health Products Regulations. Vitamin supplements are part of dietary supplements. NHP must be safe to use as an over-the-counter (OTC) product. These regulations stipulate that the company must have qualified personnel to ensure the quality of the product before it can be sold. The company must also provide detailed information about product quality in the product license application. In general, the laws in this region are relatively strict and complete, leading to relatively high market entry barriers and relatively complicated procedures. Strict laws and regulations increase the compliance cost of enterprises.
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