Market Overview:
The global market for dietary supplements is capitalizing on the fitness revolution where more people are embracing a healthy way of life. The Google trends show surge in health related queries in countries which were not much focused towards healthcare before. People are opting for dietary supplements to meet the deficiency of nutrients in their food. Factors such as rise in disposable income, standardization of lifestyle, increased investments by market operators, changing healthcare habits, rising population, increased awareness etc. are key drivers of the growth of the market. Other major factors that are leading to multiplied value of market are assurance of meeting the everyday nutritional requirements of consumers, prevalence of diseases such as, blood pressure, malnutrition, obesity, etc. The rising costs of medical treatments are pushing the consumers to spend towards preventive healthcare. Consumers choose dietary supplements to stay fit and healthy so that they can avoid expensive medical treatments that would have been required otherwise.
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Reports on aging population suggests that the number of people over 60 years will be double by 2050. This is one of the key drives of the dietary supplements market growth as these supplements are elixirs of extended longevity for the senile population that forms a major part of the customer base. The development of nutraceuticals and pharmaceuticals sectors has further expedited the adoption of dietary supplement products.
Factors that might hamper the growth of global dietary supplements market are insufficient knowledge about dosages, side effects of some products, false claims by organizations, etc.
Competitive Dashboard:
A paradigm shift of consumers’ interest towards a healthy lifestyle has infused healthy and fierce competition among the players of the dietary supplements market. The enterprises that are taking part in the market competition are persistently endeavoring to strengthen their foothold in the growth of the market by expanding their robust portfolio of products. The development of competition can also be attributed to increased investments by the players for undertaking research projects. Some options and opportunities opted by market players to gain edge over others are, innovation, patents, competitive pricing, etc.
Some of the major players holding key shares in the market profiled by MRFR’S report are E. I. Du Pont de Nemours and Company (US), Glanbia Plc, Abbott Laboratories, NBTY Inc, GlaxoSmithKline Limited, BASF SE (DE), Royal DSM N.V., and, Amway Enterprises.
Market Segmentation:
By form, the market has been segmented into tablet, capsule, powder, liquid, and, sweet foods.
By type, market is segmented into vitamins, minerals, amino acids, botanicals, and, others.
By application, it has been segmented into personal care, pharmaceuticals, and, sports nutrition. Personal care market is further sub-segmented into weight loss, general wellbeing, bone & joint, immunity, and, digestive health. And, by pharmaceuticals, the market is sub-segmented into heart health, allergies, and, eye health.
By end users, the market is segmented into children, youth, adults, and, geriatric.
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Regional Analysis:
Asia Pacific region accounts for the largest share in the market owing to increased disposable income, rise in health awareness, growing population, etc. The discretionary spending of the people from Asia Pacific regions is driving the growth of market. Europe and North America markets will show robust growth with vigorous competition. Consumers in Europe are getting more inclined towards a healthy lifestyle which is propelling the market growth for dietary supplements. The presence of countries like the U.S.A has been driving factors for the market growth in North America. The U.S department of Health and Human Services holds 200 official health awareness events every year. The increase in rate of awareness about the benefits of healthy living in the entire region has amplified the growth of the market.
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