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Vitamins, Minerals & Supplements Market Assessment 2009
Key Note Publications Ltd, Sep 2009, Pages: 120
The value of the market for vitamins, minerals and supplements (VMS) in Great Britain fell by a substantial 8.5% in the year ending April 2009, to £374.8m. Sales of VMS products have tended to rise when the economy is growing and fall during recessions, revealing their partly discretionary nature. Between 2001 and 2007, virtually all of the market's growth was in supplements: in 2006/2007, vitamins accounted for 31% of the market and minerals/supplements for 69%. However, this situation has now changed: by 2008/2009, vitamins had increased their share to 35%.
The UK's ageing population profile will continue to benefit sales of VMS products, since in general consumption increases with age. Manufacturers are increasingly producing vitamin and supplement formulations that are targeted more specifically at age-related conditions, such as those affecting the heart, brain, eyes and joints. Some of the most successful VMS products in recent years have been those containing glucosamines, CoEnzyme Q10 and omega-3 fish oils. Additionally, there is greater overall interest in healthy lifestyles and greater affluence among the older population. However, the market has been affected by the periodic publication of scientific studies indicating that many of those who take VMS products do so unnecessarily. Research often concludes that many people will see little benefit from taking these products, and there may even be a danger of overconsumption. It is nonetheless agreed that certain groups of people do benefit from taking selected VMS products.
Since 2002, the VMS market has also been under threat from the EU's Food Supplements Directive (FSD), which is charged with approving and setting maximum daily dosage levels for all VMS formulations. Some products already appear on the FSD's `positive list', but many others are as yet unapproved and thus will not be permitted to be sold after an unannounced date in 2010. The initiative has proved a substantial undertaking, and there have been considerable delays in approvals, owing to a shortage of suitable scientific data and complaints from VMS-related trade bodies. Chemists and drugstores continue to account for the largest share of VMS product sales, although the gap between these retailers and the multiple grocers has narrowed as the latter companies have continued to take share from health-food shops. A small but growing market share is held by direct sales through mail order and the Internet.
The effect of the current recession on the VMS market remains to be seen. However, the combination of positive and negative influences on the market is forecast to result in an overall decline in sales of VMS products between 2009/2010 and 2011/2012. A slow recovery is predicted thereafter
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