Prenatal vitamins: Key market research findings
- Lifestyle change drives market growth
- Increased preference for online shopping
- Key vendors—Garden of Life, Country Life, Rainbow Light, and Church and Dwight
Technavio’s market research analysts predict the global prenatal vitamin supplements market to grow at a CAGR of over 8% between 2016 and 2020. The contemporary change in lifestyles are the primary driver for growth in this market. Changes in food habits due to a fast-paced life is augmenting the requirement for prenatal supplements among pregnant women to fulfill their nutrients needs and overcome dietary gaps. During 2015, North America dominated the global prenatal vitamin supplements market by accounting for more than 52% of the market share. The growth of the market in this region can be attributed to the shift in parental demographics. The increased affordability of the products, greater means to support the development of a child, awareness about the importance of proactive healthcare practices, and rising healthcare costs are some of the factors that will propel growth in the prenatal vitamin supplements market in North America during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the prenatal vitamin supplements based on the distribution channel.
“Increasing preference for online shopping of prenatal vitamins is an ongoing trend in the market. There has been remarkable growth in the purchase of prenatal supplements through online channels due to enhanced online shopping experience through effective online education and targeted marketing. Besides, retailers are encouraging their female employees to consume their products during pregnancy to provide first-hand testimonials which serve as a powerful sales tool,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
The retail store segment dominated the global prenatal vitamin supplements market with a market share of over 56% in 2015. Retail stores comprising supermarkets and drugstores accounts for the largest proportion of the market due to a wide range of product offerings. Growth in the retail stores can be accredited to the favorable investment climate in developing regions such as Africa, Asia, and Latin America along with the increase in urbanization, the rise of the middle class, and an increase in the number of employed women. Professional services provided by the drug stores such as patient care counseling and dispensary services are likely to boost the sales of prenatal vitamins through retail stores by 2020.
The key vendors in the market are Garden of Life, Country Life, Rainbow Light, and Church and Dwight. The market is characterized by the presence of diversified international and regional providers. Vendors in the market compete on the basis of quality and pricing, market reach, and financial resources. Competition in the market is expected to intensify with an increase in product/service extensions and product innovations. Moreover, several new players are expected to enter the market during the forecast period.
A more detailed analysis is available in the Technavio report, Global Prenatal Vitamin Supplements Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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