Introduction
Nutritional Supplements are the products that can add-on to your general nutrition. These are the dietary supplements that provide nutrients that are not consumed in sufficient quantities in our normal diet. These supplements are available in different doses as capsules, tablets, powder, or liquid syrups.
Dietary supplements include such ingredients as vitamins, minerals, herbs, amino acids, and enzymes. Dietary supplements are marketed in forms such as tablets, capsules, softgels, gelcaps, powders, and liquids.
According to the research, it was observed that: 57.16% of people consume supplements for physical appearance, 16.7% people consume for health care, and 13.2% people consume to enhance sports performance.
Some supplements can help assure that you get enough of the vital substances the body needs to function; others may help reduce the risk of disease. But supplements should not replace complete meals which are necessary for a healthful diet
Unlike drugs, supplements are not permitted to be marketed for the purpose of treating, diagnosing, preventing, or curing diseases. That means supplements should not make disease claims, such as ‘lowers high cholesterol’ or ‘treats heart disease’.
Table of Contents
Market Overview
The value of the nutritional supplements market is forecasted to reach 117.92 billion U.S. dollars in 2027, comparing to 48.22 billion U.S. dollars in 2019
The Asia Pacific was the second-largest market, accounting for 29.4% of the total revenue share in 2019.
North America constitutes the largest share in the market. The dietary supplements market here is projected to grow at a 5.7% CAGR by 2026.
Key Trends
The rising importance of e-commerce portals as a selling medium for nutraceutical manufacturers on account of providing access to products through key benefits including favorable discounts and cash-on-delivery features is expected to open new avenues over the next eight years.
The vitamins segment, based on type, is expected to showcase an augmented growth backed by the increasing consumption of dietary supplements owing to the surging prevalence of vitamin-deficiency among the population. The vitamin segment held a market share of 37.14% in 2019 and is likely to remain dominant in the food supplements market.
Key Market Players
Rising awareness about vegan supplementation owing to increasing concerns over cardiovascular hazards associated with animal nutrition is expected to trigger new investments by product manufacturers. Over the past few years, manufacturers like Glanbia have been investing in the R&D for new plant-based protein supplements which is expected to create new opportunities over the forecast period. The competitive landscape is characterized by the presence of key international players, such as Amway; Abbott Laboratories; Arkopharma Laboratoires Pharmaceutiques; Bayer; Glanbia; Pfizer; Archer Daniels Midland; Carlyle Group; NBTY Inc.; Nu Skin Enterprises; GlaxoSmithKline; Herbalife International; Nature’s Sunshine Forms; and Bionova Lifesciences.
Growth Drivers and Challenges
Rising awareness about vegan supplementation owing to increasing concerns over cardiovascular hazards associated with animal nutrition is expected to trigger new investments by product manufacturers. Over the past few years, manufacturers like Glanbia have been investing in the R&D for new plant-based protein supplements which is expected to create new opportunities over the forecast period. The competitive landscape is characterized by the presence of key international players, such as Amway; Abbott Laboratories; Arkopharma Laboratoires Pharmaceutiques; Bayer; Glanbia; Pfizer; Archer Daniels Midland; Carlyle Group; NBTY Inc.; Nu Skin Enterprises; GlaxoSmithKline; Herbalife International; Nature’s Sunshine Forms; and Bionova Lifesciences.
An analysis of Food and Drug Administration (FDA) records revealed that, from January 2004 to April 2015, about 1,000 people ages 25 and younger had a health issue linked to dietary supplements. Supplements claiming to aid weight loss, muscle building and energy were almost three times more likely, and those marketed for sexual function or colon cleansing were about twice as likely to contribute to a health problem than vitamins.
A challenge regarding the regulation of dietary supplements is that there is no global consensus on how the category of products known as dietary supplements, natural health products (NHPs), complementary medicines or food supplements in different countries is defined. For example, a therapeutic substance used in the US may potentially be a controlled substance in Asia.