The global dietary supplements market is expected to reach US$278.02 billion by 2024, at a CAGR of 9.6% from 2016 (US$ 133.1 billion) to 2024, according to a report by Grand View Research, Inc.
The US business consulting firms says that rising obesity rates in developed economies including the US and Western Europe – the result of fluctuating dieting patterns along with hectic work and lifestyles – is is driving the growing spend on nutritional supplements.
Over the past few years, the high adoption rate of fast foods along sedentary lifestyle in emerging economies including China and India has led to the increase in the prevalence of cardiovascular disorders, diabetes, and obesity. As a result, higher socio-economic and upper-middle-class income groups are expected to perceive the nutraceuticals including dietary supplements as the alternatives to prescribed drugs.
Vitamin supplements market revenue was more than US$50 billion in 2015. Rising application of sports-related supplements for old-aged groups, coupled with targeting supplements against muscle wastage and maintenance of healthy joints, is expected to have a strong impact on future specialist supplement sales.
Grand View Research segmented the dietary supplements market report on the basis of ingredient, product, application, end-use and region. Ingredients coverage spans botanicals, vitamins, minerals, amino acids enzymes and others, while key delivery methods studied are capsules, tablets, powder, liquids, soft gels and gel caps.
Key findings of the report include:
• Tablets are projected to generate a revenue of exceeding US$100 billion by the end of 2025.
• The pregnancy segment was worth US$2.55 billion in 2015. Rising awareness of the crucial role of folic acid on normal foetal development is a key driver of the category.
• Asia Pacific is predicted to see the fastest growth at a CAGR of 11.2% from the period of 2016 to 2024. The growing foothold of middle-class income groups in China, India, Bangladesh, Pakistan, and Thailand is expected to encourage nutraceuticals and supplements manufacturers to step up investment in these territories.
• Key manufacturers dominating the dietary supplement market are identified as Amway, Archer Daniels Midland Company, Abbott Laboratories, Bayer, Glanbia, Arkopharma Laboratories Pharmaceuticals, Glaxo SmithKline.