Dietary Supplements Market showcases growth with 40% market share of vitamin
Amidst the nutraceuticals sector, Dietary Supplements Market continues to showcase growth with a high CAGR through the forecast period. OG analysis outlines emerging market trends & drivers in both consumer behaviour and product demand influencing the dietary supplements market value.
The continual toxins to exposure, sedative lifestyle and competitive working backgrounds summoned with a lack of balanced diet resulting in strong prevalence of cardiovascular problems, arthritis and lifestyle diseases such as diabetes and obesity drives the market growth.
Further, plant-extracted supplements are penetrating the market growth over synthetic drugs with benefits of organic and non GMO ingredients. However, harvesting, transporting, storing and manufacturing products without contamination of microorganisms are among challenges faced by herbal supplement companies.
To cater the needs of vitamins and minerals, dietary supplement manufacturers are seeking large consumer base among the growing geriatric population with an increase in usage of health supplements among adults. 2018 CRN Consumer Survey on Dietary Supplements confirms use of dietary supplements among U.S. adults increased ten percent over the past decade.
However, stringent regulations, threat of cross contamination and rising competition among the prominent and emerging market players restrains market growth. Manufacturers and distributors of dietary supplements and dietary ingredients are required to meet DSHEA and FDA regulations before marketing products.
FDA agencies seeks to balance consumer access to safe products while promoting dietary supplements market growth
The food regulatory agencies are establishing good manufacturing practices (GMPs) for dietary supplements to ensure their identity, purity, strength, and composition while promoting industry growth and innovative dietary supplement products.
Accordingly, Taiwan FDA aids the local manufacturers of health supplements by drafting GMP guidelines to carry out export activities and globalize products.
The FDA periodically inspects facilities that manufacture dietary supplements for the critical cases of contamination, the improper packaging and labelling of a product. In July 2019, the U.S. FDA mandated new label requirements for foods and dietary supplements following the amendments in the American diet and updates in nutrition science.
Following this, in August 2019, Council for Responsible Nutrition (CRN) launched campaign to educate consumers of dietary supplement label changes mandated by FDA.
Growth of e-commerce sector impacts market value
Online sales of dietary supplements are expected to increase acceptance of E-commerce and targeting large consumer base. Retailers are shifting to online platform to achieve better visibility and offer convenience to customers with live chat support.
Numbers of websites, such as Healthkart.com, vitacost.com, andvivavitamins.com are offering vitamin health drinks, protein shakes, and supplements for online purchase.
Weight management emerges as strong market driver across North America
Consumers are becoming much more conscious about their snacking habits and are adopting healthy supplements for weight management across the United States, Mexico, and other developed countries. 71% of U.S. adults, or more than 170 million Americans, reported taking dietary supplements, according to the most recent annual survey conducted by Ipsos Public Affairs.
In addition, the rising health conscious group facing the challenge of obesity is driving the market growth. A new study released by the Organization for Economic Cooperation and Development indicates that three out of four Americans will be overweight by 2020. As such dietary supplements companies are gaining market share with more focus on calorie-burning and fat-burning ingredient properties.
Product portfolio customization, convenience add-ons, and product promotions allow companies to offer unique solutions
A recent trend influencing the growth of the market is the increase in the promotional and marketing initiatives of various forms of dietary supplements. Marketing strategies observed across the market are promotional events, product usage videos, media coverage, free sample of nutritious shakes and health-guided programmes.
Key innovative add-ons include adoption of smart technology to the increase awareness of nutritious supplements. IADSA launched Mind the Gap, a new information online resource designed to facilitate more effective communication about the benefits of dietary supplements, the first two entries in the Mind the Gap series focus on the theme of vitamin D.
Capsules and soft gel dietary supplements forms are penetrating market growth with benefits of easy consumable, however gummies form are also emerging with widening consumer base among children and paediatric.
Protein powder is experiencing healthy growth, from
Further, dietary supplement manufacturers are increasingly investing in personalized protein supplements and expanding their sports nutrition product portfolios ranging from sports nutritional products to meal replacement and weight management solutions.
For instance, in August 2019, Buddy Nutrition, a personalized nutrition platform created by leading wellness executives, announced the launch of its personalized protein powders with ultra-customizable functional foods and supplements.
In addition, key manufacturers of dietary supplement market are seeking acquisitions of vitamin firms to strengthen personalized nutrition product portfolio. As such in 2019, Nestlé Health Science (NHSc) expanded personalized nutrition with the acquisition of PersonaTM, a leading personalized vitamin business.
Increase in R&D spending by key market players
has been a major trend in the global dietary supplements market in recent years. The major players in the market are increasing their spending on research to come up with value-added products and gain a competitive edge in the market share. Increased R&D spending with collaborative research work is observed by major players, such as Nestle, which announced in April 2019, creation of the Nestlé R&D Accelerator based ,a collaborative work among Swiss Federal Institutes of Technology in Lausanne (EPFL) & Zurich (ETHZ) and the Swiss Hospitality Management School in Lausanne (EHL) as well as a wide range of innovation partners, suppliers and start-ups.
Leading players of dietary supplements market include Pfizer Inc., Amway, Suntory Holdings Ltd, Glanbia PLC, GlaxoSmithKline PLC, AbbottLaboratories, Bayer AG, Otsuka Holdings Co. Ltd, and Sanofi.