A dietary supplement is a product proposed to supplement the diet. Dietary supplements can comprise herbs, minerals, botanicals, enzymes, amino acids, and several other ingredients. Some of the most consumed supplements include vitamin B12, vitamin D, and minerals such as iron & calcium. Few herbs like garlic and echinacea, along with products like probiotics, glucosamine, and fish oils are enlisted under dietary supplements.
Demand for global vitamins and dietary supplements market is on the rise due to increasing demand from the geriatric population. As per the study conducted by the National Institutes of Health, Tufts and Purdue University, in America, there is widespread use of dietary supplements among with the age of 60 or more. Thus, the growing population of senior citizens around the world has caused a shift in healthcare spending, which in turn is driving the global market.
However, some of the concerns including very less amount of an active ingredient in a supplement, inessential material, substitution of a synthetic substance for a claimed naturally derived material may hamper the growth of the market. Still, consumers of all ages are already making dietary supplements a part of their everyday lives, and the market is far from saturated thus offering healthy growth opportunities for the market growth.
The global vitamins and dietary supplement market is bifurcated into type, application, and region. Based on type, the market is classified as omega-3, herbals & botanicals, vitamin A, vitamin D, vitamin B, vitamin E, vitamin C, calcium, probiotics, and others. The application segment of the market comprises supermarkets & hypermarkets, pharmacies & drug stores, online channels, others
Europe is expected to remain the largest regional market for vitamins and dietary supplements during the forecast period. Factors such as an increase in healthcare expenditure, rising awareness regarding the importance of vitamins and minerals for a healthy life style is primarily driving the market growth in the region. North America is expected to be the second-largest market in global vitamins and dietary supplements market. However, rapid growth of the market is projected to seen in Asia Pacific region. Disposable income in Asia Pacific region is increasing, also, rise in number of fitness and wellness centers creating awareness in youth to add healthy supplements in daily diet. Secondly, percentage of geriatric population is very large in some of the Asia countries such as Japan. This is another reason driving the demand for vitamins and dietary supplements.
Key players operating in the global vitamins and dietary supplements market include Abbott Laboratories, GlaxoSmithKline, Bionova Lifesciences, Pfizer Inc., Herbalife International, Bayer AG, Amway, DaniscoA/S, Carlyle Group, Arkopharma Laboratoires Pharmaceutiques, Nutraceutics Inc., and Glanbia Nutritionals among others. In Oct 2020, Abbott Laboratories launched strawberry-flavored dietary supplements in India.
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