- Dietary Supplements Market Size – USD 140.1 Billion in 2018, Market Growth - CAGR of 5.5%, Dietary Supplements Industry Trends – New product launches and preventive health management by consumers
- Preventive health care, new product launches, increasing strategic developments such as partnerships and agreements, reduction in affordability of hospitalization costs and favorable research funding scenario are key factors contributing to high CAGR of dietary supplements during forecast period
NEW YORK, Dec. 4, 2019 /PRNewswire/ -- According to the current analysis of Reports and Data, the global dietary supplements market was valued at USD 140.1 Billion in 2018 and is expected to reach USD 216.3 Billion by year 2026, at a CAGR of 5.5%. Dietary supplements are products intended to supplement the diet that contains one or more of the following dietary ingredients: vitamins, minerals, protein & amino acids, herbs or other botanical ingredients. Nutrition supplements can be taken in various forms such as in the form of pills, capsules, tablets, powder or in the form of liquids.
The growth exhibited by the global dietary supplements market is a result of various factors such as the developing economies and subsequently increasing income of consumers, rising awareness about nutrition, hectic lifestyle, increasing geriatric population, and spread of chronic ailments. The wide adoption of e-commerce and m-commerce platforms are expected to be crucial factors that will spur a shift in positive direction for this industry.
Due to the nature of dietary supplements, the industry has already seen greater adoption of e-commerce purchases than other consumer goods industries, with global sales of vitamins and dietary supplements via internet retailing reaching 14% in 2016 compared to 9% for consumer health as a whole and just 2% for packaged food. With an increase in the aging populations in high-income economies such as the U.S., the U.K., Germany, and Japan, more and more people are looking for preventive healthcare management, to keep diseases at bay. Good health is not just a goal for the consumers; it has become a lifestyle choice for many them.
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Apart from this, massive impact of mass media communications & advertisement witnessed in the pharmaceutical & retail sectors is expected to generate lucrative demands for the Dietary Supplements. In addition, factors such as self-medication in cases of minor health issues, cost-effectiveness, and convenience of direct purchase are anticipated to drive the adoption and acceptance of dietary supplements over the forecast period. Strong growth in sports nutrition segment, increased use of supplements for weight reduction, and increasing discounts on e-commerce sites are also driving this market.
The Dietary Supplements sector has seen a slew of mergers and acquisitions in recent years, with larger companies buying out smaller players, so that they could gain leverage in certain niche market segments. For example, in February 2019, Glanbia PLC acquired US-based Watson, a manufacturer and supplier of high-quality custom nutrient premixes, bakery ingredients, edible films and material conditioning solutions. This strategy will help Glanbia PLC get a foothold in the rapidly growing nutrient premix market and extend its presence in the US.
Further key findings from the report suggest
- Asia-Pacific is expected to be the largest market for dietary supplements in 2026, accounting for a significant share of the global market, followed by North America and Europe. The market in Europe and North America will continue to be very profitable due to the lack of price pressure which is common in the Asia-Pacific region
- The regulations guiding the North American region are varied, multifaceted and have a great impact on the industry. For example, in the U.S., 'nutraceuticals' mainly come under the category of vitamins and dietary supplements. A range of regulations apply, notably the Dietary Supplement Health and Education Act (DSHEA) from 1994, which covers dietary supplements, the Federal Food Drug and Cosmetic Act, which covers all foods and food additives, and Good Manufacturing Practice regulations from 2007
- North America trails only the Asia Pacific region in terms of vitamin supplements. For example, by 2026, the market for these types of supplements in the region is expected to be around 20.44 billion. Greater awareness regarding product usage and the proliferation of mobile apps advising patients with proper pharmaceuticals will be a significant cause for growth
- In the North American region, tablets are the most popular method for supplement ingestion, commanding around USD 13.30 billion in revenue in 2018. This is due to the fact that convenience is greater, and in some cases, costs are lower as compared to other types of formulations
- A new trend in the Dietary Supplement industry involves technological advances such as micro and nano-encapsulations that solve problems of stability, solubility or improve the bioavailability of many bioactive compounds.
- An emerging trend in the industry in the case of botanical ingredients is to identify the different phytochemical families, each one of them, responsible in part for the activity of the plant and extract them together, thus obtaining a phytochemical profile closer to that of the plant and radically different to that of conventional market extracts. This is enabling many companies to develop potent products which will help consumers gain health benefits from organic sources
- Regulatory frameworks are varied and are not always in tandem with each other in the global marketplace. For example, Argentina requires registration of dietary supplements prior to marketing; and therapeutic claims not scientifically supported are not allowed. On the other hand, in India, products cannot be used to claim that they mitigate or cure any specific disease but certain health benefit claims are permitted. Again, in Nigeria, herbal medicines are required to be registered and are sold without restriction by licensed practitioners
- By distribution channel, the online sector is projected to grow at the fastest rate during the forecast period in the Dietary Supplements industry
- Due to increasing costs of healthcare, people are turning towards dietary supplements to help them stay healthy
- These Dietary Supplements provide various health benefits such as strengthening the immune system, protection from cold and flu, prevention of migraine headaches, treat of arthritis, rheumatic diseases, allergies, lower cholesterol, triglyceride levels and blood pressure, cardiovascular diseases, and cognitive diseases at lower costs
- Dietary supplement sales for children are expected to rise during the forecast period. It was observed that Chinese and Indian parents were willing to spend relatively large amounts of money on the health of their children in relation to family income
- Key participants in the Dietary Supplement market include Abbott Laboratories, GlaxoSmithKline, Archer Daniel Midland, Dupont, Amway, Bayer, Glanbia Nutritionals, Herbalife International, Pfizer, DuPont and Reckitt Benckiser Group
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/dietary-supplements-market
Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the dietary supplements market on the basis of ingredient, product, application, distribution channel, and region:
Ingredient (Revenue, USD Million; 2016–2026)
- Protein & Amino acids
Product (Revenue, USD Million; 2016–2026)
- Soft gels
- Gel caps
Application (Revenue, USD Million; 2016–2026)
- Additional Supplements
- Medicinal Supplements
- Sports Supplements
Distribution channel (Revenue, USD Million; 2016–2026)
- Hospital Pharmacies & Drug Stores
- Clinic Supermarkets & Hypermarkets
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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