The rapid improvements in healthcare infrastructure in various emerging economies and growing penetration of social media have been helping to drive growth in the prenatal nutritional supplements category, according to a new study by Transparency Market Research (TMR).
The report’s authors note that across the world, pregnancy constitutes a large chunk of demand for medical facilities and hence predict that the demand in the global prenatal vitamin supplements market will grow at a significant CAGR of 7.7% during the forecast period of 2016 to 2024.
The market is already valued at US$291.2 million (2015) and is estimated to translate into a revenue of US$561.0 million by 2024.
Thanks to social media platforms, awareness regarding the need for prenatal vitamin supplements has risen dramtically in the past decade. These supplements are typically whole-food multi-nutrient formulas specifically intended to serve the nutrition needs of a women from pre-conception, during the pregnancy, and post conception or lactation.
Increased disposable income among the urban population, strong promotional activities by the vendors in order to generate further awareness regarding the need of these supplements, and the advent of online selling of these products are some of the other key factors driving the global prenatal vitamin supplements market.
Looking at delivery type, the TMR report segments the global prenatal vitamin supplements market into gummy, capsule, and powder, with the capsule segment providing for the maximum demand in 2015, as they are easily broken down by gastric juices, have longer shelf-life in comparison to gummy and powdered supplements, and help in dividing the dosage.
On the basis of distribution, the drug stores channel accounted for 53.1% of the demand in 2015, against other segments of hospital pharmacies, online pharmacies, and supermarkets and specialist retail.
Geographically, the highly developed US market makes North America the most important region, providing for 41.2% of the demand in the global prenatal vitamin supplements market in 2015. However, the highly populated Asia Pacific region, dominated by the emerging economies of China and India, is projected to grow strongly during the forecast period of the report. Changing lifestyle of urban populations, improving healthcare facilities in developing cities, and growing awareness are some of the key factors driving the Asia Pacific prenatal vitamin supplements market.
Garden Of Life, Abbott Nutrition, Rainbow Light Nutritional Sytems, New Chapter, Country Life, Church & Dwight, MegaFood, Metagenics, Biotics Research Corporation, Twinlab Corporation, Pharmavite, and Matsun Nutrition are identified by the report’s authors as among key operators in the global prenatal vitamin supplements market.