Europe, Middle East & India OTC Multivitamins & Minerals Supplements Market Worth $14.70 Billion By 2027 | Grand View Research, Inc. – MENAFN.COM
(MENAFN – GetNews) According to a new report by Grand View Research, Inc., The Europe, Middle East and India OTC multivitamins and minerals supplements market size was valued at USD 6.51 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 10.7% from 2020 to 2027.
The Europe size is expected to reach USD 14.70 billion by 2027 , according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.7% from 2020 to 2027 . Rising expenditure by sports nutrition market players on in-store promotions and advertising features is expected to promote the accessibility and popularity of multivitamins and minerals supplements over the next eight years in the concerned regions.
Growing consumer awareness regarding the benefits of a nutritious and healthy diet and overall wellness has led to the robust growth of the OTC multivitamin and minerals supplements industry. Gym workouts and other fitness activities are becoming a part of the daily routine of the younger generation across these countries, which demand necessary health supplements, thereby helping the industry grow. These supplements are believed to impart exceptional health benefits necessary for maintaining good vision, normal appetite, healthy skin, red blood cell formation, and nervous system.
Increasing geriatric population, food innovation, changing lifestyle, rising healthcare costs, medical discoveries, and suppositions regarding the higher prices of the products have facilitated the demand for OTC multivitamins and minerals supplements. Moreover, the consumption of these supplements can reduce total and low-density lipoprotein (LDL) cholesterol, thus reducing the problems related to coronary heart disease.
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The outbreak of the COVID-19 pandemic has created strong awareness regarding the importance of immunity and immunity-boosting products, which is anticipated to fuel the industry growth even further. The rising availability of the product in the form of gummies and lollipop induced with novel flavors is projected to drive the demand for multivitamins and mineral supplements among children.
Europe, Middle East And India (EMEI) OTC Multivitamins & Minerals Supplements Market Report Highlights
- Based on the ingredient, the mineral-based supplements are projected to expand at the fastest CAGR of 12.5% over the forecast period on account of growing consumption of supplements, such as chews, shots, and gummies, as well as increasing demand for fortified foods, such as sports nutrition drinks, hydration beverages, meal replacement, and infant formulas
- In the minerals segment, selenium accounted for more than 8.0% share of the overall revenue in 2019 as this ingredient is generally recognized as a men’s health mineral, whose consumption helps protect prostate health. As per the Natural Product Clinical Trials, selenium yeast-based supplements offer strong protection from prostate cancer in men having a low concentration of baseline plasma selenium
- In the Middle East, Egypt is expected to expand at the highest CAGR of 16.6% over the projected period on account of the growing food and beverage sector in the country, coupled with rising consumer preference for healthy foods
- Mergers & acquisitions, expansions, and joint ventures are a few strategies implemented by the market players. For instance, in August 2020, OptiBiotix, a U.K.-based nutritional ingredients manufacturer, launched a functional fiber and mineral blend called WellBiome. The introduction of this mineral blend comprising of fructooligosaccharides, glucomannan, and chromium was aimed at expanding the company’s health and wellness portfolio
As per the MEP Digestive Health Group, Europe is facing a rising burden of chronic digestive diseases, such as alcohol-related digestive diseases, digestive cancers, functional gastrointestinal disorders, and pediatric digestive diseases. Therefore, consumers in the region are spending a significant amount of their income on healthcare.
A majority of consumers in Germany are suffering from gastrointestinal disorders, such as irritable bowel syndrome (IBS) and constipation. The country’s population is also attempting to combat obesity and age-related diseases while avoiding medical treatments with side effects. All of these factors are projected to drive the demand for OTC multivitamins and minerals supplements.
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Various campaigns run by government agencies, non-governmental organizations, and companies have boosted consumer knowledge regarding the nutritional benefits of dietary supplements, which, in turn, is projected to fuel the market growth. Moreover, the consumption of premium nutritional products is regarded as a symbol of one’s social status in many countries.
One of the key factors contributing to the growth of chronic diseases is eating habits. Diet and nutrition are important factors in the promotion and maintenance of good health. High consumption of carbonated drinks and fast food often results in obesity, which further leads to various health issues, such as diabetes and high blood pressure. To avoid such diseases and match the daily need for essential vitamins and minerals, consumers across Europe and the Middle East are increasingly preferring multivitamins and minerals supplements in tablets and capsules form.
The market is moderately fragmented with the presence of large and medium-sized players. Key players are extensively investing in R & D activities to introduce novel multivitamins and minerals formulations to gain a greater share of the market.
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Product innovation and tie-ups with e-commerce firms are projected to remain the major strategies of manufacturers to maintain their competitive edge in the market. This is because of the rising marketability of e-commerce portals as one of the prominent distribution channels. These online sales channels offer service benefits, such as coupons, free home delivery, and cashback offers to consumers, which is likely to motivate manufacturers to establish tie-ups with e-commerce firms, such as Amazon, Dr. Nutrition, and Sporter.com.
In August 2019, GlaxoSmithKline plc (GSK) formed a joint venture with Pfizer Inc., a U.S.-based pharmaceutical and nutraceutical products manufacturer. The joint venture combined the nutrition brand of both the companies including GSK’s Voltaren, Sensodyne, and Panadol, and Pfizer’s Centrum, Advil, and Caltrate. The joint venture was formed to make a world-leading consumer healthcare business ensuring strong sales, cash flow, and higher contribution to earnings. GSK owns 68% stakes in the joint venture, whereas Pfizer Inc. owns the rest of the 32%. Some prominent players in the Europe, Middle East, and India OTC multivitamins and minerals supplements market include:
- Bayer AG
- Glanbia plc
- GlaxoSmithKline plc
- Herbalife International of America, Inc.
- NU SKIN
- NOW Foods
- Bright Life Care Private Limited
- Sun Pharmaceutical Industries Ltd.
- Nature’s Sunshine Products, Inc.
- Nutra Essential OTC
- The Nature’s Bounty Co.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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