Global Dietary Supplements Market to Total US$179.8 Billion by 2020 thanks to Increasing Consumer Interest in Developing Economies
Published On : May 04, 2015
Dietary supplements are nutritional substances that are to be taken along with a regular diet. These supply extra amounts of particular macro or micronutrients to make up for the dietary deficiency of the same. The market for dietary supplements Market is aided by growing awareness of the interplay of the various factors responsible for maintaining health, as the latter has pushed nutrition into the limelight as arguably the most important part of health and fitness.
A survey conducted by American nutrition and dietary supplements trade association Council for Responsible Nutrition revealed that at least 50% of American citizens use dietary supplements regularly. A further 18% citizens use supplements infrequently. In addition, the study also revealed that an overwhelming majority of Americans - around 83% - support the use of dietary supplements and are confident about the quality, safety, and effectiveness of dietary supplements.
Leading market research company Persistence Market Research states that such growing preference from informed consumers is expected to drive the dietary supplements market to a total value of US$179.8 billion by 2020, growing at a CAGR of 7.4% upon its 2013 value of US$109.8 billion. This represents growth at a higher CAGR than the market achieved from 2010 to 2013: 6.6%.
Botanical Supplements to Lead the Way for the Global Dietary Supplements Market
Dietary supplements can be divided into four types: vitamin supplements, fatty acid supplements, mineral supplements, and botanical supplements. Of these, botanical supplements are expected to be the largest segment in the global dietary supplements market by the end of the forecast period. Botanical supplements comprise plant parts containing beneficial compounds such as roots, barks, leaves, or stems. The growing preference for a more ‘naturally aligned’ diet and lifestyle is helping the demand for botanical dietary supplements. The combination of several beneficial organic compounds present in many botanical supplements also aids the botanical dietary supplements market.
The global dietary supplements market is currently led by Asia Pacific, due to the massive and growing demand for supplements from the populous region. Asia Pacific is gradually becoming more accepting of Western culture, which will help the dietary supplements market grow in the region. The traditional consumption of many botanical dietary supplements in Asia Pacific countries will lend credibility to the market for the same. This will help the latter grow if products from global companies could be priced competitively alongside locally grown produce.
The false promises made by some past and present manufacturers of dietary supplements are harming the global dietary supplements market in two ways. The negative impression made by these companies is hard to erase, although the CRN survey shows that many Americans are of the mind to allow the dietary supplements market another chance. However, the stringent regulations on new dietary supplements, imposed in part due to the unreasonable and off-hand claims made by some producers, is expected to have a longer lasting adverse impact on the global dietary supplements market than the negative public image.
Pediatric Dietary Supplements to Open new Opportunity for Global Dietary Supplements Market
The global dietary supplements market is divided into the categories of adult men, adult women, and senior citizens, on the basis of end users. However, the usage of dietary supplements in baby food is expected to come to the fore in the forecast period, creating new opportunities for the manufacturers in the global dietary supplements market. Like botanical supplements, the traditional usage of supplements in baby food in many Oriental countries will help the market grow in Asia Pacific.
Growing demand from the food and beverages industry for dietary supplements to be included in packaged food will also help the global market for dietary supplements massively.
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