Dietary Supplements Market - Introduction
The global dietary supplements market is expected to grow at a rapid pace in coming years. Dietary supplements market is segmented in terms of types, application, distribution channel, ingredient and geography. The U.S Food and Drug Administration (FDA) defines dietary supplement as products which contains dietary ingredient thereby enabling better ingestion. These are available in various forms which include capsules, tablets, liquid and soft gels among others.
These supplements not only aim at reducing the risk of disease but also ensure that an individual gets adequate intake of essential nutrients. Rising application of dietary supplements in sports industry with an objective to provide essential nutrients to the players is acting as push factor market. Increasing preference of consumers towards low calorie and low carbohydrate diet has acted as catalyst for various key players in the global dietary supplements market to opt for product innovation.
|Base Year of Estimation||2016|
|Value Estimation Year||2017|
|Forecast Period||2017 - 2025|
|Market Segmentations||By types, application, ingredients, distribution channel, region|
|Regional Scope||North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and Latin America|
|Report Coverage||Technology Analysis, Market Dynamics, Market Trends, Segmentation Overview and Competitive Landscape of the market|
|By Types||Capsules, tablets, powder, gel caps, soft gels and others|
|By Application||Sports nutrition, beauty supplements and medical supplements among others|
|By Ingredients||Vitamins and minerals, amino acids, botanicals etc|
|By Distribution Channel||Super and hypermarkets, specialty retail, independent retailers, direct selling and online shopping|
|By Region||North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America|
The manufacturing process of dietary supplements from raw materials to finished goods is a complex process which takes an average of six weeks. The first step involves the grinding process where in the foods grown on farmland are grounded for further processing. The next step involves juice extraction where nutrients are captured from raw materials such as alfalfa, pea vine and buckwheat. The juice is then pressed from plants and separated from pulp. The resultant product of juice extraction is a concentrated product which contains both water soluble and fat nutrients. In the separation process liquid slurry is formed from animal tissues which are subjected to various separation methods. These animal tissues are obtained from USDA inspected facilities. After the separation process, low temperature, high vaccum dryers are used to dry the raw materials to preserve their nutrients. After this, dried materials are mixed and measured with precision. Color, texture and smell varies from batch to batch because of the variability in organic and natural ingredients. After mixing process, natural binding ingredients are being added by a fluid bed granulator to the product batch for tableting. These include arabic gum and honey among others. The processing aids involve calcium stearate and cellulose .Cellulose is used to give shape to the powder. Calcium stearate is used to help product release from capsule machines and tablets.
Adenosine triphosphate (ATP) testing is used to validate effectiveness of equipment cleaning process. The products are then sealed and packed to prevent product oxidation. Electrophoresis is a new technique in the dietary supplement testing which is used for impurity assessment of chondroitin sulfate (CS). This technique allows the lab the ability to screen for fraudulent substitutes or common adulterants of CS.
As of 2016, growth in demand for dietary supplement is driven by factors including rising application in sports and medical nutrition. In addition, growing consumer awareness towards health, wellness and balanced diet is also boosting the demand of dietary supplement. Due to increasing cost of healthcare, consumers are shifting towards dietary supplement owing to its various health benefits.
Growth in aging population, channel proliferation by key manufacturers concentrating on accessing new sales channels are key drivers for this market.
The health benefit includes protection from cold and flu, strengthening the immune system and prevention of rheumatic diseases, migraine headaches, cardiovascular diseases and treat of arthritis among others. In addition, growth in aging population has positively impacted the growth of the market. Moreover channel proliferation by key manufacturers is one of the key drivers for this market as they are focusing on accessing new sales channel to reach broad and diverse set of consumers. Lacks of regulatory approvals followed by increase in number of counterfeit products are identified as major restraints for market. In coming years, increasing focus on development of herbal and organic dietary supplements are expected to emerge as growth opportunity for the market during the forecast period 2017 to 2025.
