The presence of a large number of companies has rendered the global prenatal vitamin supplements market highly competitive. According to a new study by Transparency Market Research (TMR), Garden of Life, Inc., Country Life LLC., Rainbow Light Nutritional System, Inc., Church & Dwight Co., Inc., and Biotics Research Corporation are among the leading companies in the global prenatal vitamin supplements market. Besides product development, a majority of the leading names in the prenatal vitamin supplements market are eyeing to acquire established regional players. This strategy is in line with their aim to expand geographic footprint. Mergers and acquisition are also carried out to diversify the product portfolio.
“The global prenatal vitamin supplements market is expected to gain momentum as leading players forge strategic partnerships,” said a lead TMR analyst. As companies collaborate into a joint venture, they are primarily aiming at introducing brands to customers around the world and development of new products. Spurred by this, the global prenatal vitamin supplements market is forecast to exhibit strong growth between 2016 and 2024.
As per TMR, the global prenatal vitamin supplements market, which in 2015 was valued at 291.2 mn, is expected to reach US$561.0 mn by the end of 2024. If these figures hold true, the market will rise at a positive CAGR of 7.7% between 2016 and 2024. Based on distribution channel, drug stores will account for the leading share in the market through the forecast period. In 2015, it held nearly 53.1% of the global prenatal vitamin supplements market.
Regionally, North America held the largest share of 41.2% in the global market in 2015, trailed by Europe. While the region’s dominance is likely to remain sealed through the forecast period, greater opportunities will await the market players in Asia Pacific. The rising spending in the healthcare sector by governments has enabled the industry derive robust growth, in turn paving way for the expansion of the prenatal vitamin supplements market.
Rising Use of Prenatal Vitamins before Conception to Aid Market’s Growth
“Prenatal vitamin supplements are increasingly prescribed during 10 weeks of conception, which is a chief driver of the market,” said the TMR report’s author. It is imperative for mothers to have essential vitamins and minerals from their very first trimester to ensure embryo’s health. These vitamin supplements are also prescribed to reduce the chances of prenatal defects. The increasing incidence of Down syndrome, chromosome abnormality, inherited metabolic disorder, congenital heart defect, and other disorders have made parents more inclined towards medications and supplements that will reduce the risk of prenatal defects.
Also women nowadays have a busy and stressful lifestyle owing to which more than often they have irregular eating and sleeping habits. This has taken a toll on their health as a result many of them suffer from vitamin and mineral deficiencies, which could trigger complication during pregnancies. To avoid the incidence of the same, the demand for prenatal vitamin supplements has accelerated.
Stringent Regulations Limiting Scope for Expansion
On the downside, stringent regulations are creating bottlenecks for the global vitamin supplements market. When supplementing diet with synthesized nutrients, risk of overdose cannot be completely eliminated. Overdose of synthesized nutrients can prove detrimental to both mother and her baby. Due to this, governments across the world have banned consumption of certain prenatal vitamins without prescription. Such stringent measures are restricting the market’s trajectory to an extent.
Nevertheless, market players have novel marketing tactics at disposal, besides which, their funding in innovation has increased as well. This, coupled with, the increase disposable income and favorable government regulations aimed at ensuring safe childbirth is expected to create lucrative market opportunities in the coming years.
This review is based on a TMR report, titled “Prenatal Vitamin Supplements Market (Dosage Form - Capsule, Powder and Gummy; Distribution Channel - Hospital Pharmacies, Online Pharmacies, Supermarkets, and Drug Stores) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global prenatal vitamin supplements market is segmented as:
- Global Prenatal Vitamin Supplements Market, by Dosage Form
- Global Prenatal Vitamin Supplements Market, by Distribution Channel
- Hospital Pharmacies
- Online Pharmacies
- Drug Stores
- Global Prenatal Vitamin Supplements Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
- Rest of MEA
- North America