The report “Dietary Supplements Market by Type (Vitamins, Minerals, Botanicals, Amino acids, Enzymes, Probiotics), Function (Additional, Medicinal, Sports Nutrition), Mode of Application (Capsules, Tablets, Liquid), Target Customer and Region – Global Forecast to 2026” According to MarketsandMarkets, the global dietary supplements market size is estimated to be valued at USD 136.2 billion in 2020 and projected to reach USD 204.7 billion by 2026, recording a CAGR of 7.0% during the forecast period.
The demand for dietary supplements is increasing significantly owing to rising prevalence of chronic diseases and changing dietary habits of the consumers. Increasing consumer health awareness and rising disposable income across regions are factors that have encouraged people to shift to dietary supplements. The elderly population is focusing on adapting to nutritional supplements specifically tailored to their needs to maintain their good health and quality of life.
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Drivers : Aging population to drive the market growth
Consumers across regions have become more health-conscious, which is driving the growth of the dietary supplements market. The aging population of some countries, such as Japan, Italy, Portugal, and Germany, is another key factor that is projected to drive the overall dietary supplements market.
The elderly population is focusing on adapting to nutritional supplements specifically tailored to their needs to maintain their good health and quality of life. The process of aging results in various changes in an individual, including psychological, physiological, and social, which affects their dietary and food choices. ging population increasingly relies on habitual food choices and tailored dietary consumption patterns. The rising aging population in some countries, over the years, has increased the demand for developing age-friendly food alternatives with enhanced nutritional value to support their overall health, which has led to an increased demand for dietary supplements that further support the market growth. With increasing bone health and mobility concerns, consumers have become more aware of healthy aging and disease prevention. Thus, there is an increased demand for supplemental nutrition solutions that align with the nutritional needs of aging consumers.
The adult segment, by target customer is projected to witness significant growth during the forecast period.
The deficiency of certain vitamins in adults is one of the key factors that have led to the rise in the consumption of dietary supplements among adults. According to National Health and Nutrition Examination Survey, in 2016, nearly 150 million Americans consume dietary supplements, out of which, among adults, 44% of men and 55% of women are the consumers. This is projected to drive the demand for dietary supplements among adults.
The North American region dominates the dietary supplements market with the largest share in 2020.
North America is projected to hold the largest share in the dietary supplements market. This dominance is driven by the prevalence of chronic diseases due to the hectic lifestyles and increasing awareness among consumers regarding the health benefits of the product. Also, the region has the highest prevalence of obesity. According to the CDC, in the US, the obesity prevalence was 39.8% and affected about 93.3 million adults between 2015 and 2016. Such factors are projected to contribute to the growth of dietary supplements market.
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This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, Amway (US), Herbalife Nutrition (US), ADM (US), Pfizer (US), Abbott Laboratories (US), Arkopharma Laboratories (France), Bayer (Germany), Glanbia (Ireland), Nature’s Sunshine Products (US), FANCL (Japan), Danisco (Denmark), Bionova Lifesciences (India), XanGo (US), Ekomir (Russia), American Health (US), Pure Encapsulations (US), UST Manufacturing (US), Capstone Nutrition (US), Anona GmBH (Germany), Plantafood Medical GmBH (Germany).
Recent Developments:
- October 2020, Abbott Laboratories launched strawberry-flavored food supplements in India. This will strengthen the company’s dietary supplements portfolio.
- November 2019, Amway invested USD 200 million to set up a dietary supplement innovation center in China. This helped in offering custom-made solutions and the overall expansion of the company.
- October 2019, Herbalife launched a relaxation tea and new immunity essentials, containing EpiCor, to meet nutritional supplement demand in the North American region. This would strengthen its product portfolio for dietary supplements.
