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Dietary Supplements Market - Evolving Industry Trends and key Insights by 2024
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The chief factors driving the increased usage of dietary supplements include the rising awareness regarding the value of a healthy lifestyle, which is leading to an increased interest in the consumption of products promoting it, the rising geriatric population, and rising disposable incomes across emerging economies. With the vast rise in the world’s geriatric population, a continuous surge in the prevalence of chronic diseases and the need to find preventive measures has also been seen. These factors have collectively led to the increased global sales of supplements fortified with nutrition, minerals, vitamins, and herbal elements.
The vast growth opportunities have attracted a large number of companies in the field of dietary supplements globally. Although developed regions such as North America and Europe have traditionally been at the forefront of the global dietary supplements market, accounting for a dominant share in market’s overall revenues, the market in emerging economies such as Asia Pacific and Latin America is rapidly gaining traction. Heightened awareness regarding healthcare and rising affordability of dietary supplements are the key factors driving this change.
The conspicuous rise in product varieties in the global dietary supplement market’s portfolio has also benefitted the overall development of the market in the past few years. The market now includes products that can cater to the diverse requirements of the consumer according to the nutritional value of the supplement, the age group the products are meant to be used for, and the price range. Also, the widening supply channels are also bolstering the sales of dietary supplements as products can be easily obtained.
On the basis of type, the global dietary supplements market can be segmented into herbals or botanics, minerals, amino acids, vitamins, and enzymes. On the basis of form, the market can be examined for gel capsules, powders, soft gels, liquids, capsules, and tablets.
Some of the key vendors operating in the global dietary supplements market are Bayer Healthcare LLC, BASF Corporation, Abbott Nutrition, Advocare International, Herbalife Ltd, Amway, HORN Nutraceuticals, Novartis AG, Omega Protein, Pro Health, Enzymotec USA, Lonza, Inc., Biosyntrx, Inc., and A1 Supplements.
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