Market researcher PMR notes in a report on Romania that the market is set to return to double-digit growth of about 10 per cent this year, with growth set to rise to around 16 per cent in 2011 and 2012.
In 2013 growth will be about 30 per cent as consumers adopt increasingly healthy lifestyles and have greater disposable income to spend. The market experienced similar rates of growth between 2004 and 2007.
“The market in question is expected to continue to grow, by 10-16% between 2010 and 2012, and to return to a rate of growth of approximately 30% in 2013, when consumption of dietary supplements is expected to exceed €8 per capita per annum,” said report coordinator, Monika Stefanczyk, PMR’s head pharmaceutical market analyst.
PMR put the market at €90m in 2009 via mainstream outlets, pharmacies and bio/health food stores.
If sales via the internet and supermarkets are included revenues pushed through €100m, stated the report titled, “The dietary supplement market in Romania 2010. Development forecasts for 2010-2013”.
Romanians each consume €4.7 worth of dietary supplements from these channels each year compared to typical consumption levels of about €20-25 per head in countries such as Germany and France.
PMR also noted that product prices had increased, potentially adding value to the market.
Market consolidation is also occurring due to the recession with PMR expecting the cull of smaller companies to continue through 2010.
Monika Stefanczyk told NutraIngredients the most popular products were vitamins and minerals with calcium products performing well.
Ginkgo, multivitamins, tonics, bone and muscular dietary supplements as well as cardiovascular products such as omega-3 and co-enzyme Q10 were also selling well.
She said the 30 per cent growth expectation for 2013 was fueled in part by the fact most dietary supplements are not subsidised in the state medical system and therefore fell away as incomes were squeezed by the recession.
This situation was being reversed as the economy continues to recover.