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Dietary Supplements Market Worth $220.3 Billion by 2022 | CAGR 8.8%
Mineral and vitamin supplements are types of dietary supplements containing micronutrients intended to help a human body function smoothly and enhance mental health. Botanical or herbal supplements are dietary supplements that are used for medicinal purpose. Botanical dietary supplements usually support a particular area of the body’s health, such as the skin, liver, and bone.
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The global dietary supplements market is primarily driven by increased consumer awareness of preventative healthcare along with aging population. Growing influence of media development in the pharmaceutical and retail industries and rapid advancements in dietary supplement product are some of the factors impacting the dietary supplement market growth. However, negative publicity and fake product claims are expected to hamper the overall growth of the market in the forecast period.
Moreover, lack of awareness about consumption dosage of the dietary supplements may hinder the market growth.
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On the basis of application, the global dietary supplements market is classified as an additional supplement, medicinal supplement, sports nutrition applications. Among all segments, additional supplements the largest application segment of dietary supplements market in 2016. Sports nutrition segment is also expected to be one of the fastest growing segments dietary supplements market owing to increasing number of health clubs and fitness centers. By ingredient type, dietary supplements are divided into botanicals, vitamins, minerals, amino acids, enzymes. Vitamin supplement was used extensively and accounting for around 42% of global market share in 2016.
Geographically, Asia-Pacific was the largest market for dietary supplements in 2016. It accounted for more than 31% share of the total volume of dietary supplements market. Furthermore, this trend is anticipated to continue in coming years. The market growth in the Asia-Pacific has mainly attributed consumer awareness about the benefits of dietary supplements and wide product availability in the region. The Asia Pacific was followed by North America and Europe in 2016. North America and Europe are estimated to have moderate growth for dietary supplements in near future. North America accounted for around 28% of the total market in 2016 and is projected to witness growth owing to increasing consumption of products with reduced calorie level and high nutritional content. Furthermore, Latin America, Middle East, and Africa are projected to witness the decent growth of dietary supplements market owing to the consumer awareness regarding dietary supplements benefits to health.
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Some of the key manufacturers of global dietary supplements market include Amway, Integrated BioPharma, Inc., NBTY, Inc., Herbalife Ltd., Omega Protein Corporation, Nu Skin Enterprises, Inc., Bayer AG, Naturalife Asia Co., Ltd., Nu Skin Enterprises, Inc., Blackmores Ltd., BASF SE, Epax AS, Surya Herbal Ltd., Koninklijke DSM N.V., Bio-Botanica Inc., The Himalaya Drug Company, Ricola AG, Pharmavite LLC, Blackmores Ltd., and Axellus AS among others.
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