According to Persistence Market Research, the global dietary supplements market is expected to witness a staggering CAGR of more than 9% from 2020 to 2030.
Dietary supplements, as the name suggests, are known for taking the immune system at a new level altogether with protection against flu and cold, lowering the cholesterol, keeping the blood pressure and levels of triglyceride in check, and reducing the risks of cardiovascular and rheumatic diseases. This factor, along with increase in the number of sports activities at the global level is bound to encourage the athletes in focusing on better health. An upsurge in the number of gymnasiums and sports complexes coming up is further testimony to the fact that dietary supplements market is slated to witness an exponentiation going further.
Dietary Supplements Market: What’s in Store?
Research states that close to 83% of adults all across the US are positive about safety, effectiveness, and quality of the dietary supplements. The market is flooded with dietary supplements in the form of gel caps, capsules, liquids, powders, pills, and tablets. The ever-increasing geriatric population gets benefited especially out of the fatty acids, minerals, and vitamins as dietary supplements. It’s mandatory for them to have these supplements to meet their RDA (Recommended Dietary Allowances).
Of late, dietary supplements were under the scanner due to violations regarding safety standards and product quality. This has resulted in the US FDA imposing several regulations regarding labelling these dietary supplements. This could also increase the prices of dietary supplements, as the manufacturers will have to witness longer cycles including the tabling of products and their approvals therein.
Besides, people are looking upon dietary supplements as a means to keep blood sugar in check as well. This calls for growing demand for blueberries, green juice, royal jelly, and black vinegar in Asia-Pacific, in particular (Asia-Pacific is home to maximum number of diabetic patients as per the International Diabetes Foundation).
“Fibers and specialty carbohydrates” are doing the rounds these days. Medical science states that their intake helps in keeping the digestive system intact. As such, more takers are likely to be found in this regard in the near future.
It has also been proven medically that herbs help in addressing physical and mental disorders. This factor is likely to drive the “botanicals” section of dietary supplements in the years to come. Also, the side-effects caused by intake of allopathic drugs are forcing the consumers to think of alternatives in the form of dietary supplements.
The outbreak of Covid-19 has resulted in increase in demand for dietary supplements, so as to combat the pandemic and minimize the further contagion. The WHO is also harping on increase in immunity herein. Though the production of supplements has taken a hit (thanks to partial/total lockdown), the demand will continue to increase even after the dawn of 2021, as prevention is preferred than cure.
North America accounts for more than 30% of market share due to people preferring low-calorie diet. Europe comes in second, as the UK and Germany are expected to promulgate utilization of amino acids for producing dietary supplements. Also, bodybuilders and working population are going for vitamin C and B. The countries in Asia-Pacific like Indonesia, Malaysia, China, and India are promoting investments along the lines of government initiatives on this count.
The key players in the dietary supplements market include Blackmores Ltd., Axellus AS, Bio-Botanica Inc., Integrated BioPharma, Inc., Naturalife Asia Co., Ltd., Bayer AG, Omega Protein Corporation, Herbalife Ltd., NBTY, Inc., Nu Skin Enterprises, Inc., Ricola AG, The Himalaya Drug Company, and Surya Herbal Ltd.