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Vitamins, Minerals and Supplements Market Assessment 2007
Key Note Publications Ltd, Jan 2007, Pages: 149
The market for vitamins, minerals and supplements (VMS) grew by only 0.4% in value terms in the 12 months ending August 2007. This follows a history of market declines in 2001 and 2002, significant growth in 2003 and 2004, but only marginal growth since then. Virtually all growth has been in supplements, with vitamin products accounting for just over 30% of the market in 2006/2007 by value, and minerals and supplements representing nearly 70%. The VMS market is forecast to grow only slowly over the next 5 years (to 2011/2012).
The ageing population profile of the UK will continue to benefit VMS products sales, since, in general, consumption rises with age. Manufacturers are increasingly producing supplements more specifically targeted at age-related conditions, such as those affecting the heart, the brain, the eyes and joints; the most successful products in recent years have been glucosamines and omega-3 fish oils. In addition, there is an overall greater interest shown in a healthier lifestyle, and greater affluence among the older population than previously.
However, the market has been held back by the periodic publication of research studies concluding that many of those taking VMS products do so unnecessarily. It is, nonetheless, agreed that certain groups of people do benefit from their consumption. There is no scientific proof that supplementing the diet generally with extra vitamins or minerals is beneficial, and there could be a danger of overconsumption.
In addition, the VMS market has been under threat since 2002 from the EU's Food Supplement Directive (FSD), which is charged with setting maximum recommended daily consumption levels for all VMS formulations, and organising manufacturers to provide data in order to gain safety approvals for their VMS products. Some products already appear on the FSD's `positive list', but many others are as yet not approved, and will therefore not be able to be sold after 31st December 2009 (unless they obtain approval). This whole initiative has proved to be a substantial undertaking, and — although it was scheduled for completion in 2005 — remains still largely under discussion.
Multivitamins and fish oils continue to represent the largest segments of the VMS market, followed by single vitamins and, now, glucosamines. Sales in several sectors of the market are declining, although those of multivitamins, single vitamins and minerals appear to have stabilised.
Chemist and druggist shops are still estimated to account for the largest, and now stable, share of sales of VMS products — headed by Alliance Boots. Earlier, they had been losing share to grocery multiples, after the removal of resale price maintenance (RPM) on over-the-counter (OTC) medicines in 2001. The share held by grocery multiples also appears to have now stabilised, led by Tesco. Health-food shops still account for a large but slowly declining share of sales, dominated by Holland & Barrett, while a small but growing market share is held by direct-selling channels such as mail order and the Internet.
Seven Seas is by far the largest manufacturer of branded VMS products, with a very wide range covering most segments. Bayer, which has acquired Roche's retail VMS business, lies in second place within brands, specialising in vitamin products. Many other smaller suppliers of brands specialise in particular segments of the market. However, a large market share within VMS is held by retailers' own-label products, notably those of Holland & Barrett and Alliance Boots.
There have been a number of changes among manufacturers in the VMS market in recent years. Apart from Bayer's acquisition of Roche's retail vitamins business, Galenica has acquired Potters Herbal Medicines — which has then bought certain VMS products from Chefaro and Boehringer Ingelheim, and also the manufacturer Equazen; William Ransom has acquired Health Perception; Solgar has been bought by NBTY; and Efamol has been acquired by Wassen.
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