Dietary Supplements Market Worth $ 158,468.7 Million By 2025, at 6.85% CAGR – Report by Market Research Future (MRFR)
Dietary Supplements Market Insights and Industry Analysis by Type (Vitamins, Minerals, Amino Acids & Proteins, Probiotics, Blends and others), Form (Tablets, Capsules & Softgels, Powders, Gummies and others), Distribution Channel (Store-Based {Supermarkets & Hypermarkets, Specialty Stores and others} and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World), Competitive Market Size, Share, Trends, and Forecast till 2025
New York, US, June 16, 2021 (GLOBE NEWSWIRE) -- Dietary Supplements Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Dietary Supplements Market - Information by Type, Form, Distribution Channel, and Region - Forecast till 2025” the market is anticipated to reach 158,468.7 Million by 2025, at 6.85% CAGR.
Market Scope:
Dietary supplements are products containing essential nutrients such as vitamins, minerals, herbal and botanical extracts, amino acids, and enzymes that support good health. Close to 83% of the population in the United States are more than willing to consume dietary supplements, exhibiting confidence in the effectiveness, safety as well as quality in these products. People of varying age groups take dietary supplements to cater to their nutritional requirements. Dietary supplements come in various forms, including pills, tablets, capsules, powders, liquids and gel caps. Dietary supplements like botanical, vitamin, fatty acid and mineral help maintain the health and also help avoid diseases that are caused by nutritional deficiency. The growing significance of e-commerce platforms due to appealing benefits such as huge discounts as well as cash-on-delivery features could present lucrative opportunities to nutraceutical manufacturers who aim to boost their reach among more consumers.
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Key Players Locking Horns:
MRFR’s dietary supplement market research focuses on the competitive scenario, which is quite intense since players are primarily focused on bolstering their positions by expanding their product ranges and launching new and innovative products. Strategic mergers, divestments and acquisitions as well as agreements remain the top favored marketing tactics among the major manufacturers striving to foster their customer base. Expansion of production capacity via acquisition and partnership remains another key competitive strategy usually undertaken by the companies to further establish themselves in the market.
Some of the eminent firms in the dietary supplements market are:
- Nature's Bounty Co. (US)
- Living Essentials Marketing
- GlaxoSmithKline plc
- Bayer AG
- Nature's Way Products
- Amway Corp
- Otsuka Holdings Co.
- Herbalife Nutrition Ltd.
- Abbott Laboratories
- Glanbia plc (Ireland)
Market Growth Factors:
- Mounting health-related concerns combined with surging prevalence of bad dietary habits and lifestyles have fostered the demand for dietary supplements worldwide.
- High urbanization rate along increase in disposable income also foster solid market growth.
- The sports nutrition industry’s positive outlook also works in favor of the global market. Rise in sports events in line with athletes increasingly opting for products that boost their physical strength, along with the soaring number of gymnasiums and sports complexes have raised the preference for dietary supplements.
Market Restraints:
- Side effects associated with the over-consumption of dietary supplements, which restrict the growth of the market.
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Market Segmentation:
The global market for dietary supplements can be distributed into type, form and distribution channel.
Major types of dietary supplements in the market are blends, minerals, vitamins, probiotics, amino acids & proteins, and others. In 2018, the vitamins segment attained the maximum share while the amino acids & proteins segment is touted to record the highest growth rate of 7.50% over the given period. Vitamin supplements can be taken by every age group for curative as well as preventive healthcare; an advantage that helps push their demand among consumers worldwide.
Form-based segments are tablets, capsules, & softgels, gummies, powders, and more. The tablets, capsules, & softgels segment procured the highest share in the global market in 2018 while the fastest growth rate of 8.40% will be secured by the gummies segment during the analysis period. Tablets provide high-potency options, are lower priced, and have an extended shelf life compared to other forms. Capsules also note robust demand as they are easier to swallow than other forms but their high cost and low shelf life can be a challenge.
Depending on distribution channel, the market caters to store-based as well as non-store-based. The store-based segment took the lead in the year 2018, since consumers prefer these channels since they provide a one-stop convenient shopping experience. But, lately, the preference for online shopping has grown immensely, giving a boost to the e-commerce industry, and by extension, boosting the non-store-based segment’s growth. Therefore, the non-store distribution channel segment can escalate at a higher rate in the review period.
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Regional Analysis:
The dietary supplements industry can be geographically segmented into Europe, the Americas, the Middle East & Africa or MEA and Asia Pacific or APAC.
North America will land the top position in the global market for dietary supplements over the forecast period. The North America market share in 2018 was 37.06%, while its growth rate over the coming years is expected to be 6.43%, backed strongly by Canada and US. Soaring demand for sports nutrition supplements in view of the rising adoption of an active lifestyle as well as the surging awareness about the benefits of dietary supplements foster the market growth. The rate of development in dietary supplements market in USA in recent years has been stunning, thanks to the growing intake of protein among consumers trying to maintain their muscle mass and sustain maximum nutrition level.
Asia Pacific is one of the strongest markets for dietary supplements, given the mounting prevalence of a healthy lifestyle among consumers and the growth of the organized retail sector. Soaring awareness levels regarding the significance of healthy diet among people of China and India could also benefit the APAC market in the coming years. The e-commerce sector in Indonesia, China, Malaysia and India has gained traction in light of rising regulatory backing and increase in government initiatives, which can also boost the dietary supplements’ sales over the ensuing years. Some of the top supporting industries in dietary supplements in the region are fitness centers and health clubs that push consumers towards adopting a healthier lifestyle and opt for products that help them sustain the same.
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Latest Developments:
In December 2020, Todos Medical Ltd launched its latest 3CL protease inhibitor dietary supplement, Tollovid in the US. Tollovid is a combination of various botanical extracts that boost immunity, especially against the novel coronavirus, by inhibiting the 3CL protease’s activity.
In the same month, KeHE Distributors made available Next-Generation, which is a range of ultra-absorption MICROGEL dietary supplements that include REM Sleep, Focus+Recall, Vegan Essentials, Immune Super Boost and Bioactive Multi. These supplements facilitate complete nutrient absorption with convenient and easy to swallow gel pack, which helps supplement the diet for people that have aversion to pills.
Developments Post COVID-19 Outbreak
The COVID-19 outbreak as well as the subsequent lockdown has had a brutal effect on the dietary supplements, with manufacturing facilities shutting down and consumer demand for non-essential products going down. Players are facing revenue losses because of the SARS-CoV-2 pandemic due to travel bans as well as the economic downfall across the world.
However, with the lockdown now being lifted up, players are now able to continue with their business and also concentrate on strengthening their supply chains. Also, the prominence of the e-commerce sector will also result in faster recovery of the dietary supplements industry. this particular factor has been responsible for the continued growth of the U.S. dietary supplements market size.
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