2014-02-24 11:25:01 - Vitamin & Supplement Manufacturing in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
Despite the struggling US economy, the $14.0-billion United States vitamin manufacturing market and supplement manufacturing industry is expected to grow at an average annual rate of 5.7% per year from 2008 to 2013. After plummeting 15.3% in 2008, revenue experienced a strong rebound of 10.6% in 2009 due to the increased practice of preventative care. There was a slight pull back in revenue in 2010, however, and following that strong demand for industry products drove revenue even higher, growing 8.7% in 2011 and 7.8% in 2012. The rise of the average age in the US in conjunction with increasing health-consciousness, improving consumer sentiment and escalating healthcare costs has contributed to the industry´s strong growth. This growth is expected to continue
as revenue is forecast to rise 2.7% in 2013.
The rise in unemployment resulted in the loss of health insurance coverage for many individuals during 2008 and 2009, which reduced coverage and caused out-of-pocket healthcare costs to increase. In response to increasing out-of-pocket costs, consumers sought to avert expensive trips to healthcare facilities by seeking out preventive care products, such as vitamins and other nutritional supplements. US healthcare costs continue to be the highest among all developed nation, further strengthening the sales forecast of industry related products in the future.
The number of industry establishments is expected to grow at an average rate of 0.6% per year to 409 over the next five years to 2018 as companies expand in response to the steady rise in demand for industry products. Imports are also expected to grow over the period at an average annual rate of 4.4% to $1.4 billion in the next five years as both retailers and domestic vitamin and supplement manufacturing companies look for ways to cut costs by sourcing and manufacturing abroad.
Although growing competition from cheaper imports will put pressure on the prices industry operators charge for vitamins and supplements, healthcare reform, an aging population and increasing awareness on the importance of healthy practices are anticipated to continue boosting demand for industry products. Healthcare reform in the US encourages the use of preventive care and alternative medicine, which will benefit the vitamin and supplement manufacturing industry. Through 2018, revenue is forecast to increase at an average rate of 2.4% annually to $15.8 billion.
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