The worldwide dietary supplements market is projected to touch a valuation of USD 278.02 billion by 2024, according to a report by Grand View Research, Inc. Dietary supplements are substances used in improving overall wellness of individuals. They can be used to increase the quantity of nutrients or have a positive biological effect on the body. Some common examples of supplements are gingko, green tea, and fish oil.
Increase in protein intake by middle-aged consumers is predicted to influence market revenues over the forecast period (2013-2024). Rising consumer awareness regarding dietary supplements is expected to positively impact market growth. Growing emphasis on sports and fitness in the U.S. and China is predicted to drive the intake of these supplements. Popularity of e-commerce portals as a medium for shopping is expected to pave new avenues for market growth. Demand for medical nutrition products by the geriatric populace to sustain their health is also expected to provide novel growth opportunities.
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According to the National Health and Nutrition Examination Survey, adults above the age of 60 are consuming supplements for bone, heart, and joint health. DSM is launching medical nutrition supplements specifically targeting this demographic. The company has also collaborated with Healthspan Limited, a U.K. supplier of vitamins and supplements, to launch a new strain of live bacteria probiotics. Probiotics are live bacteria or microorganisms that can maintain a person’s gut health. Gummy products are expected to attract manufacturers’ interest due to their popularity among consumers to counter the effects of pills. Stringent regulations regarding labeling procedures and presence of organic foods pose a challenge to market growth.
Regions covered in the market report include Latin America, North America, Asia Pacific (APAC), Middle East and Africa (MEA), and Europe. The APAC market accounted for a 47.7% market share in 2015 due to increasing expendable incomes of consumers and launch of new retail outlets of branded products. It is expected to exhibit a 11.2% CAGR from 2016 to 2024 due to high sales of nutritional supplements.[NP1] The North America market is anticipated to display good growth due to awareness among middle-aged consumers in U.S. and Canada. It accounted for a 28.5% market share in 2015 and expects to gain a larger share by 2024.
The European market is projected for a decent windfall, particularly due to the purchase of supplements by female consumers. Strict regulations to safeguard consumers against fake ingredient manufacturers and bogus health claims are expected to increase their market share over the forecast period. The MEA market is predicted to register a good growth rate due to the popularity of vitamins. Multivitamins in syrup for children and preference of supplements in the form of fortified foods by adults in Cameroon are expected to attract good revenue for the global market. Other factors boosting the MEA market are health awareness initiatives by the Saudi Arabian government regarding benefits of dietary supplements and changing regulatory landscape in South Africa.
Prominent market players include Carlyle Group, Pfizer Pharmaceuticals, Abbott Laboratories, Amway Corporation, and DuPont. Partnerships with food and beverage companies, expansions, and product innovations are strategies employed by these players to sustain their market hold. For instance, Amway is expected to establish nearly 50 stores in India in order to expand its reach.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
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