The global dietary supplements market size isexpected to showcase an exponential growth by reaching USD 117.92 billion by 2027 while exhibiting a CAGR of 9.8% between 2020 and 2027.This is attributable to the increasing demand for personalized dietarysupplements and the rising prevalence of chronic diseases such as diabetes,hypertension, high cholesterol levels, and other heart ailments. This informationis published by Fortune Business Insights, in its latest report, titled, “DietarySupplements Market Size, Share & COVID-19 Impact Analysis, By Type(Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form(Tablets, Capsules, Liquids, and Powders), and Regional Forecasts, 2020 –2027.” The report further mentions that the market was worth USD48.22 billion in 2019 and is likely to rise in the forthcoming years.
Surging Demand for Immunity Boosting Diet amid COVID-19
The COVID-19 outbreak has put tremendous pressure on healthcareservices. Several frontline workers such as medical professionals, nurses, andothers are battling hard to contain the spread of the novel coronavirus. Thegovernment agencies have advised the citizens to follow a healthy andnutritious diet regime to fight the disease. This is expected to boost thedemand for these supplements that promote good health and optimum functioningof the body by providing the necessary vitamins and minerals. The global marketis expected to experience positive growth in the near future.
Dietary supplements are products that supplement consumers withthe necessary nutrients that are sourced from synthetic or natural foodsources. These supplements are provided in the form of capsules, pills,tablets, or liquids. Some of the popular products include minerals such as ironand calcium, vitamins B12 and D, and others. The consumption of these productslead to improved physical performance, helps to build muscles, and delaysfatigue amongst people.
What does the Report Include?
The global human dietary supplements market report includesquantitative and qualitative analysis of several factors such as the keydrivers and restraints that will impact growth. Additionally, the reportprovides insights into the regional analysis that covers different regions,which are contributing to the growth of the market. It includes the competitivelandscape that involves the leading companies and the adoption of strategies bythem to introduce new products, announce partnerships, and collaborations thatwill contribute to the growth of the market between 2020 and 2027. Moreover,the research analyst has adopted several research methodologies such as PESTELand SWOT analysis to extract information about the current trends and industrydevelopments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Demand for Personalized Dietary Supplements to BolsterGrowth
According to research by Epsilon in 2018, about 80% of consumersfound personalization services appealing. Today, consumers expectpersonalization in every single thing such as preferring their own designerwear to instruct the restaurants to cater to their dietary needs. In additionto this, these supplements need to fight against several lifestyle-relateddiseases such as obesity, cardiovascular disease, and diabetes, among others,varies from person to person. This is propelling the demand for providingpersonalized programs by companies that are expected to further drive theglobal market during the forecast period.
SEGMENTATION
Vitamins Segment Held a Market Share of 37.14% in 2019 Owing toIncreasing Consumption
The vitamins segment, based on type, is expected to showcase anaugmented growth backed by the increasing consumption of dietary supplementsowing to the surging prevalence of vitamin-deficiency among the population. Thevitamin segment held a market share of 37.14% in 2019 and is likely to remaindominant in the food supplements market.
REGIONAL INSIGHTS
Increasing Demand for Nutritional Products in Asia-Pacific to AidGrowth
Among all the regions, the market in Asia-Pacific is expected toexperience significant growth in the forthcoming years. This is attributable tothe increasing demand for nutritional food products such as dietary supplementsin the region. The increasing health-consciousness amongst the population incountries such as India and China is expected to favor growth in Asia-Pacific.North America is anticipated to showcase an exponential growth owing to theincreasing prevalence of lifestyle diseases and the presence of the agingpopulation between 2020 and 2027. The region stood at USD 11.95 billion in 2019and is likely to grow in the near future.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Strengthen TheirProduct Portfolios
The global dietary supplements market observes that the majorcompanies such as Amway and Abbott are striving to consolidate their positions.They are doing so by acquiring the other companies to strengthen their productportfolios in the fiercely competitive global marketplace. The other playersare adopting strategies such as the introduction of new products,collaboration, and partnership that are further expected to contribute to themarket growth.
Industry Development:
April 2020: DSM, a leading foodsupplements provider, announced the acquisition of Glycom. According to thecompany, the valuation is worth Euro 765 million and is expected to expand itsfootprint in the lucrative business of food supplements.
Gain More Insights into this Research:
https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
