Powder Dietary Supplements Market Prospects and Estimations Forecasted during 2017-2022
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Powder dietary supplements are obtained from plant, animal and aquatic resources. These supplements provide essential nutrients to the human body that have biological beneficial effects. Supplements as generally understood include minerals, vitamins, fibre, amino acids and fatty acids. While in some countries dietary supplements are classified under food category, in other parts of the world, they may be labelled as drugs or other consumable products.
Rising demand for products with high protein and nutritional value is reflecting positively on the global powder dietary supplements market. Governments in emerging countries such as China and India are promoting health and wellness programs, which is further leading to higher consumption of powder dietary supplements in these densely populated countries. In developed countries, consumers are becoming more conscious about their physical appearance. Desires of having a lean body and an attractive personality are prompting many of the consumers in Western countries to opt for powder dietary supplements. Positive views on maintaining an active lifestyle as well as the increasing consumer awareness on healthier food products is also driving the popularity of powder dietary supplements.
The powder dietary supplements market is on track to grow from just under US$ 25 billion in 2017 to more than US$ 36 billion in 2022.
Botanical Supplements and Vitamins & Minerals Key in Powder Dietary Supplements Market
The botanical supplements and vitamins & minerals segment comprise the lion’s share of the powder dietary supplements market by ingredient. The botanical supplement segment is on track to be worth just under US$ 10 billion in 2022 while the vitamins & minerals segment should be considerably larger at US$ 16 billion in the same year. North America represents roughly 1/3rd of the powder dietary supplements market for both botanical supplements and vitamins & minerals and key stakeholders are advised to take this into active consideration while devising long-term strategies. A CAGR of 10.6% for the period from 2017-2022 in the North America botanical supplements market is too lucrative to ignore and is much higher than all other regions in the global botanical supplements market.
Target General Well-being in the Powder Dietary Supplements Market
The general well-being segment represents a quarter of the revenue by application segment in the powder dietary supplements market for the year 2017 and is anticipated to grow by more than US$ 3 billion over the duration of the study. North America is the only region that can boast a CAGR in excess of 10% and therefore key stakeholders are recommended to focus on this strategic region in the global powder dietary supplements market. Another important segment is the immune health and digestive health segment that accounts for slightly over a fifth of the revenue share and is likely to rise from a value of a little over US$ 5 billion in 2017 to just under US$ 7.5 billion by end 2022. Along with North America, companies could look at Europe in the powder dietary supplements market as it is the only other region that should exceed US$ 2 billion at the end of the five year study.
Weight Loss a Large Segment in the Powder Dietary Supplements Market
Customers have become extremely health-conscious now and are concerned about their weight and diet in particular. This demographic can be well-served by the weight loss segment of the powder dietary supplements market. A CAGR of 7.9% from 2017-2022 and a market opportunity in excess of US$ 6 billion in 2022 speaks volumes of the potential of the weight loss segment. Sports Nutrition is also gaining good traction in this decade and it is estimated to cross US$ 2.5 billion in the year 2017 itself. North America is predicted to have the largest contribution to sports nutrition for the foreseeable future with a share of approx. 1/3rd which is forecast to be a US$ 1.2 billion market by 2022.
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Close Call between Direct Selling and Health & Beauty Stores Segments
The direct selling and health & beauty stores segment have a similar revenue share of 18% in the powder dietary supplements market and could be worth US$ 6.3 billion and US$ 6.7 billion in 2022 respectively.
Following assertions on the global market for powder dietary supplements will be vital to the market’s future prospects
1- 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.
2- 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.
3- 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.
4- 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.
The report has also profiled companies such as Alphabet Holding Company, Inc., Amway Corporation, GlaxoSmithKline plc., Abbott Laboratories, Bayer Aktiengesellschaft, BASF SE, Koninklijke DSM N.V., Glanbia plc., E. I. du Pont de Nemours and Co., and Herbalife International as key manufacturers of powder dietary supplements in the global market.
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