Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Dietary Supplements market.
Trusted Business Insights presents an updated and Latest Study on Dietary Supplements Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Dietary Supplements market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global dietary supplements market size valued at USD 45.75 billion in 2018 and is projected to reach USD 74.14 billion by 2026, exhibiting a CAGR of 6.34% during the forecast period 2019-2026.
We have updated the Dietary Supplements Market with business impact analysis and disruption caused by COVID-19.
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Dietary supplements are defined as products that contain at least one dietary ingredient within them and can be consumed orally. They are well recognized and adopted as products that can be taken into account for consumption for supplementing the diet. Dietary supplements FDA analysis suggests that these products should be consumed only after consulting a healthcare professional.
The dietary supplements market is driven by the rising popularity of sports-based and athletic performance enhancement supplements, emerging consumer needs of addressing daily requirements of micronutrients in the body, and increased consumer spending on health & wellness products. Availability of a wide range of dietary supplements across e-commerce platforms, adoption of unique promotional strategies by market players, and cost-effectiveness of basic dietary supplement varieties such as minerals and vitamin supplements are further contributing to enlarging the market size of dietary supplements across the globe.
Dietary Supplements as a Crucial Preventive Healthcare Measure to Support the Growth of the Dietary Supplements Market
The global market for dietary supplements is fueled by the growing inclination of consumers towards including supplements in their daily lives attributed to the increasing prevalence of diseases due to aging, sedentary lifestyle, stress, and other hereditary factors. Increasing innovation by key as well as small market players operating in the food and dietary supplements industry is further augmenting the growth of the market at the global level.
Rising awareness about the concept of personalized or tailor-made nutritional products has ignited the interest of consumers across different parts of the globe and is impacting the market growth positively. Technological advancements and increased investment in research & development of nutraceuticals and supplement products are expected to further boost the market growth in the upcoming years.
Emphasis on the Production of Quality Supplements and Increasing Accountability of Regulatory Authorities
In developed markets, the regulatory authorities such as the Food and Drug Administration of United States (USFDA) are taking the essential initiative to ensure only high-quality and safe supplements are sold in the market, which in a way, is promoting the use of dietary supplements among consumers. Furthermore, increasing usage of clean-labeled, safe, and organic ingredients in the production of dietary supplements is projected to enhance the market demand for supplements during the forecast years.
Another growth-promoting factor for the dietary supplement market is the increasing interest of people in sports and bodybuilding. Athletes and sportspersons are becoming increasingly interested in sports nutrition products and supplements to enhance their endurance and boost their performance. The inclination towards sports nutrition products and supplements for its endurance enhancement and performance-enhancing factors will bode well for the market of dietary supplements in the forthcoming years.
Tablet Forms of Supplements are dominating the Global Marketplace -Powdered Supplements Are Expected to Witness the Fastest Growth.
Globally, the tablet form is the leading firm in the global dietary supplements market, followed by capsules. High affordability, convenient packaging, and higher shelf-life of tablet and capsule dietary supplements are some of the crucial reasons behind their high demand in the global market. The dosage is well-defined in capsules and tablets form, and hence they are preferred over liquid and other available forms. The surging demand for protein supplements in the foreseeable years is predicted to create a massive scope of growth for powder supplements as most of the protein supplements available in the market are present in the powder form.
Vitamin Dietary Supplements to Lead the Global Dietary Supplements Marketplace -Protein Supplements are Expected to Grow at the Fastest Pace
Among various types of dietary supplements, vitamins are the widely consumed supplements across the globe, followed by minerals, and proteins. In many developed and developing economies, the deficiency of vital vitamins such as Vitamin A, B, C, and E among the population is becoming very common, and hence to fulfill the required daily dose of vitamin, consumers are highly inclined towards vitamin supplements. In pregnant women, the elderly, and in some adults, lack of certain vitamins can lead to serious health diseases due to which their demand is increasing rapidly among the aforementioned population group. The protein supplements are expected to witness high demand in the forthcoming years owing to the rising consumer inclination towards weight management, bodybuilding, and endurance. Demand for omega-3 fatty acids is expected to stoke on account of their increasing utilization in several food products.
Asia Pacific is leading the Global Dietary Supplements Market with Fastest Growth Projection.
The Asia Pacific dietary supplements market will register the fastest compound annual growth rate of 7.47% during 2019-2026 owing to increasing health-consciousness among consumers, which is motivating them to adopt health-enhancing supplement products in their daily life. The demand for nutritional supplements is increasing at a rapid pace in highly populated countries of the region, such as China and India.
