Powder Dietary Supplements Market to Grow at a CAGR of 8.3% CAGR through 2022
Following assertions on the global market for powder dietary supplements will be vital to the market’s future prospects
Currently, North America accounts for the largest revenue share of the global powder dietary supplements market. The region will remain a key market for dietary supplements throughout the forecast period, expanding at a CAGR of over 9%. The market in Asia-Pacific excluding Japan (APEJ) is also expected to witness significant growth owing to increasing consumer awareness and rising standard of living. China and India are expected to showcase lucrative growth opportunities for market players over the next couple of years.
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By ingredients, the vitamins & minerals segment currently commands for more than 45.7% share of the market. Between 2017 and 2022, this segment is projected to register a CAGR of 7.6%, growing at around US$ 981.3 Mn annually over the course of the forecast period. This is primarily owing to robust consumption of vitamin products that are water soluble and can be easily consumed.
Pharmacy drug stores will remain the leading distribution channel for powder dietary supplements during the forecast period. In terms of revenue, pharmacy drug stores currently command for nearly 38.5% share of the market.
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By end user, demand for powder dietary supplement will continue to be high among women. The women end use segment of the market is expected to increase from US$ 11,266.2 Mn in 2017 to US$ 16,686.7 Mn by 2022-end, representing a CAGR of over 8%. Meanwhile, the men segment is currently accounts for more than 29% share of the global market in terms of revenue. During the forecast period, the senior citizen segment is likely to surpass a market valuation of US$ 6,326 Mn.
Glanbia plc, Herbalife International, Inc, DuPont, DSM, Bayer AG, BASF SE, Abbott Laboratories, Amway Corporation, GlaxoSmithKline plc, Alphabet Holding Company, Inc. and Amway Corporation are among the prominent companies operating in the global market for powder dietary supplements. Many of these companies are actively focusing on establishing strategic partnerships with pharmaceutical and food science research institutes in order to pave the way for further product innovation and improve product functionality.
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