Vitamin Market Overview in Cyprus
Market Overview
The Cypriot vitamin market declined to $
in 2019, which is down by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of % y-o-y. Over the period under review, the market attained the maximum level at $ in 2018, and then declined in the following year.
in 2019, which is down by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of % y-o-y. Over the period under review, the market attained the maximum level at $ in 2018, and then declined in the following year.Consumption
In 2019, after three years of growth, there was significant decline in consumption of provitamins and vitamins, when its volume decreased by -% to tonnes. Overall, consumption showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2010 with an increase of % against the previous year. Vitamin consumption peaked at tonnes in 2018, and then dropped in the following year.
The value of the vitamin market in Cyprus contracted to $ in 2019, reducing by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the market value increased by % y-o-y. Vitamin consumption peaked at $ in 2018, and then contracted in the following year.
% to tonnes. Overall, consumption showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2010 with an increase of % against the previous year. Vitamin consumption peaked at tonnes in 2018, and then dropped in the following year.The value of the vitamin market in Cyprus contracted to $
in 2019, reducing by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the market value increased by % y-o-y. Vitamin consumption peaked at $ in 2018, and then contracted in the following year.Market Forecast
Driven by rising demand for vitamin in Cyprus, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .
% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .Market Structure
Driven by a growing demand, the share of imports in total supply in Cyprus increased significantly over the last twelve years (from % to %).
% to %).Trade Balance
Cyprus remains a net importer of vitamin; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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