SAN ANTONIO, Sept. 14, 2016 (GLOBE NEWSWIRE) -- Verify Markets’ analysis of The Status of the Global Multivitamin Market shows that the market is valued at over $10 billion in sales for 2015 (http://www.verifymarkets.com/products/2016-global-multivitamin-market). The global market for multivitamins is both fragmented and at a point of stagnation, growing slowly. Despite this, multivitamins are used more frequently and more often than other vitamins or dietary supplements, globally.
The major market drivers for the multivitamin market include increased multinational company participation in the category, rising economic confidence and an enormous and fast-emerging middle class in several large countries (Brazil, Russia, India and China) that are anxious to benefit from “Western” health-promoting products.
The United States multivitamin market drives major change in the global market; especially when it comes to manufacturing standards, vitamin form factors, marketing trends and consumption methods. However, the key to sustained growth in the multivitamin marketplace is to expand into developing economies and recognize their purchasing criteria. For example, in China, multivitamin solutions can be paired with TCM (Traditional Chinese Medicine), like ginseng and spirulina. Also, general consumer distrust has established general preference toward Western brands, though many of the ingredients are originally sourced from China.
With DNA testing and skin pigment spectroscopy utilized for vitamin deficiency detection, it is likely that companies will continue to utilize technological advancement at the point-of-sale. Consumers are looking for personalized multivitamin solutions for their specialized needs.
The key companies in this market include: Pfizer, Jeunesse, Amway, Sinphar, Ching Hwa Biotechnology, ICA Biotechnological, Ildong Pharmaceuticals, Blackmores, Tradewind, Unipharm, Merck, Eisai, Guangzhou By-Health Biological Engineering, Schwabe, Takeda, OTC Pharm, Cosway, Dirk Rossmann, Abtei, Bayer, GNC, Nu Skin, NBTY, Herbalife, and Boehringer Ingelheim, among others.
This report provides an overview of the global multivitamins market and a country analysis for the United States, China, Japan, South Korea, Brazil, Russia, Germany, Taiwan, Thailand, Malaysia, Vietnam and India. The report captures growth drivers, restraints, challenges, market trends, market share analyses, market revenue forecasts, distribution channel shares, demographic customer shares (by end user), company profiles for leading participants, technological developments, manufacturer trends, consumer trends, strategic recommendations and perspectives on the future of multivitamins and other dietary supplements. The base year of the study is 2015 and revenue forecasts are provided up to 2021. A copy of the Global Multivitamins Market research report can be obtained at www.verifymarkets.com.
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Source: Verify Markets