Is the vitamins and supplement market outpacing the SA economy?

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.

Source: Statista; Graphics by Insight Survey

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 well-being 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 have 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 manufacturers, 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 az.oc.yevrusthgisni@ofni 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:

Insight Survey is a South African B2B market research company with almost 10 years of heritage, focusing on business-to business (B2B) market research to ensure smarter, more profitable business decisions are made with reduced investment risk.

We offer B2B market research solutions to help you to successfully improve or expand your business, enter new markets, launch new products or better understand your internal or external environment.

Our bespoke Competitive Business Intelligence Research can help give you the edge in a global marketplace, empowering your business to overcome industry challenges quickly and effectively, and enabling you to realise your potential and achieve your vision.

From strategic overviews of your business’s competitive environment through to specific competitor profiles, our customised Competitive Intelligence Research is designed to meet your unique needs.

For more information, go to www.insightsurvey.co.za.