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Dietary Supplements Market is Expected to Surpass US$ 179.8 Billion by 2020
Dietary Supplements Market
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A growing interest in a healthy lifestyle is leading to an increase in the consumption of healthy food. Dietary supplements are the best choice for consumers looking to adopt a healthy lifestyle. People across various age groups consume dietary supplements to meet their recommended dietary allowances. Dietary supplements are available in different forms, such tablets, pills, powders, capsules, gelcaps, and liquids. Dietary supplements such as vitamin, botanical, mineral and fatty acid help consumers stay healthy and prevent nutritional deficiency diseases. Rising aging population, increasing lifestyle diseases and increasing healthcare cost are some of the important factors driving the growth of the dietary supplements market.
Asia-Pacific is the largest market for dietary supplements globally. Consumer awareness about the benefits of dietary supplements and wide product availability are the major drivers for the market in Asia Pacific. The increase in disposable income allows customers to spend more on healthy food items. According to the National Bureau of Statistics of China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013. The dietary supplements market in North America is at mature stage compared to that in developing nations in Asia and Africa. In recent years, consumers have become more conscious of their diet. According to a survey conducted by the Council for Responsible Nutrition (CRN) in 2014, around 68% of adults in the U.S. use dietary supplements; of these, around 50% are regular users. Rising number of elderly people in North America is leading to a rise in demand for dietary supplements products. Over the last few years, the risk of chronic diseases and maintenance of health in old age have been the major health concerns leading to increased spending on dietary supplement products. According to the U.S. Census Bureau, in 2012, 40 million people in the country are aged 65 and above. Europe is the second-largest market for dietary supplement products. Recently, consumers in the region are showing great interest in leading healthy lifestyles, in turn, driving the consumption of healthy food. In the European region, Western Europe is the largest market for dietary supplements. Eastern Europe is considered to have higher future growth potential. Rising aging population, increasing lifestyle diseases, and growing healthcare costs are some of the important factors driving the growth of the dietary supplements market in the region.
The dietary supplements market is bifurcated into product (vitamin, botanical, mineral, fatty acids, and others supplements) by value (USD billion), application (food and beverages, pharmaceuticals, personal care, and others) by value (USD billion), and end user (adult women, adult men, senior citizens, and others) by value (USD billion).
Global dietary supplements market grew from USD 90.6 billion in 2010 to USD 109.8 billion in 2013 at a CAGR of 6.6%. Under regional segment, the Asia Pacific dietary supplements market ( the largest market in 2013) increased by 8.2% CAGR during 2010-2013 to reach USD 34.2 billion in 2013.
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Some of the major companies operating in the global dietary supplements market are NBTY, Inc., Koninklijke DSM N.V., Amway, Herbalife Ltd., Omega Protein Corporation, Bayer AG, Naturalife Asia Co., Ltd., Integrated BioPharma, Inc., Nu Skin Enterprises, Inc., BASF SE, Surya Herbal Ltd., Bio-Botanica Inc., The Himalaya Drug Company, Ricola AG, Pharmavite LLC, Blackmores Ltd., Epax AS, and Axellus AS.
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Dietary Supplements Market, by Product
Vitamin supplements
Mineral supplements
Botanical supplements
Fatty acids supplements
Others supplements
Dietary Supplements Market, by End User
Adult women
Adult men
Senior citizens
Others
Dietary Supplements Market, by Application
Food and beverage
Pharmaceuticals
Personal care
Others
Dietary Supplements Market, by Region
North America
Europe
Asia Pacific
Rest of the World
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