Dietary Supplements Market
Dietary supplements are beneficial for human health. Dietary supplement segment is consists of minerals (iron & calcium), vitamins (vitamins D & E), amino acid, omega 3, herbals (garlic & Echinacea), and other speciality products like pro-biotic, fish oil and glucosamine. Now a day, dietary supplements are available in a number of forms such as powder, capsule, soft gels, tablets, and drinks. Supplements such as vitamin D, iron and calcium help to keep the bones strong and they also help in reducing the bone loss. Other supplements like folic acid decrease the risk of birth defects.
Factors such as rising disposable income, the standard of living, rapidly growing urban population, rising healthcare expenditure, and growing awareness among people regarding dietary foods and supplements are the key factors fuelling the growth of global Dietary Supplements Market. Rising prevalence of lifestyle diseases are encouraging people to consume dietary supplements, more and more people getting aware of how the consumption of supplements can enhance the overall health. For instance, according to the survey conducted by Ipsos Public Affairs (on behalf of the Council for Responsible Nutrition), more than 170 million Americans (~71% of U.S. adults) consumes dietary supplements. Rising adoption of personalized nutrition and advancements in the dietary supplements manufacturing will uplift the global dietary supplements market. Additionally, increasing the dominance of fitness and sports along with new product launches is likely to have a significant impact on the industry in near future. However, factors such as economic downturn, growing food safety concerns and high prices of dietary supplement products are restraining the adoption of dietary supplements. Further, products misbranding and growing safety concerns of dietary supplements affect the growth of the global dietary supplements market negatively.
Based on application, the dietary supplements market is segmented into medicinal supplement, additional supplements, and sports nutrition. Additional supplement is the largest market owing to growing awareness among adult and geriatric population towards healthy lifestyle. Sports nutrition segment is expected to show considerable growth in next few years owing to huge demand for whey protein among sports professionals. On the basis of product, the dietary supplements market is classified into botanicals, vitamins, minerals, amino acids and enzymes. Vitamin is the largest segment owing to high demand globally. Botanical extract is expected to grow at higher CAGR in forecasted period.
The dietary supplements market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is largest market, owing to growing importance of proteins supplements among population. The implementation of new and innovative marketing campaigns for branding and promotions in emerging countries such as India, Thailand and China is further driving the global dietary supplements market within the forecast period. Furthermore, strong supply chain, growth of retail outlets, online portals and rising disposable income are few more factors driving the dietary supplements market in developing countries. North America and Europe are also the major market that dominates the global market. Rising disposable income and growing health consciousness among US people is driving the North American Dietary Supplements Market.
Key players in the Dietary Supplements Market include The Himalaya Drug Company, BASF SE, Koninklijke DSM N.V., Bayer AG, Herbalife Ltd, Pharmavite LLC, Omega Protein, NBTY Inc, Abbott Nutrition, Amway, Bio-Botanica Inc., Axellus AS., Blackmores Ltd., Nu Skin Enterprises, Inc., and among others. These players adopt different strategies like the new product launch, geographic expansion, product differentiation, and merger & acquisition, in order to gain the market share and competitive advantage.