Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Dietary Supplements Market 2017–2027
A dietary supplement is produced to add nutrients to the diet and lower the risk of health problems such as osteoporosis and arthritis. It is available in the form of capsules, powders, gel tabs, pills, extracts, and liquids and contains minerals, vitamins, fiber, herbs, amino acids, enzymes. Dietary supplement is ideal for people don't get enough intake vitamins and minerals from the normal diet. Weight loss, sports nutrition, general wellbeing, immune and digestive health, bone and joint health, heart health, and other specific requirements are some of the major applications of dietary supplements. They are easily available in health & beauty stores, internet, pharmacies/drugstores, hypermarket/supermarket, and direct selling.
The global dietary supplements market is projected to surpass US$ 290 billion by the end of 2027, in terms of revenue, growing at CAGR of 7.7% during the forecast period (2019 to 2027).
The increasing population of baby boomers around the globe is expected to propel the market growth of dietary supplements. According to the United Nations Department of Economic and Social Affairs, 437 million people in China are projected to be aged above 60 years by 2050. India would have 324 million people above 60 years of age, while 107 million and 58 million people are anticipated to be aged above 60 in the U.S. and Brazil, respectively, by 2050. Moreover, the population above 60 years of age is estimated to expand 3.5 times than the total population from 2025 to 2030.
Rising awareness regarding the benefits of dietary supplements is expected to augment the market growth over the forecast period. According to the CRN 2017 Survey on Dietary Supplements conducted by Ipsos Public Affairs Seventy-six% of U.S. adults—more than 170 million—take dietary supplements. The survey also found that vitamins/minerals are the most commonly consumed supplement category, consistent with the previous surveys. Hence, this is expected to accelerate the market growth of dietary supplements.
Regionally, North America dominated the global dietary supplements market in 2018, reporting 32% market share in terms of revenue, followed by Europe and Asia-pacific, respectively.
Figure 1. Global Dietary Supplements Market, Revenue Share (%), By Countries, 2018
Dietary supplements are side-effects and risks as it is self-prescribed and have lots of wrong information is expected to hinder the market growth of dietary supplements. For example, people seeking weight loss supplements may face problems associated with the liver. Hence, dietary supplements do have other side-effects as well and this factor is expected to restrict the market growth of dietary supplements.
Lack of awareness regarding the dietary supplements across the developing region is projected to restrict the market growth over the forecast timeframe. Moreover, the rising demand for organic food coupled is another major factor expected to restrict the market growth of dietary supplements over the forecast timeframe.
Growing spending on healthcare products coupled with the rising research and development will offer enormous growth opportunity to the market of dietary supplements. The U.S. Centers for Medicare & Medicaid, the U.S. health care spending grew 4.6% in 2018, reaching US$ 3.6 trillion or US$ 11,172 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7%. Hence, rising healthcare expenditure will favor market growth over the forecast period.
Retail and pharmacy chains are rapidly expanding around the globe and this has enabled consumers with easy access to dietary supplements products at affordable prices, this is expected to accelerate the market growth of dietary supplements. The according to data from the National Retail Federation, retail sales hit a record of US$ 3.68 trillion in 2018. Moreover, according to the U.S. Census Bureau. U.S. retail sales rose 0.3% in January 2020.
Figure 2. Global Dietary Supplements Market – Opportunity Analysis
Growing preferences for vegan supplements due to the shifting preferences of people for vegan food is projected to propel the market growth of dietary supplements. For instance, in March 2019, GHT Companies has introduced Vegan Life Nutrition (VLN), to provide nutritional supplements that are completely free of animal products. Therefore, the rising trend of eating vegan food is estimated to foster the market growth of dietary supplements.
Increasing product innovation by major players in order to expand their presence is projected to propel the market growth of dietary supplements. For instance, in November 2018, Irvine, CA – BioCell Technology, LLC announces that its flagship clinically tested healthy aging ingredient, BioCell Collagen, has introduced as a stand-alone ingredient featured in a new dietary supplement from the esteemed finished product manufacturer NOW.
Figure 3. Global Dietary Supplements Market, Revenue Share (%), By Application, in 2018
On the basis of end-use, women dominated the global dietary supplements market in 2018 with around 52% of market share in terms of revenue, followed by men and senior citizen, respectively.
- The Food & Drug Administration (FDA) regulates both finished dietary supplement products and dietary ingredients. FDA regulates dietary supplements under a different set of regulations than those covering "conventional" foods and drug products.
- Dietary supplement manufacturers must register their facilities with FDA but are not required to get FDA approval before producing or selling dietary supplements. Manufacturers and distributors must make sure that all claims and information on the product label and in other labeling are truthful and not misleading.
- Under FDA regulations at 21 CFR part 111, all domestic and foreign companies that manufacture, package, label or hold dietary supplement, including those involved with testing, quality control, and dietary supplement distribution in the U.S., must comply with the Dietary Supplement Current Good Manufacturing Practices (CGMPs) for quality control.
- Also, the manufacturer, packer, or distributor whose name appears on the label of a dietary supplement marketed in the U.S. is required to submit to FDA all serious adverse event reports associated with the use of the dietary supplement in the U.S.
Figure 4. Global Dietary Supplements Market – Value Chain Analysis
Key players operating in the dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE