Preventive health care, new product launches, increasing strategic developments such as partnerships and agreements, favorable research funding scenario, and new product development pressure on nutraceutical companies are key factors contributing to high CAGR of dietary supplements during forecast period
Market Size – USD 124.8 Billion in 2018, Market Growth – CAGR of 6.4%, Market Trends – New product launches and preventive health management by consumers
NEW YORK, March 25, 2019 (GLOBE NEWSWIRE) — According to the current analysis of Reports and Data, the global Dietary Supplements Market was valued at USD 124.8 Billion in 2018 and is expected to reach USD 210.3 Billion by year 2026, at a CAGR of 6.4%. Dietary supplements are products intended to supplement the diet that contains one or more of the following dietary ingredients: vitamins, minerals, protein & amino acids, herbs or other botanical ingredients. Nutrition supplements can be taken in various forms such as in the form of pills, capsules, tablets, powder or in the form of liquids.
The growth exhibited by the global dietary supplements market is a result of various factors such as the developing economies and subsequently increasing income of consumers, rising awareness about nutrition, hectic lifestyle, increasing geriatric population, and spread of chronic ailments. With an increase in the aging populations in the high-income economies such as the U.S., the U.K., Germany, and Japan, more and more people are looking for preventive healthcare management, thereby keeping diseases at bay. Good health is not just a goal for the consumers; it has become a lifestyle choice for them. Apart from this, massive impact of mass media communications & advertisement witnessed in the pharmaceutical & retail sectors is expected to generate lucrative demands for the industry. In addition, factors such as self-medication in cases of minor health issues, cost-effectiveness, and convenience of direct purchase are anticipated to drive the adoption and acceptance of dietary supplements over the forecast period. Strong growth in sports nutrition segment, increased use of supplements for weight reduction, and increasing E-Commerce sales are also driving this market.
However, stringent regulations regarding the definition of supplements and their usage, product recalls, and availability of generic alternatives are the major hindrance for the market growth during 2019-2026.
Further key findings from the report suggest
- Dietary supplements market in North America was the largest with a share of 2% in 2018. The market here is projected to grow at a CAGR of 5.7% during the forecast period.
- In 2018, the U.S. supplement market sales grew to USD 42.6 billion, at a CAGR of 5.3% during the forecast period.
- Asia Pacific Market is expected to grow at the highest CAGR of 9.2% during the forecast period. Increasing disposable incomes in developing nations such China, and India is likely to propel the market growth.
- The Chinese market for dietary supplements was USD 21.3 billion 2018. China is the second largest consumer of dietary supplements after the USA.
- By ingredient type, vitamin supplements market was the largest segment in 2018, growing at a CAGR of 5.5% during 2019–2026.
- Under the application segment, the sports supplement sector is expected to grow at the highest CAGR of 8.4% during 2019–2026.
- By distribution channel, the online sector is projected to grow at the fastest rate during the forecast period.
- Due to increasing costs of healthcare, people are turning towards dietary supplements to help them stay healthy.
- These supplements provide various health benefits such as strengthening the immune system, protection from cold and flu, prevention of migraine headaches, treat of arthritis, rheumatic diseases, allergies, lower cholesterol, triglyceride levels and blood pressure, cardiovascular diseases, and cognitive diseases at lower costs.
- Dietary supplementary sales for children are expected to rise during the forecast period. It was observed that Chinese parents were willing to spend relatively large amounts of money on the health of their children in relation to family income.
- Key participants include Abbott Laboratories, Carlyle Group, GlaxoSmithKline, Amway, Bayer, Glanbia Nutritionals, Herbalife International, ADM, Pfizer, and DuPont
For the purpose of this report, Reports and Data has segmented the dietary supplements market on the basis of ingredient, product, application, distribution channel, and region:
Ingredient (Revenue, USD Million; 2016–2026)
- Protein & Amino acids
Product (Revenue, USD Million; 2016–2026)
- Soft gels
- Gel caps
Application (Revenue, USD Million; 2016–2026)
- Additional Supplements
- Medicinal Supplements
- Sports Supplements
Distribution channel (Revenue, USD Million; 2016–2026)
- Hospital Pharmacies & Drug Stores
- Clinic Supermarkets & Hypermarkets
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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