Shelton, CT – June 4th, 2010 - TABS Group, Inc., a leading marketing research and consulting company based in Shelton, CT, has released their latest estimate of the size of the Vitamin, Minerals and Supplements (VMS) market in the U.S. According to Dr. Kurt Jetta, President of TABS Group, the market has surged by about 20% since the last time an estimate was done in January 2008.
“Our estimate of the market is $11B, which is well below the $20+ Billion sited by other industry sources, is still much higher than our prior estimates,” stated Jetta. “The two reasons for this increase are a 20-25% expansion in category sales as well as an improvement in the way we account for pricing variances in the different channels. We have found, for example, that that average unit pricing in the Specialty Channels is 50% higher than in Food, Drug, Mass.”
Jetta explained that the reason for the market growth was driven almost entirely from category users adding additional product types to their VMS portfolio. “There was no increase in the actual number of buyers in the category vs. 2008. The VMS penetration in the U.S. stands at 67%,” explained Jetta. “We see the largest gains in the number of product types purchased per consumer. Several Supplement types like Fish Oil, Acidophilus, and Co-Q10 are not only higher-priced than traditional Vitamin types, but are now part of the mainstream of consumer buying habits.”
Other key highlights of the study were as follows:
“While there certainly seems to be some opportunity for retailers to capture more dollars from the ‘dual-outlet’ shoppers,” stated Jetta, “there needs to be some recognition of the merchandising differences between traditional and alternative channels. We see dramatic differences in pricing, assortment, promotion and the role of private label in these formats.”
The 2010 TABS Group Vitamin Study was conducted among 1,000 representative respondents aged 18-75 in the TNS panel. The responses were combined with TABS Group’s proprietary modeling capabilities to derive the market size estimates for the Vitamin Category. The study was fielded in May 2010, and it replicated a study that was completed in January 2008. TABS Group is a leading provider of research and consulting services to the consumer products industry. TABS Group (www.tabsgroup.com), based in Shelton, CT, has been in business since 1998, and has developed particular expertise in the Nutritionals industry.
Contact Info: Dr. Kurt Jetta, 203-925-9157, firstname.lastname@example.org