Global dietary supplements market size was USD 122.08 billion in 2015. Rising awareness towards nutritional enrichment in food & beverage sector is expected to have a significant impact on the market.
Dietary supplements are obtained from plants, animal organs, microbial strains, and seafood, which are used for enhancing the intake of essential nutrients in the human body. Rising awareness towards calorie reduction and weight loss in the U.S., China, and Italy is expected to promote the health and wellness segment and thus, in turn, will have a substantial impact on the industry. Furthermore, increasing the importance of proteins among consumers in emerging markets including China and India on account of implementation of new advertising campaigns for brand promotions by companies including Amway and Pfizer is expected to remain a driving force over the forecast period.
The positive outlook towards sports nutrition market on account of increasing importance of active lifestyle along with rising awareness towards protein benefits is expected to play a crucial role in promoting the use of dietary supplement products. Furthermore, growing consciousness towards consumption of protein intake for maintaining the muscle mass and sustaining optimum nutritional levels among middle-aged consumers in developed markets including the U.S. and Canada is expected to increase sports nutrition demand and will have a favorable impact on the industry.
Rising importance of e-commerce portals as a selling medium for nutraceutical manufacturers on account of providing access to products through key benefits including favorable discounts and cash-on-delivery features is expected to open new industry avenues over the next eight years. The U.S. FDA imposed numerous regulations intended towards the labeling of supplements in light of increasing reporting incidences of violations regarding label standards as well as product quality. As a result, dietary supplement manufacturers are expected to increase expenditure for the development of goods with better quality over the next eight years.
U.S. dietary supplements market revenue, by end-use, 2013 - 2024 (USD Million)
Adults were the largest consumers of dietary supplements accounting for 55.5% of the total revenue in 2015. The increasing use of multivitamin tablets by adults to maintain a healthy lifestyle and ensuring proper nutrition intake is expected to have a positive impact over the forecast period.
Dietary supplements for children are anticipated to witness significant gains at a CAGR of 10.0% from 2016 to 2024. Over the past few years, the majority of the food & beverage manufacturers including Cadbury and Danone have increased expenditure for launching new products including drink mixes and cereal bars with high nutritional content. The trends mentioned above are expected to provide access to buyers, particularly children, to consume drink mixes and cereal bars and thus likely to promote the market application over the next eight years.
Vitamin was used widely accounting for 42.0% of global market share in 2015. The predominant consumption of vitamins as a water soluble nutrient coupled with their ability to be readily excreted by kidneys is expected to have a substantial impact on the industry over the next eight years.
Botanical extracts will foresee growth at a CAGR of 9.7% from 2016 to 2024. This increase is attributed to the rising prominence of herbs for the prevention of physical as well as mental disorders in the human body. Furthermore, rising concerns over the adverse effects of conventional medicines including allopathic drugs are expected to promote the use of botanical extract as an ingredient for the production of dietary supplements over the next eight years.
Dietary supplement tablets market was valued at USD 48.12 billion in 2015. Rising sales of multivitamin tablets in emerging economies including China and India in light of new product launches by GlaxoSmithKline and Pfizer is expected to result in high demand for tablets.
Nutritional supplements in the powder form are anticipated to foresee growth at a CAGR of 10.7% from 2016 to 2024. The increasing popularity of energy mix powders in sports nutritional products is projected to promote the market growth of the segment over the next eight years.
Additional supplements held a market share of 71.7% in 2015. Rising awareness towards weight loss and maintenance of a healthy lifestyle among adults and old-aged people in Japan, China and India is expected to promote the use of dietary supplements
Sports nutrition is projected to witness the fastest growth at a CAGR of 10.4% from 2016 to 2024. Rising demand for energy drinks fortified with whey and egg protein among sports athletes and gym professionals for providing the necessary nutritional requirements is expected to augment dietary supplements consumption over the next eight years.
Asia Pacific was the largest market accounting for 47.7% of the total share in 2015. Increasing disposable income, rising consumer spending towards nutritional enrichment and expansion of retail outlets are expected to be the primary driving factors for dietary supplements market in developing nations including China, India, and Thailand. Furthermore, the introduction of e-commerce portals including AliBaba and Made-In-China in South Asian region is expected to have a favorable impact over the next eight years.
Major dietary supplements manufacturers include Abbott Laboratories, Carlyle Group, GlaxoSmithKline, Amway, Arkopharma, Bayer, Glanbia Nutritionals, Herbalife International. Product innovation and establishment of strategic partnerships with food & beverage and pharmaceutical sectors
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