Romanian Dietary Supplements Market Expected To Return To Growth Path Between 2010 And 2013
The dietary supplements market in Romania, which developed in previous years by more than 20% year on year, slowed in 2009 to a growth rate of 1%, according to PMR estimates.
- (1888PressRelease) July 10, 2010 - The changes in the lifestyles of Romanians, with healthier diets and bio (health) products becoming more common, have boosted the dietary supplement market in recent years. However, in 2009, mainly as a result of the economic difficulties which the country experienced after the financial meltdown, the growth of the dietary supplement market slowed significantly, increasing by only 1% in final prices in comparison with the previous year, according to PMR's latest report: "The dietary supplement market in Romania 2010. Development forecasts for 2010-2013". This fell considerably short of the expectations of a number of players on the market and of the annual rates of growth of 20-30% registered between 2004 and 2007. In all, sales via the major distribution channels, pharmacies and bio/health food stores, exceeded €90m in 2009. Including sales over the internet and at supermarkets, the total revenues of the industry came to €100m.
Internationally the dietary supplement market is on the rise, and Romania continues to follow this pattern. On average, dietary supplements worth approximately €4.7 are consumed per capita every year in Romania, whereas in countries such as France and Germany, the figure is €20-25. This shows the potential of the dietary supplement market in Romania.
This market in Romania has also been boosted by an increase in the prices of these products over the past three years, according to representatives of dietary supplement vendors in Romania interviewed by PMR Publications.
"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." forecasts Monika Stefanczyk, PMR's Head Pharmaceutical Market Analyst and the report's coordinator.
Consolidation on the market is also expected to continue, as the economic crisis is likely to take its toll of smaller players in 2010. The larger companies are expected to defend their market shares, at least in the short term.
Product variety and healthy sales prompt positive assessments of market situation
According to a survey carried out specifically for the purposes of the report among companies present on the Romanian dietary supplement market, over half of the respondents (57%) were positive about the current situation on the dietary supplement market in Romania, but 18% were negative. One-quarter assessed the situation as neither good nor bad.
The reason most frequently given for positive or very positive opinions of the market situation is the high degree of diversity of these products on the Romanian market (about one-third of responses among those who assess the situation positively). One in five respondents also cite the robust sales of these products, and one in nine - the increase in awareness of dietary supplements among Romanians or the positive reception of dietary supplements among the public (in addition to the fact that they are trendy).
This press release is based on information contained in the latest PMR report entitled "Dietary supplements market in Romania 2010. Development forecasts for 2010-2013".
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