The global dietary supplements market is predicted to grow at a compound annual growth rate (CAGR) of 6 percent from 2015 to 2019, according to a new report from Research and Markets. Consumer awareness of supplements’ effects on lifestyle ailments will help drive this growth, noted the market research firm.
According to the report, a considerable shift in lifestyles and diet habits of people during the past two decades has driven demand for supplement use, although ignorance about their health benefits is the biggest hindrance to growth. Consumption of more calories and sedentary lifestyles has led to increased waistlines, which will cause the weight management category to fuel the dietary supplement market across the globe.
Among supplement sales, vitamins dominated the market in 2014 with a market share of around 44 percent, and Markets and Research expects them to reach a market value of around US$33 billion by the end of 2019.
Asia-Pacific accounted for the largest market share of around 44 percent during 2014. The report predicted this region will maintain its market dominance until the end of 2019, growing at a rate of 6 percent.
Brand investment into research and development (R&D) is also expected to fuel market growth. For instance, Markets and Research noted Nestle has 34 R&D centers across the globe and spends around 60 percent of its international budget on R&D in these facilities.
Innovation in how products are sold is also a key factor as an analyst from the research team noted the rapid growth of e-commerce and online sales of dietary supplements are expected to increase dramatically from 2015 to 2019.
The global market is shared among many, as the report found the global dietary supplements is fragmented with small and large vendors, but key vendors dominate this highly competitive market. Some of those key players include Amway, Danone, Bayer HealthCare, BASF, Glanbia, Nestlé, Yakult DSM, American Health, The Himalaya Drug Company, GlaxoSmithKline and Pfizer.
A press release noted, “Providers in this market compete on the basis of added health benefits, product differentiation, category extension, and innovation in product and application," which isn’t news to those who market supplements.
Learn what it takes to market supplements in South America this month in INSIDER’s Supplement Perspectives blog, which has experts covering the region all month.