Vitamins and Herbal Dietary Supplements Market Industry Analysis 2024
Since a large number of herbs are also consumed as part of meals, herbal supplements are defined by their distinct non-food use. Vitamins and herbal dietary supplements are usually used under prescription from physicians, though the low risk level of many vitamin and herbal dietary supplements means they can be consumed at the consumer’s convenience.
The global vitamins and herbal dietary supplements market is segmented into pediatric vitamins and herbal dietary supplements, bottled nutritive drinks, herbal dietary supplements, and others. The vitamin supplements market can be segmented into multivitamins and single-vitamin dietary supplements.
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Global Vitamins and Herbal Dietary Supplements Market: Drivers and Restraints
One of the prime drivers for the global vitamins and herbal dietary supplements market is the rising demand for traditional schools of medicine. Notwithstanding the solid rise of Western medicine and the steady government support for continuous development of the same, conventional methods such as Ayurveda and traditional Chinese medicine (TCM) are also receiving rising demand.
The high demand for direct consumption of herbal dietary supplements in these disciplines is likely to remain a key driver for the global vitamins and herbal dietary supplements market in the coming years.
The popular perception of modern medicines as being inherently more dangerous than natural remedies has also been vital in driving the global vitamins and herbal dietary supplements market in the recent past.
Despite the absence of corroborative data, consumers in several regions have displayed skepticism towards some medical advances, while embracing herbal and other natural alternatives. The increasing emphasis of vitamins and herbal dietary supplement vendors on the safety aspect in the promotion of their products is thus an important driver for the global vitamins and herbal dietary supplements market.
Global Vitamins and Herbal Dietary Supplements Market: Geographical and Competitive Dynamics
Geographically, the global vitamins and herbal dietary supplements market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and the Middle East and Africa. Of these, North America is likely to remain the leading consumer in the global vitamins and herbal dietary supplements market in the coming years.
The rising health-consciousness among citizens in the U.S. and Canada has resulted in growing adoption of various kinds of dietary supplements, which is likely to remain the key growth driver for the North America vitamins and herbal dietary supplements market. Europe, which also houses a large demographic of prosperous, health-conscious citizens, is likely to follow North America in the global vitamins and herbal dietary supplements market.
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Asia Pacific could also play a key role in the development of the global vitamins and herbal dietary supplements market in the coming years. This is mainly due to the widespread reliance on conventional schools of medicine such as Ayurveda and TCM.
The rising costs of healthcare in these countries could also benefit the vitamins and herbal dietary supplements market in Asia Pacific, as many patients are starting to prefer alternative modes of treatment.
Leading players in the global vitamins and herbal dietary supplements market include Cargill Inc., Lonza Group, SAS Nexira, SunOpta, and Tate & Lyle.
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