The change in lifestyle and the increasing consumption of east to cook meal across the globe is contributing to the demand for the dietary supplements. Also, the rise in the sports events resulted in intensifying number of sports and gym enthusiast is generating the demand for the dietary supplements. Moreover, the increasing urbanization coupled with the rise in disposable income and change in dietary habits is gaining the consumer’s traction for the health concerns, therefore, contributing to the demand for the dietary supplements worldwide.
According to the MarkNtel Advisors’ research report, “Global Dietary Supplements Market Analysis, 2020”, the global dietary supplements market is set to grow at a CAGR of around 7.50% from 2021-25. In 2019, North America grabbed the major market on account of a wide consumer base and rising health awareness among end-users. Moreover, the introduction of organic products or supplements is also one of the prime factors which are generating the demand for dietary supplements.
In 2019, tablets dominated the other form of dietary supplements on account of factors such as low pricing compared to other forms, ease of availability and the longer shelf life. Vitamin is the major ingredient used in the dietary supplements that dominated the market in 2019. The demand for the vitamins is majorly emanating from sports athletes, millenniums and the working professions due to hectic lifestyle and the long working house which leads to an improper diet.
By application, Energy and weight management dominated the market in 2019 on account of the rising obesity across the globe. According to the organization for economic cooperation and Development, as of 2017 more than 1 adult out of 2 is obese or overweight in OECD countries and the obesity rate is projected to increase in the coming years too.
So, the companies are also launching the products for the weight management. For instance, GSK and Amway launched the products for weight management of athletes in 2018.
Government Support to Contribute to the Growth of the Market
According to MarkNtel Advisors, the government’s support such as regulations, guidelines, the authenticity of the projects is contributing to the growth of demand for dietary supplements across the globe. For instance, U.S food and drug administration announced that the organization is launching a dietary supplements working group that would be aiming at the better regulate the dietary supplements need. Also, the Council for Responsible Nutrition (CRN), launched a campaign to educate the consumers to get authentic and genuine dietary supplements.
Mergers and Acquisition to Make Competition Higher
According to MarkNtel Advisors, the key players with considerable shares in the industry are Amway, Abbott Laboratories, Arkopharma Laboratories Pharmaceutiques, Bayer, Glanbia, etc. The companies are adopting strategies such as new product launch, merger, and acquisition to remain competitive in the market.
A few of the incidences of the merger and acquisitions by the companies are: In 2018, a food and beverage firm Trace Gains acquired health note, provider of dietary supplements to boost the network of dietary supplements across the globe. Also in the same year, Clorox Company announced that the company acquired the Nutranext, Florida based provider of dietary supplements.
“Global Dietary Supplements Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for dietary supplements providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go To Market Strategies and identifying the blue ocean for their offerings.
1. By Ingredients (Botanicals, Vitamins, Minerals, Proteins & Amino acids, Omega fatty acids, Fibers & specialty carbohydrates, Others)
2. By Form (Tablets, Capsules, Soft gels, Powders, Gummies, Liquids, Others)
3. By Application (Energy and weigh management, General health, Bone & joint health, Gastrointestinal health, Immunity, Cardiac health, Diabetes, Anti-Cancer, Others)
4. By End-User (Adults, Geriatric, Pregnant women, Children, Infants)
5. By Distribution Channel (OTC, Prescribed)
6. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
7. By Competitors (Amway, Abbott Laboratories, Arkopharma Laboratories Pharmaceutiques, Bayer, Glanbia, Archer Daniels Midland, GlaxoSmithKline, etc.)
Key questions answered in the study
1. What are the current and future trends of the global dietary supplements market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global dietary supplements industry?
6. What are the customer orientation, purchase behavior, and expectations from the global dietary supplements providers across various regions?