Market Definition:
Shifting consumer preferences, rising health awareness, a growing senior population, and the adoption of a balanced diet are all driving the market for dietary supplements. The convergence of important business trends has created new opportunities for key industry participants. One of the key elements fueling the need for dietary supplements is changing lifestyles and food habits. The market for dietary supplements would benefit from the growing positive perspective on sports nutrition.
Due to customers’ larger spending capacity, the United States has emerged as a key market for dietary supplements. Over the projected period, rising healthcare spending, a growing senior population, rising interest in preventative healthcare, and increased interest in achieving wellness via nutrition are expected to boost market growth.
Because of the popularity of omega-3-based supplements, the vitamin segment is rising continuously, whereas the fatty acid segment is the fastest growing supplement section.
Asia-Pacific is the dietary supplement market’s fastest-growing region, owing to significant investment prospects, particularly in herbal and Ayurveda extract-based products.
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Market Outlook:
As the prevalence of age-related and lifestyle-related disorders rises, consumers are becoming more aware of preventative health care measures and, as a result, are gravitating toward health-beneficial products such as food additives, which is predicted to boost the global market.
Consumers in all regions are becoming more health-conscious, which is propelling the dietary supplement industry forward. Another significant driver expected to fuel the total market is the aging population of various nations, such as Japan, Italy, Portugal, and Germany.
Probiotics are a major player in the burgeoning nutritional supplement market, with people of all ages taking them.
However, millennials consume the most due to a growing knowledge of health and wellbeing through multi-channel advertising, which has a significant impact on their consumption patterns.
Restraints and Challenges
People are benefiting from advances in technology and science by having access to weight-loss supplements.
However, these supplements are expensive, and not everyone can afford them, particularly in developing countries.
And it has the potential to be a big market constraint.
Dietary supplement manufacturing necessitates high-cost research and customization. That is why they are costly, and the fact that these supplements are less priced could hurt their market. People in rural areas are unaware of these products, and even if they are, they are unwilling to pay a high price for them, posing a challenge to the worldwide market.
COVID-19 Impact
The COVID-19 pandemic has primarily afflicted North America and European countries such as the United States, Italy, Spain, the United Kingdom, France, and Germany. The nutritional supplement sector is heavily focused in these areas, which benefited from the scenario as the market for immunity-boosting supplements saw a boom in demand.
The increasing threat of covid 19 infection has pushed people to incorporate immune-boosting goods and supplements into their daily life since the start of the pandemic. This presents a business opportunity for supplement manufacturers. Furthermore, the cost-effectiveness of fundamental product kinds such as minerals and vitamin supplements, as well as the availability of a wide range of dietary additives via e-commerce platforms, contribute to the market’s growth.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segments
The Dietary Supplements market is segmented into Type, Target, Application, Distribution Channel, and Region. Based on Type, the Dietary Supplements Market is segmented into Vitamins, Minerals, Botanicals, Probiotics, Amino Acids, and Enzymes. Based on Target, the market is segmented into Infant, Children, Adult, Pregnant Women, and Elderly. Based on Application, the market is segmented into Energy & Weight Management, General Health, Bone & Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, Lungs Detox/Cleanse, Skin/Hair/Nails, Sexual Health, Brain/Mental Health, Insomnia, Menopause, Anti-aging, and Prenatal Health. Based on the Distribution Channel, the market is segmented into Supermarkets, Pharmacies, Specialty Stores, Practitioner, and Online. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
Key Players
Some of the key players of Dietary Supplements Market are Amway Corp. (US), Glanbia PLC (Ireland), Abbott (US), Bayer AG (Switzerland), Pfizer Inc. (US), Herbalife Nutrition (US), Nature’s Sunshine Products (US), Carlyle Group (US), Bio-Botanica Inc. (US), and American Health (US).
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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