Rising Prevalence of Chronic Diseases to Drive Demand for Dietary Supplements Market
Chicago, Illinois--(Newsfile Corp. - October 14, 2021) - According to the research report, "Dietary Supplements Market by Type (Vitamins, Minerals, Botanicals, Amino acids, Enzymes, Probiotics), Function (Additional, Medicinal, Sports Nutrition), Mode of Application (Capsules, Tablets, Liquid), Target Customer and Region - Global Forecast to 2026" Published by MarketsandMarkets™, the global dietary supplements market size is estimated to be valued at USD 136.2 billion in 2020 and projected to reach USD 204.7 billion by 2026, recording a CAGR of 7.0% during the forecast period.
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The demand for dietary supplements is increasing significantly owing to rising prevalence of chronic diseases and changing dietary habits of the consumers. Increasing consumer health awareness and rising disposable income across regions are factors that have encouraged people to shift to dietary supplements. The elderly population is focusing on adapting to nutritional supplements specifically tailored to their needs to maintain their good health and quality of life.
Drivers: Aging population to drive the market growth
Consumers across regions have become more health-conscious, which is driving the growth of the dietary supplements market. The aging population of some countries, such as Japan, Italy, Portugal, and Germany, is another key factor that is projected to drive the overall market.
Opportunities: Shift toward plant-based supplements
The market for plant protein ingredients is growing at a high rate; consumers are drifting away from animal proteins to plant-based protein. This is highly likely to shift consumers towards plant-based herbal supplements and botanicals, further creating opportunities for the growth of herbal supplements in the dietary supplements market.
The North American region dominates the dietary supplements market with the largest share in 2020.
North America is projected to hold the largest share in the dietary supplements market. This dominance is driven by the prevalence of chronic diseases due to the hectic lifestyles and increasing awareness among consumers regarding the health benefits of the product. Also, the region has the highest prevalence of obesity. According to the CDC, in the US, the obesity prevalence was 39.8% and affected about 93.3 million adults between 2015 and 2016. Such factors are projected to contribute to the growth of dietary supplements market.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, Amway (US), Herbalife Nutrition (US), ADM (US), Pfizer (US), Abbott Laboratories (US), Arkopharma Laboratories (France), Bayer (Germany), Glanbia (Ireland), Nature's Sunshine Products (US), FANCL (Japan), Danisco (Denmark), Bionova Lifesciences (India), XanGo (US), Ekomir (Russia), American Health (US), Pure Encapsulations (US), UST Manufacturing (US), Capstone Nutrition (US), Anona GmBH (Germany), Plantafood Medical GmBH (Germany).
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The Asia Pacific region is projected to record the highest growth rate during the forecast period.
The Asia Pacific region is projected to record a higher growth rate during the forecast period. This is attributed to increasing health awareness among the population in Asian countries. In addition, densely populated countries in the region with higher risk of chronic diseases and vitamin deficiencies are projected to contribute to the growing demand of dietary supplements. Growing E-Commerce revolution in the Asian region will also support the growth of dietary supplements market as consumers are shifting to online sales channels for purchasing dietary and nutritional supplements.
The dietary supplements market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, South America, and Rest of the World including Africa and the Middle East.
Probiotics Market by Application (Functional Food & Beverages [Dairy Products, Non-dairy Beverages, Infant Formula, Cereals], Dietary Supplements, Feed), Ingredient (Bacteria, Yeast), Form (Dry, Liquid), End User, and Region - Global Forecast to 2023
Nutraceutical Products Market by Type (Food, Beverages, Dietary Supplements), Source (Probiotics, Prebiotics, Vitamins, Minerals), Distribution Channel (Conventional Stores, Specialty Stores, Drugstores & Pharmacies), Region - Global Forecast to 2025
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