Trend shows that there has been increase in private level offerings of dietary supplements by the retailers to address the key specific needs of the consumers. For example, retailers like Costco and Walmart are increasingly focusing on in store consumer education about various nutritional benefits of dietary supplements, improved packaging and new branding and formulations to enhance its private level offerings.
In addition, retailers are also focusing on online listing of various dietary supplement products through target marketing and better online education. This in turn has increased the comfort level of various consumers to buy these products online. Hence, growth in e-commerce is one of the key trends in this market. Moreover, there has been tightening of regulations around product safety, manufacturing and efficacy claims. Furthermore, there has been increase in FDA enforcement actions pertaining to dietary supplement labeling violations.
In the last few years there has also been an increased focus on potential FDA bans of various supplements and vitamins which are harmful. For example, a form of vitamin B6 and certain energy supplements are banned and restricted due to various side effects associated with it.
On the other hand, application of dietary supplement in sports and fitness sector is increasing and this trend is expected to continue throughout the forecast period.
The growth of dietary supplements market in emerging regions like Latin America and Asia-Pacific will continue to be the fastest growing market.
Rising demand of energy drinks among gym professionals and sports athletes have propelled the application of dietary supplement in sports and fitness industry. In coming years, growth of dietary supplements market in emerging regions which includes Latin America and Asia Pacific will remain one of the fastest due to unmet medical needs in this region followed by large consumer base.
In terms of market structure, the market for dietary supplement is fragmented due to presence of large numbers of players.
By types, the dietary supplements market has been segmented into capsules, tablets, powder, gel caps, soft gels and others. By application, dietary supplements market is divided into sports nutrition, beauty supplements and medical supplements among others. By ingredient, the market has been segmented into vitamins and minerals, amino acids, botanicals etc. In 2016, vitamins and minerals held the largest market share owning to its wide application in sports and healthcare industry. By distribution channel, the market has been segmented into super and hypermarkets, specialty retail, independent retailers, direct selling and online shopping. Super and hyper markets held the largest market share and online shopping is estimated to be the fastest growing segment during the forecast period.
By geography, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America. In terms of revenue, Asia Pacific held the largest share of the dietary supplement market. Growth of Asia Pacific dietary supplements market is driven by large consumer base followed by rising consumer spending towards nutritional enrichment. In addition, increase in demand for functional supplements rather than general health is also driving the market in this region. Europe is expected to become second largest market for dietary supplement by end of 2025.
Leading players operating in the dietary supplements market are BASF Corporation (Germany), Abbott Nutrition (The U.S), GlaxoSmithKline (U.K), Nestle (Switzerland), Amway (The U.S), Carlyle Group (The U.S), General Nutrition Companies (The U.S), Advocare International (The U.S), Herbalife Ltd (The U.S), Bayer Healthcare LLC (Germany) and Novartis AG (Switzerland). Product innovation followed by strategic partnerships with pharmaceutical and food and beverages sectors is one of the key strategy adopted by the key dietary supplement manufacturers.
Considering the product innovation, rising applications in end-use industries and rise in sports and medical sector in Asia Pacific, it has been estimated that the market for dietary supplements market is about to accelerate in coming years. Manufacturers are required to closely watch regulatory shifts and adjust accordingly with an objective to avoid supply disruption or consumer backlash due to rising product quality concerns. Due to conjoint impact of push factors, dietary supplement market is estimated to experience significant growth during the forecast period.
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|KEY QUESTIONS ANSWERED BY THE REPORT|
|What will be the nature of growth of the market till 2025?|
|What are the major push factors that will affect the growth of the market?|
|What are the growth possibilities in different segments of the market?|
|Who are the leading market players?|
|What are the key strategies implemented by the market leaders to sustain growth in the market?|
|What are the major restraining factors for the market?|
|What are the ways to generate new revenue streams?|
|In-depth analysis of the competitive landscape and competitor behavior in the market|
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