Supplements market growth driven by ageing population
The vitamins, minerals and supplements market is set to grow next year, following recent decline as consumers cut spend in recent years. The market took a hit in 2009 and has continued to decline as consumers curbed spending on non-essential items. However, it is expected to resume growth in 2012/2013 as the economy recovers, reaching a projected value of £389m by 2015/2016, according to market analyst Key Note. A new Key Note report confirmed that sales of supplements have been decreasing for three consecutive financial years and stood at £364m in 2010. However, some sectors of the market endured the recession better than others. The market for multivitamins and single vitamins has been growing for a number of years, and continued to do so in 2009/2010 and 2010/2011. The best-selling vitamin products included multivitamins and vitamins B and C. By contrast, sales of fish oils and plant oils have fallen over the past three years. A consumer survey commissioned by Key Note revealed that nearly a third of the UK population took some form of supplement regularly. However, in line with the industry downturn, 12% of respondents said they have markedly reduced their VMS consumption. Key Note expects the industry to recover, driven by demand among the UK's increasingly ageing population. Consumption of supplements generally increases with age, and many are purposely formulated to target specific age-related ailments, such as heart conditions, brain function and joint care.