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Dietary Supplements Market Will Grow US$ 179.8 Billion in 2020 : PMR

Dietary Supplements Market Will Grow US$ 179.8 Billion in 2020 : PMR

According to a new market report published by Persistence Market Research “Global Market Study on Dietary Supplements: Botanical Supplements To Be The Largest Market by 2020,” the global dietary supplements market was valued at USD 109.8 billion in 2013 and is expected to grow at a CAGR of 7.4% from 2014 to 2020, to reach an estimated value of USD 179.8 billion in 2020.

Increase in consumer interest in healthy diet has led to higher consumption of food and food ingredients with potential health benefits. Of late, consumers have become more conscious of their diet. According to a survey conducted by the Council for Responsible Nutrition (CRN) in 2014, majority of adults in the U.S. took dietary. According to the same survey, around 68% of adults in the U.S. use dietary supplements; of these, around 50% are regular users. Around 83% of adults in the U.S. expressed overall confidence in the quality, effectiveness, and safety of dietary supplements. People across various age groups consume dietary supplements to meet their recommended dietary allowances. Dietary supplements are available in different forms, such tablets, pills, powders, capsules, gel caps, and liquids. Dietary supplements such as vitamin, botanical, mineral, and fatty acid help consumers stay healthy and prevent nutritional deficiency diseases. Rising aging population, increasing lifestyle diseases and increasing healthcare cost are some of the important factors driving growth of the dietary supplements market. The major factor driving the cost of healthcare is lengthy and costly R&D conducted by pharmaceutical companies.

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Due to increasing costs of healthcare, people are turning towards dietary supplements to help them stay healthy. These supplements provide various health benefits such as strengthening the immune system, protection from cold and flu, prevention of migraine headaches, treat of arthritis, rheumatic diseases, allergies, lower cholesterol, triglyceride levels and blood pressure, cardiovascular diseases, and cognitive diseases at lower costs.

Asia Pacific was the largest market for dietary supplements in 2013, accounting for 31.2% of the global market share, followed by Europe and North America with market share of 30.1% and 25.4% respectively. From 2014–2020 the Asia Pacific dietary supplements market is expected to grow at a CAGR 9.1%, driven by populous countries such as India and China. Consumer awareness about the benefits of dietary supplements and wide product availability are the major drivers for the market in the region. Increase in disposable income allows customers to spend more on healthy food items. According to the National Bureau of Statistics of China, annual per capita disposable income of urban households in China increased from USD 2,271.0 in 2008 to USD 3408.5 in 2012. The overall annual disposable income in India increased from USD 1,366.2 billion in 2010 to USD 1,587.6 billion in 2013.

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Under the product segment, botanical supplements (the largest segment in 2013) increased by a CAGR of 6.6% during 2010–2013 to reach USD 54.6 billion in 2013. Under the application segment, the pharmaceutical sector (the largest sector in 2013) increased by a CAGR of 6.4% during 2010–2013 to reach USD 52.1 billion in 2013. Under regional segment, the Asia Pacific dietary supplements market (largest market in 2013) increased by 8.2% CAGR during 2010-2013 to reach USD 34.2 billion in 2013.

Some of the major companies operating in the global dietary supplements market are NBTY, Inc., Koninklijke DSM N.V., Amway, Herbalife Ltd., Omega Protein Corporation, Bayer AG, Naturalife Asia Co., Ltd., Integrated BioPharma, Inc., Nu Skin Enterprises, Inc., BASF SE, Surya Herbal Ltd., Bio-Botanica Inc., The Himalaya Drug Company, Ricola AG, Pharmavite LLC, Blackmores Ltd., Epax AS, and Axellus AS.

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