The vitamins, minerals and supplements (VMS) market grew by only 0.9% in value in the 12 months ending August 2006. This followed stronger growth in calendar years 2003 and 2004. Prior to that, in 2000/2001 and 2001/2002, the market declined.
It is likely that the market has been held back by the periodic publication of research studies which have concluded that many of those people taking VMS products do so unnecessarily. However, it is agreed that certain groups of people do benefit from their consumption — notably older persons. These persons represent a growing share of the UK's total population, and thus products targeted at age-related ailments should show relatively strong growth now and in the future.
Multivitamins and fish oils continue to represent the largest segments of the market, followed by single vitamins and then, until recently, by plant oils and minerals. However, the recent growth of glucosamine products has elevated these to fourth position. Important smaller VMS product segments are garlic, ginkgo, St John's wort and ginseng.
The VMS market has been under some threat since 2002 from the EU's Food Supplements Directive (FSD), which charges the European Commission with setting maximum levels for all ingredients used in VMS formulations, and organising manufacturers to gain safety approvals for all VMS products put up for retail sale. It is also charged with approving labelling and any health warnings. This initiative has proved to be a substantial undertaking;
Chemists and drugstores still account for the largest share of sales of VMS products, although — despite retaining the same share in 2005/2006 as in 2004/2005 — in general, they have been slowly losing share to grocery multiples for several years. From 2001, this situation was aided by the removal of resale price maintenance (RPM) on over-the-counter (OTC) medicines. Health-food shops still account for a large share of sales, with a small balance sold through direct channels such as mail order and the Internet.
Seven Seas is by far the largest manufacturer of branded VMS products, with a wide range covering most segments. Bayer, which has acquired Roche's retail VMS business, is in second place regarding brands, specialising in vitamin products. Many other smaller suppliers of brands specialise in particular segments of the market. However, a large and increasing market share is held by retailers' own-label items, notably those of Holland & Barrett and Boots.
The VMS market is forecast to grow only slowly over the next 5 years (to 2010/2011).
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