Considering the increasing global consumer awareness about good health, wellbeing and preventative healthcare, the unprecedented growth observed in the Vitamins and Supplements market in the last ten to fifteen years is unsurprising. However, given the economic challenges being faced by South African consumers over the past few years, has the South African market followed the global growth trend or succumbed to the negative market forces being exerted on consumers?
Insight Survey’s latest SA Vitamins and Supplements Landscape Report 2017 carefully unfolds the global and local Vitamins and Supplements markets based on the latest information and research. It fleshes out the market drivers and restraints as well as global and local market growth to present an objective insight into the South African Vitamins and Supplements market and its future.
The global vitamins market in 2015 was valued US$91.5 billion and is forecast to grow at a compound annual growth rate (CAGR) of 4.71% up to 2020. The global market is led by the Asia-Pacific region which is expected to dominate the market up to 2020 based on its growing economy and aging population.
Despite the South African economy showing sluggish growth over the past few years, the Vitamins and Supplements market in South Africa has increased from R2.9 billion in 2014 to R3.8 billion in 2016 and has grown by a whopping compound annual growth rate of 13.5%. This is in comparison to the measly South African annual GDP growth rate of just 1%-2% over the same period. This shows that South African consumers are certainly taking their health and wellbeing very seriously and spending a disproportionately higher amount of their shrinking disposable income on Vitamins and Supplements.
Growth within the South African market has mainly been fuelled by increased consumer awareness about well-being and preventative healthcare and growth within the senior population. The Supplements market has been booming as the sports nutrition market has become more mainstream, fuelled by protein usage for sports and weight management. Sports nutrition and Supplement companies are developing products that promote healthy living such as breakfast cereals, convenience bars and ready-made drinks and foods. Sales of herbal and homeopathic Supplements grew by nearly 17% in 2016 and weight-loss supplements like Garcinia Cambogia has gained huge popularity.
However, there are potential headwinds for the Vitamins and Supplements industry which may dampen growth going forward. Recent regulatory changes propose stricter procedures for registering over-the-counter ‘complementary medicines’ like those required for prescription pharmaceutical drugs. Proposed regulations would also set maximum nutrient levels for vitamin and dietary supplements which could significantly impact product availability and prove costly for manufactures, especially for small scale manufacturers.
The South African Vitamins and Supplements Landscape Report (103 pages) provides a dynamic synthesis of industry research, examining the local and global Vitamins and Supplements industry from a uniquely holistic perspective, with detailed insights into the entire value chain – from manufacturing to retail and consumption.
Some Key Questions The Report Will Help You To Answer:
- What are the current market dynamics of the global Vitamins and Supplements industry?
- What are the SA Vitamins and Supplements industry trends, drivers, and restraints?
- What are the statistical volume trends for SA Vitamins and Supplements purchasing?
- Who are the key manufacturing and retail players in the SA Vitamins and Supplements industry?
- What are the prices of the most frequently purchased Vitamin and Supplement brands across SA retail outlets?
Please note that the 103-page PowerPoint report is available for purchase for R25,000 (excluding VAT). Alternatively, individual sections can be purchased for R9,000 (excluding VAT). For additional information simply contact us at firstname.lastname@example.org or directly on (0)21 045-0202.
For a full brochure please go to: South African Vitamins and Supplements Landscape Report 2017
About Insight Survey:
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