According to a report by Grand View Research, Inc., global dietary supplements market is anticipated to value USD 278.02 billion by 2024. Growing requirement for intake of essential nutritional components in human body to maintain fitness is anticipated to propel demand for dietary supplements. These supplements are likely to offer vitamins that are essential to complete nutritional level in humans.
Rising cases of cardiovascular disorders owing to fluctuating diet patterns and inactive lifestyle can fuel demand for nutraceuticals. Growing awareness towards weight management among working professionals attributed to brand campaigns by manufacturers of nutritional products can fuel growth of market. Increasing alertness towards reduction calories among gym professionals and athletes can augment growth of market. Continual advancements in dietary supplements to enhance efficiency are expected to stimulate market growth during the forecast period (2013 to 2024).
The dietary supplements market can be segregated on the basis of product, ingredient, application, end-use, and regional. Based on product, the market can be categorized into capsules, powder, tablets, liquids, soft gels, and gel caps. In 2015, tablets segment dominated the market and accounted for 45.2% market share. It is likely to generate revenue of USD 100 billion by 2025. Growing importance of microencapsulation in nutraceuticals sector to ensure controlled release of finished ingredients can fuel growth. In addition, rising adoption of capsule dosage form by manufacturing companies to maintain color characteristics can spur market growth.
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Similarly, powder segment is likely to grow at CAGR of 10.8% from 2016 to 2024. High demand for energy-mix powder among bodybuilders and athlete can influence demand.
Based on ingredient, the market can be classified into vitamins, minerals, amino acids, enzymes, botanicals, and others. Botanical derived dietary supplements are likely to grow fast during the forecast period attributed to rising concerns regarding side-effects related to consumption of synthetic supplements. In addition, increasing importance of Ayurveda as health nutritional source attributed to no side-effects can create lucrative opportunities for botanicals.
Based on application, the market can be segmented into medicinal dietary supplements, additional dietary supplements, and sports nutrition. In 2015, additional dietary supplements segment dominated the market and accounted for 39.4% of global demand. Multivitamin products in form of capsules and tablets are expected to be used as additional dietary supplements. These supplements can be consumed to keep high nutrition level and maintain healthy lifestyle.
Similarly, sports nutrition segment accounted for 12.7% market share in 2016. High demand from athletes, sportsmen, bodybuilders, and patients can fuel growth of segment. In addition, easy availability of these supplements in convenience stores and supermarkets can also spur growth of market.
Based on end-use, the market can be divided into adults, pregnant women, infants, children, and old-aged. In 2016, adults segment dominated and accounted for 55.5% of global market share. Growing need for nutritional supplements among sports athletes and working professionals can augment growth.
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In addition, pregnant women segment accounted for market share equivalent to USD 12.55 billion in 2015. Rising importance of folic acid based nutraceuticals for fetal development during initial stage of pregnancy can fuel growth.
Regional segmentation includes, Europe, Asia Pacific, North America, Central & South America, and Middle East & Africa. In 2016, Asia Pacific region dominated the market and accounted for 35.4% market share. It is likely to grow at CAGR of 11.2% from 2016 to 2024. Growing awareness regarding nutritional enrichment in India and China can fuel growth of market in this region.
Similarly in North America, the market is expected to witness significant growth during the forecast period attributed to shifting preferences of adults and millennials. In addition, growing adoption of herbal medicines among individuals from Canada and United States (U.S.) attributed to rising concerns regarding conventional pharma drugs can fuel market growth during the forecast period.
However, in Europe, the market is expected to face growth decline owing to high demand for functional foods in major markets of United Kingdom, Italy, Germany, and France. This, in turn can pose threat to dietary supplements market.
Some of the leading companies offering dietary supplements are Glanbia, Amway, Abbott Laboratories, GlaxoSmithKline, and Archer Daniels Midland.
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