Rising Awareness About Nutritional Products Coupled with Rising Disposable Income Is Expected to Propel the Growth of The Global Dietary Supplements Market at A CAGR of 8.2% During the Forecast Period, 2019-2026

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Global dietary supplements market is estimated to reach $125.45 billion in 2019 with a CAGR of 8.2% from 2019 to 2026.

Asia-Pacific is the leading region in the global market due to the presence of a huge consumer base, growing awareness among the younger generation about supplements benefits, increasing disposable income, and the growing presence of prominent companies.

Rising Awareness About Nutritional Products Coupled with Rising Disposable Income Is Expected to Propel the Growth of The Global Dietary Supplements Market at A CAGR of 8.2% During the Forecast Period, 2019-2026

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OVERVIEW

The rise in consumer’s demands for nutritional and wellness products owing to the growing prevalence of chronic diseases coupled with increasing disposable income in developing nations is contributing to the market growth. In addition, the growing number of marketing campaigns and extensive use of e-commerce platforms by prominent companies such as Amway and Abbott Laboratories has increased awareness among the consumers about dietary supplements. For instance, in January 2019, Abbott Laboratories launched a video ad to promote PediaSure, a protein shake. The target audience for the ad campaign where parents of younger children. Moreover, due to the escalating healthcare costs, some people are shifting to dietary supplements as a substitute for traditional medicines. Further, consumption of dietary supplements is high in the elderly population in developed nations, as old people generally do not have a balanced diet due to some disease aliments or slowing bodily functions.  As per the data published by the Council for Responsible Nutrition (CRN) in September 2019, in the U.S., nearly 79% of adults aged above 55 years consumed dietary supplements. Thus, the increasing geriatric population in the U.S., Europe, and Japan is anticipated to contribute to market growth. In recent years, the growing concerns over the side-effects associated with allopathic drugs have increased the uptake of herbal supplements in countries such as the U.S. and Canada, this factor has significantly contributed to the growth of the market. However, the increasing uptake of organic food is anticipated to hamper the market growth.

The global dietary supplements market is mainly divided into ingredients, product type, application, and end-use. The ingredients segment has been divided into botanicals, vitamins, minerals, proteins & amino acids, omega & fatty acids, fibers & specialty carbohydrates, and others. The product type segment has been classified into tablets, powder, capsules, liquids, gummies, soft gels, and others. The application segment has been classified into general health, bone & joint health, energy & weight management, gastrointestinal health, cardiac health, immunity, anti-cancer, diabetes, and others. Further, end-use segment has been bifurcated into infants, adults, children, pregnant women, and geriatric.

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Based on the region, the global dietary supplements market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been segmented into the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific has been segmented into South Korea, India, China, Japan, and Rest of Asia-Pacific. Furthermore, the South America region has been segmented into Brazil, Mexico, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Africa, and the Rest of Middle East. Asia-Pacific is the leading region in the global market due to the presence of a huge consumer base, growing awareness among the younger generation about supplements benefits, increasing disposable income, and the growing presence of prominent companies.

Prominent companies operating in the dietary supplements industry include Ricola AG, Abbott Laboratories, Amway, Bayer AG, Glanbia plc, Carlyle Group, Herbalife International, BASF SE, Nature’s Sunshine Forms, NBTY Inc., GlaxoSmithKline, Pfizer, Blackmores Ltd., Archer Daniels Midland; Bionova Lifesciences, and Nu Skin Enterprises among others. Strategies such as merger & acquisitions, product launches, strategic divestments, and investment in R&D are adopted by key players to strengthen its footprints in the industry. For instance, in June 2018, Archer Daniels Midland announced a plan to acquire Probiotics International Ltd., a UK based company dealing in probiotic supplements.

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