The global market for dietary supplements has been witnessing a steady rise in demand over the past few years. Thanks to the increasing interest of people in a healthy lifestyle, dietary supplements have become an essential inclusion in the daily diet of the health conscious population.
According to a research report, published by Persistence Market Research (PMR), the worldwide dietary supplements market stood at US$109.8 bn in 2013. Analysts at PMR expect it to rise at a CAGR of 7.40% during the period from 2014 to 2020 and reach a value of US$179.8 bn by the end of 2020.
The increasing health consciousness among consumers is giving a significant boost to the global dietary supplement market. The rising popularity of these supplements as preventive medicines is also propelling their demand significantly.
While the high cost of these supplements is a challenge faced by the market, the rising disposable income is enabling consumers to afford them. However, stringent regulations, imposed by various government across the globe, pertaining to components of dietary supplements as well as their consumption limits are likely to hamper the market growth in the coming years.
Asia Pacific: Leading Dietary Supplements Market
The global dietary supplements market is spread across Asia Pacific, North America, Europe, and the Rest of the World. Among these, Asia Pacific has emerged as the leading regional market. The rising awareness regarding the benefits offered by dietary supplements, together with the wide range of product, is driving the Asia Pacific dietary supplements market extensively. Apart from this, the improving economic condition in this region is allowing consumers to spend more on healthcare, adding to the growth of this market.
Europe: Western Europe Occupies Largest Share
Europe holds the second position in the global dietary supplements market. The rising awareness about healthcare is encouraging people to adopt a healthy lifestyle, which is a key factor driving the Europe dietary supplements market.
The Western European region occupies the largest share of the dietary supplements market in Europe. However, Eastern Europe is likely to present a more attractive market for participants in the coming years. The increasing geriatric population, rising incidence of lifestyle-related diseases, and augmenting cost associated with healthcare are the major reasons for the estimated growth of this regional market.
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North America: Increasing Prevalence of Obesity Fuels Growth
The North America market for dietary supplements is a matured one when compared to its developing counterparts such as Asia Pacific and Africa. Due to the increasing prevalence of obesity, people in the region have become more conscious about their health. This gives an impetus to the dietary supplements market in North America. The rising geriatric population has also triggered the demand for dietary supplements products in North America.
Axellus AS, Epax AS, Blackmores Ltd., Pharmavite LLC, Ricola AG, The Himalaya Drug Co., Bio-Botanica Inc., Surya Herbal Ltd., BASF SE, Nu Skin Enterprises Inc., Integrated BioPharma Inc., NaturaLife Asia Co. Ltd., Bayer AG, Omega Protein Corp., Herbalife Ltd., Amway, Koninklijke DSM N.V., and NBTY Inc. are the key dietary supplements manufacturers across the globe.