In countries such as Japan and South Korea, the number of aged people is rising at a significant pace, which is contributing to boosting the demand for dietary supplements as preventive healthcare measures in these economies. Furthermore, rising awareness about the concept of personalized nutrition is predicted to enhance the consumer-base for food supplements within the region.
The demand for vitamins, minerals, and multivitamin supplements is exceptionally high in Asia Pacific as these are considered as basic nutrients that can improve the overall health and can fulfill the common nutrient deficiencies found in growing children, pregnant women, and elderly. These supplements are mainly available in the market in capsules and tablets form due to high consumer inclination towards these forms and high convenience offered by them.
The less stringent regulatory and registration associated with dietary supplements commercialization is clearly hampering the growth of the market in the region. In-country, such as Japan, food containing nutrients are not heavily regulated which may serve as an opportunity for small or irrelevant market players to sell counterfeit products with false claims. However, in countries such as India, production and sales of nutraceuticals are regulated under Food Safety and Standards Act (FSSA), while in China, dietary supplements registration is taken care of by the State Food and Drug Administration (SFDA).
The dietary supplement products in North America is witnessing a surge in demand on account of the rising prevalence of lifestyle diseases such as obesity, diabetes, and others. The escalation in the number of aging population within the region, hectic daily schedules, rising mental stress, and positive attitude of the population towards preventive healthcare measures are some of the factors that are fueling the dietary or food supplements market across the region.
In the United States, the adoption of dietary supplements is incredibly high due to higher emphasis on wellness and the presence of a population group who is willing to exercise control in advanced available healthcare choices. To ensure only high quality and safe dietary supplements are available in the U.S. marketplace, regulatory attention to the commercialization of these products has been enhanced in recent years. For instance -in 2015, an investigation was carried by the New York State Attorney General™s Office to get in-depth insights into product formulation and commercialization by herbal supplement manufacturers and sellers.
KEY INDUSTRY PLAYERS
Moderately Consolidated Industry Structure in Global Dietary Supplements Market
Nutrition and healthcare product giants such as Amway Corp, Herbalife Nutrition, Abbott, Arkopharma, Glanbia, and others are some of the most significant and active market players present in the dietary supplements industry. These players are focusing on product innovation, adoption of effective sales and marketing strategies, collaboration with other small and relevant market players, and development of apps to provide personalized nutrition recommendations to increase their significance in the global marketplace.
The arrival of small and niche players in the human dietary supplements market is contributing to intensifying the competition within the market, which is a positive aspect for the growth of the market and development of quality supplement products. Earlier, the dietary supplements product portfolio was less diversified, but with the change in time market players such as Bayer AG, Amway, and others have started diversifying their product portfolio by launching dietary supplements that can enhance and support mental health, joint health, sexual health, and others.
List Of Key Companies Profiled:
- Amway Corp
- Nestle S.A.
- Herbalife Nutrition Ltd.
- Archer Daniels Midland Company
- Glanbia Nutritionals
- Otsuka Holdings Co. Ltd.
- Pfizer Inc.
- GlaxoSmithKline plc
The nutraceuticals industry is witnessing a robust growth attributed to increasing consumer awareness about healthcare preventive measures and the adoption of products required to fulfill nutritional deficiencies. Consumers nowadays are becoming increasingly interested in fortified food & beverage products due to the potential health benefits offered by the products. Furthermore, rising per capita income of consumers is encouraging them to invest in products that can enhance their health.
An Infographic Representation of Dietary Supplements Market
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The report provides qualitative and quantitative insights on the dietary supplements market and detailed analysis of market size and growth rate for all possible segments in the market.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, and key industry trends.
Report Scope & Segmentation
- Fatty Acids
- North America (U.S., Canada, and Mexico)
- Europe (Germany, France, U.K., Spain, Italy, and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Middle East & Africa (South Africa, UAE, and Rest of the MEA)
In July 2019, Amway India announced the launch of calcium supplement Nutrilite Cal Mag D Plus in the country. The supplement is designed to support bone health by offering required nutrients such as zinc, magnesium, and manganese to the body.
In July 2018, The Kroger Company, a prominent American retail company based in Ohio, introduced OptUp, an app designed to offer personalized product suggestions or recommendations to consumers. With the help of the newly launched app, customers can get their nutritional information at their fingertips.
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