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Vitamins, Minerals & Supplements Market Assessment 2011
Key Note Publications Ltd, Nov 2011, Pages: 121
This Key Note Market Report Update examines the UK market for vitamins, minerals and supplements (VMS). Coinciding with the economic downturn in 2008, the VMS market began to decline in value, falling by 11.1% between 2007/2008 and 2010/2011, and is currently estimated to be worth £364m. The slow economic recovery, compounded by pessimistic unemployment and inflation figures, has prompted consumers to adjust their priorities and cut back on discretionary items, including VMS products.
The composition of the market has also changed recently, for example, market share for vitamin products has grown, in particular sales of multivitamins and vitamin B and C, while minerals and supplements, particularly fish oils and evening primrose oils, have declined. In 2010/2011, sales of vitamin products amounted to £150.5m and accounted for 41.3% of total VMS products sales, up from £132.8m and 32.4% in 2007/2008. In contrast, market share for minerals and supplements reduced from 67.6% in 2007/2008 to 46% in 2010/2011.
Results from a survey commissioned by Key Note and conducted in September 2011 show that nearly a third (30%) of respondents took some form of VMS product at least once a week. 12% of adults, however, attested to having markedly reduced their consumption of such products, while 10.1% revealed that they had reduced their intake of VMS products as a result of reports stating that they are unnecessary. The possibility of future studies questioning the value of taking relatively expensive VMS products, and/or warning of possible safety issues, therefore adds considerable uncertainty to the market’s outlook.
Further uncertainty surrounds the pending European Parliament’s Food Supplements Directive (FSD), with some controversy centring on the issue of maximum permitted levels in supplements. A draft list of permitted levels is expected to be published before the end of 2011. Key Note expects the biggest driver for long-term growth in the VMS market to come from the UK’s increasingly ageing population. Not only does consumption of these products generally increase with age, but many VMS products have been specifically formulated to target specific age-related ailments, such as heart conditions, brain function and joint care.
Key Note forecasts that the total VMS market will decrease by a further 1.9% in 2011/2012. It is then expected to resume growth in 2012/2013, as the economy improves and is projected to reach £389m by 2015/2016.
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