With the presence of a large number of companies has made the international prenatal vitamin supplements market highly competitive. In accordance with a new business intelligence report by Transparency Market Research (TMR), companies such as Biotics Research Corporation, Country Life LLC., Church & Dwight Co., Inc., Garden of Life, Inc., and Rainbow Light Nutritional System, Inc. are some of the eminent companies in the world market for prenatal vitamin supplements.
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Increasing number of companies come together to form a joint venture, and these companies basically aim at the introduction of brands to customers across the globe and development of new products. Encouraged by this, the world market for prenatal vitamin supplements is forecasted to register strong growth in between the years 2016 and 2024.
In accordance with TMR analysts, the world market for prenatal vitamin supplements was valued at valued at around US$ 291.2 mn in the year 2015 and is forecasted to reach a market valuation of around US$ 561.0 mn by the end of the year 2024. Growing at this rate, the said market is anticipated to rise at a healthy rate of CAGR of around 7.7% in between the year 2016 to 2024.
Asia Pacific to Register High Growth Rate throughout the Period of Forecast
In terms of geography, the said market has been divided into the major geographies of Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Of all of these, North America has emerged as the significant and attractive markets for prenatal vitamin supplements. The region boasts of a high degree of awareness amongst consumers, besides which the region of North America also has the credit of being one of the earliest and fast adopters of the newest of all technologies. However, it is the region of Asia Pacific, which is likely to exhibit the highest CAGR during the years to come.
Increased Awareness About Prenatal Vitamins Supplements to Stimulate Market Growth
In accordance with TMR analysts, prenatal vitamin supplements are more and more being prescribed over 10 weeks of conception and this has been a main driver of the said market. It is essential for mothers to consume essential minerals and vitamins from the very first trimester of pregnancy so as to ensure embryo’s health. These vitamin supplements are also being prescribed so as to diminish the chances of prenatal defects. The rising incidence of congenital heart defect, Down syndrome, inherited metabolic disorder, chromosome abnormality, and other disorders which have compelled parents to get more inclined towards supplements and medications that would reduce the risk of prenatal defects.
Furthermore, women nowadays have a busy and stressful lifestyle due to which more than often they come with irregular sleeping and eating habits. This has, thus, further taken a toll on their health owing to which many of them suffer from various mineral and vitamin deficiencies that could further trigger complications during the period of pregnancies. To avoid the occurrences of the same, the need for prenatal vitamin supplements has increased.