Dietary supplements market was valued at USD 163.1 billion in 2019 and it is expected to grow with a CAGR of 6.5% over the forecast period of 2020-2026.
Infinium Global Research Analysts
Global Dietary Supplements Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and their Market Strategies
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Published : May, 2020
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Rep Id : GDSM1552020
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No. of Pages : 185
Infinium Global Research and Consulting Solutions has
published a comprehensive research study based on a survey conducted to analyze
the buying patterns, consumer behavior and impact of pricing on buying
decisions. The report also provides insights into the marketing strategies and
steps were taken by the companies to retain their market position in the local as
well as the 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 global dietary supplements
market.
Diet plays a significant role in maintaining a healthy life.
The nutrients from the diet are necessary to carry out the normal functioning
of the body. Due to the change in lifestyle, the eating habits of people around
the world have changed in the past few years. Many people tend to eat more
convenient fast foods rather than homemade food. This change in the eating
habits of the people affects their nutrient intake. The nutrients essential
for the body, particularly the micronutrients are rarely found in fast
foods. Lack of these nutrients in the diet causes micronutrient deficiency in the body. Micronutrient deficiency can develop several symptoms including goiter,
anemia, night blindness, scurvy, rickets, and dermatitis. To maintain the
optimum level of nutrients in the body, people should consume nutritious foods
containing all the essential nutrients. Many people consume dietary supplements
to compensate for the lack of nutrients in the food. The dietary supplements come
in different forms including pills, capsules, powder, and liquid. There are
different types of available in the market including vitamins, botanicals,
minerals, proteins & amino acids, fibers & specialty carbohydrates, and
omega fatty acids.
Growing Awareness Regarding Preventive Healthcare Augment
the Growth of the Global Dietary Supplements Market
According to Infinium Global Research and Consulting
Solutions, the global dietary supplements market was valued at USD 163.1 billion
in 2019 and it is expected to grow with a CAGR of 6.5% over the forecast period
of 2020-2026. The growth of the market is driven by the rise in awareness
regarding preventive healthcare. In the past few years, the concept of preventive
healthcare has come into popularity. As the name suggests, preventive
healthcare focuses on the preventive measures for certain health issues rather
than curing them when they occur. Moreover, the major media channels play an important role in spreading awareness about preventive healthcare. These
media channels share information regarding preventive healthcare and products such as nutritious foods and dietary supplements. This, in turn,
increases the demand for dietary supplements.
The survey conducted by Infinium Global Research and
Consulting Solutions found most of the people across the world consume dietary
supplement at least once in a day. While a considerable part of the population consumes
dietary supplements twice a day. The higher consumption of the dietary
supplement is largely due to the growing awareness regarding the products
available in the market and their effect on health. The dietary supplements
help in maintaining fitness along with keeping the number of diseases at bay.
Moreover, the availability of a number of OTC dietary supplements in the market makes
them more accessible to consumers. Thus, people can easily buy dietary
supplements from the nearest pharmacy or retail stores. This, in turn, leads to
more consumption of dietary supplements.
Figure
1 Usage Frequency of Dietary Supplements in the US
Source: Infinium Global Research Analysis
The United States, China, and Germany among Top Markets for
Dietary Supplements
According to the findings in the report, countries in the
United States, China, and Germany are some of the best markets for dietary
supplements. North America and the Asia Pacific together make nearly 65% of the
total sales of dietary supplements in the world. The US is the leading country
in terms of sales in the global dietary supplements market followed by China
and Germany. Higher awareness about dietary supplements and their effect on
health coupled with a higher willingness to spend on healthcare products are the
major drivers for the sale of dietary supplements in these countries. On the
other side, the sale of dietary supplements in developing countries such as
India is anticipated to grow rapidly. Factors including improving economic
conditions and higher awareness of the products are majorly influencing the
sale of dietary supplement s in developing countries.
Figure
2 Top Countries in the Global Dietary Supplements Market In 2019 (Revenue %
Share)
Source:
Infinium Global Research Analysis
North America Generated Highest Revenue from Dietary
Supplements
In terms of geography, North America generated the highest
revenue in the global dietary supplements market. Higher awareness about
dietary supplements and preventive healthcare is the major driver for the
growth of the market in North America. Furthermore, the higher geriatric population
and strong distribution channels are augmenting the growth of the market.
Additionally, the presence of major players in the market such as Amway and NBTY
is propelling the North American market. Moreover, the Asia Pacific region is
projected to grow with the fastest rate owing to the growing awareness about products
and improving healthcare and economic conditions in the region.
Research Methodology
Primary Research
Our 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 are approached through
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Key Opinion Leaders associated with Infinium
Global Research
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Internal and External subject matter experts
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Professionals and participants from LinkedIn,
Hoovers, Factiva, and Bloggers
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Our primary research respondents typically
include
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Executives working with leading companies in the
market under review
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Product/brand/marketing managers
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CXO level executives
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Regional/zonal/ country managers
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Vice President level executives.
Methods of Primary
Research
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Computer-assisted telephone interview (CATI)
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Computer-assisted personal interview (CAPI)
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Computer-assisted web interview (CAWI)
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Questionnaires/Surveys
Secondary Research
Secondary research involves extensive exploring through the
secondary sources of information available in both the 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. The secondary sources of the data typically include
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Company reports and publications
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Government/institutional publications
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Trade and associations’ journals
· Databases such as WTO (World Trade
Organization), OECD (The Organization for Economic Co-operation and Development),
Hoovers, Factiva, and the World Bank, among others.
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Websites and publications by research agencies
