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The ageing population in the eastern and western countries have propelled the market growth of dietary supplements. According to the UKs Food Standard Agency (FSA), the majority of supplement consumers, are over 55 years old. These supplements are bought in the belief that old age can be joyful and pain-free, with a body of research pointing to memory enhancement, joint strengthening, and a vitality boost of glucosamine, ginkgo, and ginseng.
The Botanical segment by type is projected to achieve the Highest CAGR growth in the Dietary Supplements market.
The demand for the botanicals ingredients included in the dietary supplements solutions had driven because of their consumer-perceived benefits, such as functional benefits and being “closer-to-nature,” as well as their ability to impart pleasant flavours. Furthermore, attractive flavours and colors produced from natural sources are a vital part in dietary supplements solutions. Some of the advantages of botanical dietary supplements are, Low cost compared to prescription drug, It can be obtained without a prescription, Has the potential to be effective, despite the lack of evidence, and Contribute to a sense of self-sufficiency
By function, the additional supplements segment is estimated to account for the largest market share in the Dietary Supplements market.
This category includes supplements that can be consumed without a doctors prescription. Minerals, herbs or other botanicals, amino acids, enzymes, and a variety of other ingredients can be found in dietary supplements. Tablets, capsules, gummies, and powder, as well as drinks and energy bars, are all forms of dietary supplements. According to the National Center for Health Statistics, 57.6% of US adults aged 20 and above used a dietary supplement, with women (63.8%) using more than men (50.8%). Dietary supplement use increased with age in both sexes but was highest in women aged 60 and above (80.2%)
The tablet form segment by mode of application is estimated to account for the largest market share of the Dietary Supplements market over the forecast period.
Longevity of tablet form drives market growth. Compressed tablets are typically meant to be swallowed without being broken, chewed, or dissolved. This tablet type will usually only begin to break down after reaching the stomach (or some other stretch of the gastrointestinal tract). Compressed tablets have the advantage of being generally stable and available in various sizes and shapes. As a result, a wide range of dietary supplements can be easily incorporated into tablet form. For this reason, compressed tablets are popular
The elderly segment is projected to observe the highest CAGR growth in the Dietary Supplements market during the forecast period.
Dietary supplements in pill or liquid form are popular among the elderly. These are often nutrients under-consumed among older adults, such as calcium and vitamin D (in high demand) & B12. In older adults, vitamin D helps support skeletal health by building and protecting bones. According to the National Health and Nutrition Examination Survey, nearly 20% of elderly Canadian, European, and American adults have a vitamin D deficiency. Medical experts recommend 20 to 25 micrograms of vitamin D per day. The Commodity Supplemental Food Program (CSFP) provides nutritious USDA packaged food to low-income older adults to support a healthy dietary pattern.
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Asia Pacific is projected to achieve the highest CAGR growth in the Dietary Supplements market.
The rising influence of westernization, the growing millennial population, and increasing awareness are the key drivers of market growth. According to the UN, in 2019, 60% of the 1.8 billion global population of millennials reside in Asia. This population is active, enthusiastic about fitness, and continuously seeking innovative products. As a result, millennials are prominent consumers of dietary supplements in the region. Veganism has also become popular in the region, alongside rising demand for plant-based food products, especially in India, China, Australia, and Indonesia. This key factor would eventually pave the way for herbal supplements to grow significantly in value sales during the forecast period in the Asia Pacific.
Key Market Players
The key players in this market include Amway Corp (US), Herbalife International of America, INC. (US), ADM (US), Pfizer INC (US), Abbott (US), Nestle (Switzerland), Otsuka Holding Co, LTD (Japan), H&H Group (China), Arkopharma (France), Bayer AG (Germany), Glanbia Plc (Ireland), Natures Sunshine Products Inc (US), Fancl Corporation (Japan), Danisco (Denmark), Bionova (India), American Health (US), Pure Encapsulations LLC (US), GlaxoSmithKline, PLC (UK). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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