The global dietary supplements in the age of personalized nutrition market are expected to grow at a CAGR of 6.90% during the forecast period 2017-2023.
Dietary Supplements Market Synopsis:
The global market for dietary supplements is capitalizing on the fitness revolution where more people are embracing a healthy way of life. The Google trends show surge in health related queries in countries which were not much focused towards healthcare before. People are opting for dietary supplements to meet the deficiency of nutrients in their food. Factors such as rise in disposable income, standardization of lifestyle, increased investments by market operators, changing healthcare habits, rising population, increased awareness etc. are key drivers of the growth of the market.
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Other major factors that are leading to multiplied value of market are assurance of meeting the everyday nutritional requirements of consumers, prevalence of diseases such as, blood pressure, malnutrition, obesity, etc. The rising costs of medical treatments are pushing the consumers to spend towards preventive healthcare. Consumers choose dietary supplements to stay fit and healthy so that they can avoid expensive medical treatments that would have been required otherwise.
Reports on aging population suggests that the number of people over 60 years will be double by 2050. This is one of the key drives of the dietary supplements market growth as these supplements are elixirs of extended longevity for the senile population that forms a major part of the customer base. The development of nutraceuticals and pharmaceuticals sectors has further expedited the adoption of dietary supplement products.
Factors that might hamper the growth of global dietary supplements market are insufficient knowledge about dosages, side effects of some products, false claims by organizations, etc.
Dietary Supplements Market Competitive Dashboard:
A paradigm shift of consumers’ interest towards a healthy lifestyle has infused healthy and fierce competition among the players of the dietary supplements market. The enterprises that are taking part in the market competition are persistently endeavoring to strengthen their foothold in the growth of the market by expanding their robust portfolio of products. The development of competition can also be attributed to increased investments by the players for undertaking research projects. Some options and opportunities opted by market players to gain edge over others are, innovation, patents, competitive pricing, etc.
Some of the major players holding key shares in the market profiled by MRFR’S report are E. I. Du Pont de Nemours and Company (US), Glanbia Plc, Abbott Laboratories, NBTY Inc, GlaxoSmithKline Limited, BASF SE (DE), Royal DSM N.V., and, Amway Enterprises.
Dietary Supplements Market Segmentation:
The global dietary supplements in the age of personalized nutrition market has been segmented on the basis of product category, gender, application, dosage form and end user. Based on product category, the market has been segmented into vitamins, herbs & botanicals, sports supplements, meal supplements, minerals and other. Based on application, the market has been segmented into lifestyle diseases, inherited diseases, genetic predispositions and others. Based on gender, the market has been segmented into female and male. The female segment has been sub-segmented into 55 + age group, 35-54 age group, 19-34 age group, and 0-18 age group. The male segment has also been sub-segmented into 55 + age group, 35-54 age group, 19-34 age group, and 0-18 age group. Based on dosage form, the market has been segmented into tablets, capsules, powder, liquids, soft gels and others. Based on end users, the market has been segmented into hospitals & clinics, home care, and others.
Dietary Supplements Markert Regional Analysis
Global dietary supplements in the age of personalized nutrition market, on the basis of region is divided into the Americas, Europe, Asia Pacific and the Middle East & Africa. The Americas accounted for the largest market share of 35.3% In 2016 for global dietary supplements in the age of personalized nutrition market. This large share is majorly attributed due to presence of major manufacturers, high consumption of dietary supplements, rising awareness towards weight management, and various others. Europe account for the second largest market share, whereas Asia Pacific is expected to grow at the fastest rate with 7.55% CAGR for the forecast period. With lots of opportunity and continuously growing economies, the region is expected to be the fastest growing segment. Factors such as recent healthcare developments, improving economies, high aging population, and increased healthcare spending are influencing the growth of the market. The Middle East & Africa with less economic developments and extremely low income accounted for the least market share in 2016 but is expected to grow in coming future.
- Dietary Supplements in the age of Personalized Nutrition Manufacturers
- Research and Development (R&D) Companies
- Market Research and Consulting Service Providers
- Potential Investors
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