Are functional vitamins enhancing South Africa’s vitamins industry?

Insight Survey’s latest South African Vitamins Industry Landscape Report 2024 carefully uncovers the global and local vitamins market, based on the latest intelligence and research. It describes the key global and local market trends, innovation and technology, drivers, and challenges, to present an objective insight into the South African vitamins market environment and its future.

Globally, the vitamin supplements market was estimated to be worth approximately $48.4bn in 2023. Furthermore, as illustrated in the graph below, the global vitamin supplements market value is forecast to increase by a compound annual growth rate (CAGR) of 6.8%, to reach approximately $87.5bn by 2032.

Source: PrecedenceResearch Graphics by Insight Survey

In South Africa, the local vitamins market achieved strong growth of 7.6% year-on-year, at current prices, between 2022 and 2023. Moreover, the market is expected to continue to experience solid growth, with a CAGR of 7.8% for the 2024 to 2028 forecast period.

The growth being experienced in both the global and local vitamins markets can be partly attributed to the increasing demand for diverse functional vitamin offerings, and the introduction of new products to meet this demand. These products offer specific health benefits beyond basic nutrition, effectively aimed to address particular health concerns or deficiencies. These modern functional vitamin products are also allowing for enhanced absorption, on-the-go convenience, and often attract individuals who may not typically use traditional vitamin products.

Globally, the popularity of functional brain health vitamin products is soaring, targeting cognitive and brain health areas such as stress and mental function. For instance, Bioglan Superfoods recently launched its Brain Boost Mental Performance Vitamin product, containing Vitamins B5, B6, and B12, designed to enhance energy, focus, and mental clarity. Additionally, women's health brand, O Positiv, launched its Essentials supplement range, including an Iron + Vitamin C product, which was indicated to enhance energy production, immune system function, and neurological health.

In the South African market, the emphasis on functional vitamin products is mirrored by local brands. For example, vital health foods, a leading South African vitamins and health supplements manufacturer, announced that it had extended its product range with three new functional products, namely the vital energy and focus adult gummies, vital calm and relax adult gummies, and vital radiant skin adult gummies. These products have been designed to support energy and mental performance, the nervous system, as well as skin and hair.

In addition, The Patch Brand made its South African debut, with the launch of five new functional, non-tablet format vitamin products, available in the company’s signature patch format. These products are aimed at supporting everyday stressors, and include the sleep vitamin patch, the stress relief vitamin patch, the focus vitamin patch, the energy vitamin patch, and the immunity vitamin patch.

Moreover, Procter & Gamble’s vitamins brand Voost also entered the South African market in 2023 with its range of dissolvable functional Vitamin tablets, including 10 new variants. This range included its Voost Performance, Voost Multivitamin, Voost Mega B Complex, Voost Vitamin C, and Voost Vitamin D, amongst others.

The South African Vitamins Industry Landscape Report 2024 (122 pages) provides a dynamic synthesis of industry research, examining the local and global Vitamins industry from a uniquely holistic perspective, with detailed insights into the entire value chain – market sizes and forecasts, industry trends, latest innovation and technology, key drivers and challenges, trends, innovation and technology, industry drivers and challenges, manufacturer/distributor overview, retail and pricing analysis.

Some key questions the report will help you to answer:

• What are the key market dynamics of the global and South African vitamins industry?
  
• What are the latest global and South African vitamins industry trends, innovations and technology, drivers, and challenges?
  
• What are the market value and volume trends in the South African Vitamins market (2019-2023) and forecasts (2024-2028), as well as channel distribution?
  
• Which are the key manufacturers, distributors, and retail players in the South African vitamins industry?
  
• What is the latest company news for key players in terms of products, new launches, and marketing initiatives?
  
• What are the prices of popular vitamins brands across South African pharmacies and retail outlets?

Please note that the 122-page report is available for purchase for R40,000.00 (excluding VAT). Alternatively, individual sections can be purchased for R17,500.00 (excluding VAT).

For more information, please email az.oc.yevrusthgisni@ofni, call our Cape Town office on (021) 045-0202 or Johannesburg office on (010) 140- 5756.

For a full brochure, please go to: South African Vitamins Industry Landscape Brochure 2024

About Insight Survey:

Insight Survey is a South African B2B market research company with more than 15 years of heritage, focusing on business-to-business (B2B) and industry research to ensure smarter, more-profitable business decisions are made with reduced investment risk.

We offer 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.

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