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HEALTHCARE & PHARMACEUTICAL

Dietary Supplements Market Segmentation By Source (Synthetic and Natural); By Supplement (Vitamins, Botanicals, Proteins & Amino Acids, Minerals and Others); By Form (Tablets & Capsules, Soft Gels, Powders, Liquids and Gummies); By Application (Bone & Joint Fitness, Immune Boosters, Cardiovascular Heath, Mental Health, Cholesterol Lowering, Digestive Support and Others); By Distribution Channel (Online and Offline) – Industry Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Dietary Supplements Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

June, 2019: New research from Advocate Health Care and Abbott in a joint venture found that prioritizing nutrition care for home health patients at risk for malnutrition had a dramatic impact on helping in keeping them out of the hospital - resulting in millions of dollars in healthcare cost savings. This collaborative outcome is projected to increase consumer awareness with higher dietary supplements and vitamin product adoption.

Market Overview

Dietary supplements consist of essential nutrients in various dosage forms that can be taken to improve the nutrient deficiency as well as enhance the normal body functions. These dietary supplements can be derived from either natural or synthetic sources and can be consumed in the form of tablets, capsules, soft gels and others. The market for dietary supplements is projected to grow at a significant CAGR of 6.78% over the forecast period, i.e., 2021-2028. Further, the global dietary supplements market accounted for a market value of USD 67,218.23 million in 2019 and is anticipated to attain a substantial market value by 2028.

Growth Highlights based on Region during 2019-2028

On the basis of region, the market for dietary supplements is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is anticipated to observe the leading share globally with a share of 33.64% in 2018 which is predicted to grow further in coming years. The growth in the market in North America can be attributed to increasing concerns regarding cardiovascular diseases among working professionals on account of fluctuating dieting patterns. This is further anticipated to increase the consumer spending on fitness and wellbeing and raise the demand for supplements. Additionally, the market in Asia Pacific is estimated to grow at the highest rate as a result of high demand for dietary supplements from countries such as China, India, Japan, and South Korea. The market in Europe captured a market size of USD 17,342.30 million in the year 2019 and is expected to reach a substantial size by 2028. The rising adoption rates for botanicals among the population of European countries along with the growing number of manufacturers investing in countries such as Germany, UK, & France to address the growing demand for dietary supplement products is a major factor contributing towards the market growth in the region.

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Segmentation Synopsis

By Source

On the basis of source, the market is segmented into synthetic and natural dietary supplements. Out of these, the segment for synthetic segment holds the leading share in the market and is estimated to grow at a CAGR of 6.31% during the forecast period.

By Supplement

Based on the type of supplement, this market is segmented into vitamins, botanicals, proteins & amino acids, minerals and others, out of which, the vitamins segment is estimated to hold the largest share in the market across the globe, over the forecast period. Further, it is predicted to account for a value of USD 61,651.92 million by 2028 owing to the rising interest of consumers in personal health and wellness, which is leading to an increase in incorporation of vitamins as an essential part of the diet. CLICK TO DOWNLOAD SAMPLE REPORT

Dietary-Supplements-Market

By Form

The form segment of dietary supplement market is segmented into tablets & capsules, soft gels, powders, liquids and others. Based on the form segment, the tablets and capsules segment is anticipated to lead the market and grow at the highest CAGR of 6.01% during the forecast period. Ease of handling of tablets and capsule form is estimated to contribute towards the growth of tablet and capsule segment in the dietary supplement market.

By Application

On the basis of application, the market for dietary supplements is segmented into bone & joint fitness, immune boosters, cardiovascular health, mental health, cholesterol lowering, digestive support and others. The immune boosters segment captured the largest market in 2019 and it is expected to reach USD 44,272.96 million by 2028. This can be attributed to the growing need of adopting optimal and efficient immunization for children due to which the demand for products offering immune support is projected to increase along with healthier lifestyles by providing efficient body nourishment.

Dietary-Supplements-Market-Scope

By End User

The end user segment of the market is further segmented into pediatric, adults and geriatric.  The segment for adults is predicted to dominate the global dietary supplement market over the forecast period by registering a CAGR of 6.70%. The high growth rate can be attributed to increasing overweight adult population as well as adults with low BMI (Body Mass Index), which are predicted to opt for dietary supplements for weight management.

By Distribution Channel

Based on distribution channel, the market is segmented into online and offline, out of which, the offline segment is further bifurcated into hospital pharmacies and retail pharmacies. The offline channel segment captured the largest market size with a value of USD 50,125.55 million in 2019 and it is expected to grow further by 2028.

Market Drivers and Challenges

Growth Indicators

The growing demand from an increasing health-conscious consumer base is anticipated to become a major growth factor for the dietary supplements market. Other factors such as rising health concerns, growth of key demographics, rising urbanization, and increasing consumer desire to lead a healthy life and avoid dependence on synthetic drugs are estimated to  drive the growth of the dietary supplements market. Moreover, consumers are increasingly becoming conscious of balanced nutrition and preventive healthcare. Rise in obesity and lifestyle diseases due to increasing sedentary lifestyles tends to increase the demand for various weight-loss supplements. This is estimated to increase consumption of multivitamins and other industry supplements in their diets.

Barriers

Increasing regulations and complicated testing regimes on dietary supplements acts as a restraining factor for the major players operating in dietary supplements market. The testing of these products includes definition, categorization for their approval in various countries. These strict government regulations are predicted to limit the growth of dietary supplement market in the coming years.

Competitive Landscape

Some of the affluent industry leaders in the global dietary supplements market are Abbott, Amway, Bayer, Otsuka, Pfizer Inc., GlaxoSmithKline plc, Herbalife International of America, Inc., NuSkin Enterprises, Arkopharma, Nature’s Bounty and others.

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