Philippines Vitamins Market

Philippines Vitamins Market Overview:

The Philippines vitamins market is projected to exhibit a growth rate (CAGR) of 4.70% during 2024-2032. The vitamins market is primarily driven by increasing health consciousness among consumers, the growing geriatric population, and the rising demand for supplements promoting immunity, energy, and overall wellness due to proactive health measures across the region.

Philippines Vitamins Market Trends:

The growing geriatric population

The rising geriatric population is substantially increasing in the Philippines, resulting in an extensive need for vitamins. Additionally, the growing geriatric population needs more nutritional assistance as they become older, to maintain good health and prevent age-related problems. Moreover, vitamin is especially important for older individuals since it supports immune system function, ocular health, and general well-being. For instance, senior citizens are defined as those sixty years of age or older. According to the Philippine Statistics Authority, in 2020, they made up 9.3% (166,678 persons) of the household population, an increase from the 7.4% (132,893 persons) recorded in 2015. Among senior citizens in 2020, there were more females (54.4%) than men (45.6%). Furthermore, the growing prevalence of age-related health issues including immune system weakness and visual degradation is increasing the demand for vitamin-containing supplements. Hence, there is an increasing need for vitamin-containing medicines to treat age-related health concerns such as macular degeneration and compromised immunological function among the geriatric population across the Philippines.

Increasing Health Awareness

The Philippines is witnessing a notable surge in health consciousness, fueling a burgeoning demand for vitamins and supplements.  Additionally, the growing emphasis on wellness and preventative healthcare highlights a fundamental change in the direction of proactive health management. Moreover, the growing tendency is influenced by the availability of reliable health information, increased disposable incomes, and changing lifestyle habits. The need for vitamins is growing as people become more aware of their health demands, creating a situation where prevention is prioritized above treating illness as a whole. According to the World Health Organization (WHO) in low- and middle-income countries, vitamin A deficiency (VAD) affects over 190 million children under the age of five and is associated with several harmful health effects, including death. Based on current research and a previous version of this assessment, the World Health Organization recommends vitamin A supplementation (VAS) for children between the ages of 6 and 59 months. Moreover, in the Philippine National Demographic and Health Survey (NDHS) in 2022, 79% of children aged 6-59 months were given vitamin A supplements. As individuals become more concerned about their health needs, the demand for vitamins is contributing to the market growth.

Philippines Vitamins Market News:

• April 2024: Vitamin Angels collaborated with the Department of Health (DOH) in the Philippines to incorporate MMS into the National Drug Formulary, thereby enhancing its availability for pregnant women nationwide. Additionally, through a memorandum of understanding with the DOH, Vitamin Angels has partnered with a consortium of established implementation organizations, such as UNICEF Philippines, to strategize the procurement and distribution of multiple micronutrient supplements (MMS) sustainably.
• March 2023: A Thanksgiving event was organized in Antique province to express gratitude to the farmer-partners and local officials who played key roles in the initial rollout of Malusog Rice.  It presents a hopeful solution to Vitamin A deficiency in the Philippines and other developing nations. Additionally, enhanced cooperation among scientists, policymakers, and communities is essential to its successful adoption, potentially revolutionizing efforts to prevent Vitamin A deficiency and making significant contributions to global health and nutrition initiatives.Top of FormBottom of Form At the gathering, the provincial board of antiques publicly declared its endorsement of Malusog Rice cultivation and consumption. According to the Department of Agriculture's Philippine Rice Research Institute (DA-PhilRice), market testing conducted earlier in Central Luzon previous year demonstrated that Malusog Rice is viable for the market, with its pricing comparable to the prevailing rates of regular milled rice in the region.
   

Philippines Vitamins Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type, source, and application.

Type Insights:

• Vitamin A
• Vitamin B
• Vitamin C
• Vitamin D
• Vitamin E
• Vitamin K
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes vitamin A, vitamin B, vitamin C, vitamin D, vitamin E, and vitamin K.

Source Insights:

• Natural
• Synthetic
   

A detailed breakup and analysis of the market based on the source have also been provided in the report. This includes natural and synthetic.

Application Insights:

• Personal Care Products
• Food and Beverages
• Healthcare Products
• Others
   

The report has provided a detailed breakup and analysis of the market based on the application. This includes personal care products, food and beverages, healthcare products, and others.

Regional Insights:

• Luzon
• Visayas
• Mindanao
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Luzon, Visayas, and Mindanao.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Philippines Vitamins Market Report Coverage:

Key Questions Answered in This Report:

• How has the Philippines vitamins market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Philippines vitamins market?
• What is the breakup of the Philippines vitamins market on the basis of type?
• What is the breakup of the Philippines vitamins market on the basis of source?
• What is the breakup of the Philippines vitamins market on the basis of application?
• What are the various stages in the value chain of the Philippines vitamins market? 
• What are the key driving factors and challenges in the Philippines vitamins?
• What is the structure of the Philippines vitamins market and who are the key players?
• What is the degree of competition in the Philippines vitamins market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Philippines vitamins market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Philippines vitamins market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Philippines vitamins industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.