Press release
Food Supplement Market Size,Share,Growth,Competition,Trends,Growth Opportunities and Forecast (2024-2031)
Changes in metabolism, decreased appetite, and difficulties keeping up a healthy diet are common side effects of aging. For older people, food supplements offer a practical means of fulfilling their nutritional needs and guaranteeing they get vital vitamins, minerals, and other nutrients. Older individuals may have chronic health conditions such as diabetes, cardiovascular issues, or age-related macular degeneration.
The vitamin ingredient segment accounts for one-third market share and Asia Pacific dominates the food supplement market. The Asia-Pacific dietary supplements market is experiencing rapid growth due to increasing awareness, population, and disposable incomes. Demand in countries like India, China, and Japan has also increased due to the aging population and other various factors.
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Market Dynamics
The aging population is an irreversible global trend that is a crucial catalyst for market development. With age, individuals often face various health concerns and conditions, such as joint issues, bone health problems, cognitive decline, and weakened immune systems. Food supplements designed to address these specific health issues become more appealing to the aging population. Aging is often accompanied by changes in metabolism, reduced appetite, and challenges in maintaining a balanced diet.
Cognitive decline is a common concern among the elderly. Supplements containing omega-3 fatty acids, antioxidants, and other nutrients believed to support brain health are often marketed to the aging population to promote cognitive function and memory. Thus, the rise of the aging population helps to boost the market growth. For instance, according to WHO 2022, estimated that the share of the population aged 60 years and over, will increase from 1 billion in 2020 to 1.4 billion, by 2050, the world's population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 billion.
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Segment Analysis
Certain vitamins, such as vitamin C and vitamin D, play a crucial role in supporting the immune system. During times of increased susceptibility to illness or when the body is under stress, vitamin supplements can provide an extra layer of immune support. Vitamins like D and K are essential for bone health and calcium absorption. In cases where dietary sources are insufficient, supplements can help maintain strong and healthy bones, reducing the risk of conditions like osteoporosis. B-complex vitamins, including B1, B2, B3, B6, and B12, are integral for energy metabolism. Supplements can contribute to sustained energy levels, making them particularly relevant for individuals with increased energy demands or those experiencing fatigue.
Regular health check-ups and consultations with healthcare professionals can help identify and address potential vitamin deficiencies. Thus, the rise of vitamin deficiency helps to boost the segment growth. For instance, according to World in Data 2021. Globally, it's estimated that over half of children under five years old are micronutrient deficient (in at least one of iron, zinc, and vitamin A). In addition, over two-thirds of non-pregnant women of reproductive age are micronutrient deficient (in at least one of iron, zinc, and folate also known as vitamin B9).
Competitive Landscape
The major global players in the market include Amway, Abbott Laboratories, Bayer AG, Pfizer Inc, ADM, Carlyle Nutritionals LLC, Haleon Plc, Glanbia Plc, Otsuka Holdings Co Ltd, Herbalife Ltd are strategically partnering with healthcare professionals, nutritionists, and dietitians
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