Pune, India -- (SBWire) -- 05/27/2020 --A recent report by Infinium Global Research "Dietary Supplements Market (By Type –Vitamins, Botanicals, Minerals, Proteins & Amino Acids, Fibers & Specialty Carbohydrates, Omega Fatty Acids and Others; By Distribution Channel –Pharmacies & Drug Stores, Supermarkets & Hypermarkets, Online Channels and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026" estimates that the market was worth USD 163.10billion in 2019 and is projected to up to USD 235.70billion in 2026, growing with a CAGR of 6.5% during the period of 2020 to 2026. The report provides a comprehensive research study based on a survey conducted to analyze the buying patterns, consumer behavior and factors affecting buying decisions. The report also provides insights into the marketing strategies and steps taken by the companies to retain their market position in the local and/or global market. The study also provides insights into the factors affecting the buying decisions, consumer preferences, and the demographic factors promoting the growth of the products of the dietary supplements market.
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Vitamins are Preferred More than Other Types of Dietary Supplements
The report includes a detailed study on consumer preference towards various products in the market. According to the survey results, the majority of the people in the world preferred vitamins as compared to other types of dietary supplements. The major factor driving the preference of vitamins is the large part of the population suffering from some type of vitamin deficiency. Anemia, which is caused due to lack of iron or vitamin B12, affects more people than any other health problem. Anemia has a significant impact on productivity and development, reducing the work capacity of individuals by up to 20%. Moreover, the higher application of vitamins in sports and daily nutrition makes them more preferable than other types of dietary supplements.
Key Players in the Global Dietary Supplements Market are Focusing on New Product Launch and Mergers & Acquisitions
The global dietary supplements market is highly competitive and consolidated in nature. The market is attributed to the presence of large multinational players as well as a few smaller and local players. Companies including Amway, Pharmavite, and NBTY hold a large share in the global dietary supplements market. These companies own some of the famous brands in the global dietary supplement market including Herbalife, Nature made, and Nature's Bounty. These brands have higher brand value and loyal consumers, which contribute in the consolidation of the market. The key players in the market are focusing on various strategies such as launching new products and undertaking mergers and acquisitions. For instance, in August 2019, Nestle Health Scienceacquired Persona tapping the growing interest in personalized nutrition. Persona is a personalized vitamin program delivered to customers at their doors. Through this acquisition, the company is anticipated to strengthen its presence in the dietary supplement market.
Dietary Supplements Market to Grow on the Backdrop of Growing Awareness Regarding Preventative Healthcare
The growing awareness among consumers about preventive healthcare is the major driving force for the growth of the global market. A lot of mainstream media is focusing nowadays on giving information on preventive healthcare through their channel. A number of healthcare professionals and bloggers are emphasizing the benefits of preventive healthcare through various media channels. Moreover, the concept of preventive healthcare focuses on implementing preventive measures for several health issues rather than curing them after they occur. This includes doing physical exercises and consuming nutritious foods on a daily basis. While some people manage to find a balanced diet with all the essential nutrients, many cannot manage to do so. To compensate for the lower nutrient levels in their diet, people consume dietary supplements.
Moreover, the other factors including rising geriatric population, fast-paced lifestyle, increasingly changing eating habits and lack of physical exercise is expected to augment the demand for dietary supplements across the world. Furthermore, the advent of an e-commerce website is expected to improve the sale of dietary supplements in the future. The online sales channel has a broader reach than any other sales channel. The convenience, accessibility and wide product range offered by the e-commerce website attract more customers. This, in turn, offers favorable business opportunities to the companies in the global dietary supplements market.
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Pharmacy and Drug Stores to Augment the Sales of Dietary Supplements
The pharmacy and drug store segment among the distribution channel generated the highest revenue in the global dietary supplement market in 2019. The domination of the segment attributed to the growing number of new pharmacies opening around the world. CVS Health alone has about 10 thousand stores across the US. Moreover, the better customer experience offered by the pharmacies is driving the segment in the global Dietary supplement market. The pharmacies offer a wide range of products to the customers and the pharmacists also help customers to choose an appropriate product for them. Additionally, many people have good relations with their local pharmacists and visit more often for common health issues.
North America Generated Highest Revenue in the Global Dietary Supplements Market
In terms of geography, the North America region generated the highest revenue in the global dietary supplements market in 2019. The domination of the North America region in the global market attributes to better healthcare infrastructure and higher awareness regarding dietary supplements and their health benefits. Moreover, North America has a large geriatric population and it is growing at a significant rate. As of 2018, there were 52 million people in the US aged 65 and above and this number is anticipated to reach up to 78 million by 2030. These elderly people require dietary supplements to fulfill their nutrient requirements, as they cannot digest the food completely. This, in turn, drives the dietary supplements market in North America. Furthermore, the presence of major market players such as Amway, and NBYT in the region is expected to boost the demand for dietary supplements in North America.
This Report Offers Detailed Insights of the Market Including-
1. Comprehensive analysis of the factors promoting the growth in the Dietary supplement market
2. Survey results for
A. Consumer preferences
B. Buying patterns
C. Spending habits
D. Purchase decision making
E. Preferred distribution channels
F. Choice of alternatives in case of unavailability of the product
G. Consumer feedback
H. Social listening
3. The competitive landscape in the leading country markets in the world
4. Worldwide competitive landscape and market trends in the Dietary supplement market
5. Analysis of the worldwide market using analytical tools such as porter five forces, market drivers and opportunity analysis, product position matrix
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Research Methodology and Data Collection Methods for the Report
Infinium Global Research published reports are based on extensive primary and secondary research methods. The research begins with extensive exploration through secondary sources followed by primary research. With these research methods, we are able to estimate the market size of the Dietary supplementmarket, to identify the factors that promote the growth in this market as well as the factors that hamper the growth in the market.
The secondary research primarily involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. While the primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents. The primary respondents generally include key opinion leaders associated with Infinium Global Research, internal and external subject matter experts, and professionals and participants from LinkedIn, Hoovers, Factiva, and bloggers.
