Global Prenatal Vitamin Supplements Market: Snapshot
A majority of women worldwide complain deficiency of certain vitamins during pregnancy. These nutrients are imperative for proper fetal development and are required before, during, and post conception for the lactation period. Also referred to as prenatal vitamins, they are available in the form of artificial supplements, however, should be consumed as recommended by the doctor. The rising incidents of birth defects such as congenital heart disease, Down syndrome, cleft lip and cleft palate, club foot, phenylketonuria, and Edward’s syndrome has fueled the demand for prenatal vitamin supplements around the world. Besides this, growing awareness about the same and the recent advancements in the healthcare technology have created an environment conducive to growth of the prenatal vitamin supplements market.
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Spurred by the aforementioned factors, the global prenatal vitamin supplements market is forecast to reach US$561.0 mn by 2024, from US$291.2 mn in 2015. If these figures hold true, the overall market will exhibit a CAGR of 7.7% between 2016 and 2024.
Drug Stores to Remain Most Preferred Distribution Channel
The global prenatal vitamin supplements market include capsule, powder, and gummy based on dosage. Of these, the capsule segment held dominance in the global prenatal vitamin supplements market in 2015. Capsules have a longer shelf-life compared to its powder and gummy counterparts and are thus preferred more by doctors. Moreover capsules get easily disintegrated by gastric juices and are thus likely to remain the most liked variant through the forecast period. Furthermore, the advent of recent technologies enabling easier method of filling capsules with different dosage forms such as liquids, powders, and pellets, the demand for the same is expected to remain high even in the forthcoming years.
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Based on distribution channel, hospital pharmacies, online pharmacies, supermarkets, and drug stores are key market segments. Of these, with a share of nearly 53.1% in the market, drug stores emerged as the dominant segment in 2015. Compared to other distribution channels, drug stores offer the convenience of interacting directly with customers to clarify their doubts if they have any. This has played a major role in gaining increased traction towards the segment. While drug stores are forecast to remain dominant through the forecast period, the demand for other distribution channels will also gain pace gradually in the coming years.
Asia Pacific to Emerge as Most Lucrative Regional Market in Future
Regionally, North America, Europe, Asia Pacific, Latin America, and the MEA have emerged as the key markets for prenatal vitamin supplements. Among these regions, North America emerged as the most attractive market. It boasts a high degree of awareness among consumers, besides which North America also has the distinction of being one of the earliest adopters of the latest technologies. Spurred by this, experts have predicted the North America market to remain the leading segment through the forecast period. While it held the dominant share of 41.2% in the global .market in 2015, it is Asia Pacific, which is likely to exhibit the highest CAGR during the forthcoming years.
The hectic lifestyle of most people, especially women across the emerging nations in Asia Pacific has led to the rise in lifestyle diseases such as hypothyroidism. This lifestyle diseases
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lead to deficiency of vitamins and minerals inside the body which can be insufficient for the proper growth of the baby during pregnancy. This has augmented the demand for high quality prenatal vitamin supplements. The prenatal vitamin supplements market in Latin America is projected to expand at a significant CAGR during the forecast period due to deficiency of proper diet because of improper eating habits.
Major players operating in the prenatal vitamin supplements market includes Garden Of Life Inc., Country Life LLC., Rainbow Light Nutritional Sytems Inc., Church & Dwight Co., Inc., Biotics Research Corporation, MegaFood, Metagenics, Inc., New Chapter, Inc., Pharmavite LLC., Twinlab Corporation, Abbott Nutrition, and Matsun Nutrition.