Softgels Dietary Supplements Market Anticipated to Gain Prominent Growth at a CAGR of 6%
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Softgels dietary supplements are soft, gelatin form of nutrition supplements that can be consumed to regulate body metabolism. Consumers that are unable to consume supplements in the form of tablets, liquids, functional foods or capsules are drawn towards softgels dietary supplements. These supplements are easy to swallow and digest, and are conveniently available in all drug stores.
Easy intake becomes a determinative factor for consumption of dietary supplements, so consumers are growing more inclined towards consuming such supplements in softgels form. Manufacturers of softgel dietary supplements are also developing new products that are more tasteful to consume. In the view of proactive lifestyles, softgel dietary supplements will continue to be a key part of consumers’ daily lives. Consumption of soft gels dietary supplements is also expected to gain grounds with rising incidence of dietary disorders across the globe. In the immediate future, the global market for soft gels dietary supplements is likely to witness emergence of soft gels in functional foods, unlocking new growth opportunities for manufacturers. The global softgel dietary supplements market is on track to grow at a steady CAGR of over 6% during the forecast period.
7 Projections on How Softgel Dietary Supplements Market will grow through 2022
1. In 2017, a little over 28% of the global softgel dietary supplements market is expected to be accounted by consumption of botanical supplements. On the other hand, the report also reveals that through 2022, one out of every two softgel dietary supplements sold in the world will contain vitamins & minerals as core ingredients.
2. Over one-fourth of softgel dietary supplements manufactured in the global market are directed towards general well-being applications.
3. Pharmacies and drug stores will be the largest distribution channels for softgel dietary supplements throughout the forecast period. In 2017, nearly 20% of softgel dietary supplements will be sold directly, indicating an uptick in direct selling of softgel dietary supplements.
4. While consumption of softgel dietary supplements among male consumers will be moderate, women are the largest end-users of softgel dietary supplements. In 2017, nearly US$ 32 Bn worth of softgel dietary supplements was consumed by women.
5. The reports highlights the dominance of North America in global softgel dietary supplements market. In terms of revenue, North America’s softgel dietary supplements market is expected to showcase speedy expansion during the forecast period. Consumer cultures in the US and Canada, coupled with penetration of health trends in this region, is expected to drive the sales of softgel dietary supplements.
6. In Europe, more than US$ 24 Bn revenues are anticipated to be harvested through sales of softgel dietary supplements by the end of 2022. During the forecast period, the softgel dietary supplements market in Europe is expected to grow at a steady CAGR.
7. The Asia-Pacific excluding Japan (APEJ) region is also expected to remain lucrative for manufacturers of softgel dietary supplements. Ample resource availability and low wage costs in countries like China and India is expected to fuel the growth of APEJ softgel dietary supplements market, which is anticipated to reflect an impressive CAGR during the forecast period.
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Focus on Vitamins & Minerals and Botanical Segment
The botanical segment is anticipated to grow to almost US$ 24 billion in 2022, while the vitamins & minerals segment of the softgels dietary supplements market is also expected to rake in significant revenues. Together, these two segments collectively comprise nearly 4/5th revenue share by ingredient type in the softgels dietary supplements market. Thus, key stakeholders may decide to prioritize these segments over others for maximum growth in the softgels dietary supplements market. While Europe represents the largest regional contributor with respect to vitamins & minerals, North America is the largest market in the botanical segment of the softgels dietary supplements market. In both cases, the largest region has a contribution of 1/3rd in the softgels dietary supplements market.
The immune health and digestive health segment of the softgels dietary supplements market is estimated to grow from at a steady growth rate Europe and North America are neck and neck in this segment of the softgels dietary supplements market with the former currently leading. However, North America could become more attractive in the longer term as it has a higher CAGR. Sports nutrition has a revenue share of 9.3% by application segment in the soft gels dietary supplements market and it is expected to be larger than US$ 5.3 billion in 2017 in terms of market value. As with immune health and digestive health, North America and Europe are dominant in terms of market prospects and overall size.
Target Pharmacy Channel in Soft Gels Dietary Supplements Market
Pharmacies are the largest distribution channel in the softgels dietary supplements market by a considerable margin and it would make sense for key stakeholders to ensure that pharmacies are well-stocked with their products.
Women Consume More Soft Gel Dietary Supplements than Men
Women are predicted to account for a revenue share of more than 50% by end user segment in the softgels dietary supplements market which makes them a larger customer demographic than both men and senior citizens. It is likely that the women segment will grow at a healthy rate during the forecast period. Men are a much smaller segment in comparison. While North American women consume the maximum softgels dietary supplements, their European counterparts fall behind the men on that continent.
Overall, the global softgels dietary supplements market will continue to grow at a steady pace, as spending on health products witnesses an increase. The global softgel dietary supplements market will continue to offer growth opportunities for manufacturers who offer safe and effective products. However, potential health impact associated with certain unregulated dietary supplements can pose challenges to the growth of the market during the forecast period. Again, the women demographic will continue to be important for manufacturers, as this segment holds the promise to offer a plethora of opportunities to the global market.
The report has also profiled leading players in the global market for softgel dietary supplements, which include Alphabet Holding Company, Inc., GlaxoSmithKline plc., Amway Corporation, Abbott Laboratories, Bayer Aktiengesellschaft, BASF SE, Glanbia plc., Koninklijke DSM N.V., E. I. du Pont de Nemours and Co., and Herbalife International, Inc.
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