OTC Vitamins & Dietary Supplements Market Status & Revenue Forecast Recorded during Forecast Period by 2022 | Key Players - BASF SE, DuPont, Koninklijke DSM N.V., Archer Daniels Midland Company., Lonza Group Ltd, Jubilant Life Sciences Limited, etc.
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Over-the-counter (OTC) vitamins and dietary supplements are sold directly to consumers without any medical prescription. In many countries, OTC vitamins and dietary supplement products are regulated to ensure that they are effective and safe when used. Drug regulatory bodies allow manufacturers to formulate vitamin ingredients or combination of ingredients that are well tolerated and do not pose any risk of side effects or reactions.
As per the latest report published by Fact.MR, the global OTC vitamins and dietary supplements market is poised to increase at a CAGR of 6.7% between 2017 and 2022. A positive outlook on the role of OTC vitamin and dietary supplement products in improving body endurance and muscular strength is characterizing the widespread acceptance of such products. Also, the growth of the healthcare sector and introduction of favorable government policies focused on the development of healthcare is partly responsible for the increasing popularity of various over-the-counter (OTC) drugs including vitamins and dietary supplements.
A notable growth in demand for OTC vitamins and dietary supplements has been observed in emerging countries such as China, Brazil and India due to increasing awareness among consumers about the benefits of such products. In addition, factors such as self-medication in cases of minor health issues, cost-effectiveness, and convenience of direct purchase are anticipated to drive the adoption and acceptance of OTC vitamins and dietary supplements over the next couple of years. Besides, drug makers are now concentrating on innovation in the formulation of such products in order to increase their functionalities.
North America’s Leadership in Global OTC Vitamins and Dietary Supplement Market to Remain Unchallenged
The market for OTC vitamins and dietary supplements in North America is expected to remain highly lucrative during the forecast period. Currently, the region accounts for the largest share of the global market in terms of value. This is primarily owing to soaring demand for OTC drugs particularly in the U.S. Meanwhile, the market in Asia Pacific excluding Japan (APEJ) is also expected to witness an impressive growth over the forecast period (2017-2022). By 2017-end, Europe is estimated to account for more than 31% revenue share of the global market.
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By function, use of OTC vitamins and dietary supplements will be robust for the general well-being of the body. Throughout the forecast period, global revenue from sales of OTC vitamins and dietary supplements for general well-being will continue to exhibit strong growth.
Pharmacies will remain the leading OCT channel for OTC vitamins and dietary supplements in 2017 and beyond. Pharmacies currently account for more than one-fourth share of the global market in terms of revenue. However, this OTC channel segment of the market is expected to lose 141 BPS toward the end of the forecast period.
Based on product form, global sales of OTC vitamin and dietary supplements capsules are expected to remain relatively higher over 2022. Close to US$ 33 Bn worth of capsules are expected to be consumed worldwide by the end of the forecast period.
The global OTC vitamins and dietary supplements market remains highly competitive with several leading companies partaking in it, which include BASF SE, DuPont, Koninklijke DSM N.V., Archer Daniels Midland Company., Lonza Group Ltd, Jubilant Life Sciences Limited, Atrium Innovations, Inc., Sanofi S.A., Pfizer, Inc., GlaxoSmithKline plc, Dil Limited., Reckitt Benckiser LLC, CSPC Pharmaceutical Group Limited., Otsuka Holdings Co. Ltd., and Bactolac Pharmaceutical, Inc.
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