Chicago, July 01, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the "Dietary Supplements Market by type (Botanicals, Vitamins, Minerals, Amino Acids, Enzymes, Probiotics), Function (Additional Supplements, Medicinal Supplements, Sports Nutrition), Mode of Application, Target Consumer and Region - Global Forecast to 2027", is estimated at USD 155.2 billion in 2022; it is projected to grow at a CAGR of 7.3% to reach USD 220.8 billion by 2027.
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The growth of dietary supplements market is estimated to be driven by the increasing health awareness among consumers. Dietary supplements are a growing application of nutraceutical products. The food and nutrition industries have evolved to give consumers a more personalized experience to compensate for dietary loss through supplemental nutrition.
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The Botanical segment by type is projected to achieve the Highest CAGR growth in the Dietary Supplements market.
Over the past couple of years, the herbal dietary supplements segment has seen significant growth. The rising awareness about the health benefits associated with the consumption of plant-based food products and the increasing number of health-conscious consumers are the key factors driving the demand for herbal supplements.
Some of the advantages of botanical dietary supplements are, Low cost compared to prescription drug, It can be obtained without a prescription, Has the potential to be effective, despite the lack of evidence, and Contribute to a sense of self-sufficiency.
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By function, the additional supplements segment is estimated to account for the largest market share in the Dietary Supplements market.
This category includes supplements that can be consumed without a doctor's prescription. Minerals, herbs or other botanicals, amino acids, enzymes, and a variety of other ingredients can be found in dietary supplements. Tablets, capsules, gummies, and powder, as well as drinks and energy bars, are all forms of dietary supplements. According to the National Center for Health Statistics, 57.6% of US adults aged 20 and above used a dietary supplement, with women (63.8%) using more than men (50.8%). Dietary supplement use increased with age in both sexes but was highest in women aged 60 and above (80.2%).
The tablet form segment by mode of application is estimated to account for the largest market share of the Dietary Supplements market over the forecast period.
- Longevity of tablet form drives market growth. Compressed tablets are typically meant to be swallowed without being broken, chewed, or dissolved. This tablet type will usually only begin to break down after reaching the stomach (or some other stretch of the gastrointestinal tract).
- Compressed tablets have the advantage of being generally stable and available in various sizes and shapes. As a result, a wide range of dietary supplements can be easily incorporated into tablet form, because of this, compressed tablets are popular.
The elderly segment is projected to observe the highest CAGR growth in the Dietary Supplements market during the forecast period.
Dietary supplements in pill or liquid form are popular among the elderly. These are often nutrients under-consumed among older adults, such as calcium and vitamin D (in high demand) & B12.
- In older adults, vitamin D helps support skeletal health by building and protecting bones. According to the National Health and Nutrition Examination Survey, nearly 20% of elderly Canadian, European, and American adults have a vitamin D deficiency.
- Medical experts recommend 20 to 25 micrograms of vitamin D per day. The Commodity Supplemental Food Program (CSFP) provides nutritious USDA packaged food to low-income older adults to support a healthy dietary pattern
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Asia Pacific is projected to achieve the highest CAGR growth in the Dietary Supplements market.
- The rising influence of westernization, the growing millennial population, and increasing awareness are the key drivers of market growth.
- Veganism has become popular in the region, alongside rising demand for plant-based food products, especially in India, China, Australia, and Indonesia. This key factor would eventually pave the way for herbal supplements to grow significantly in value sales during the forecast period in the Asia Pacific.
Key Market Players
- The key players in this market include Amway Corp (US), Herbalife International of America, INC. (US), ADM (US), Pfizer INC (US), Abbott (US), Nestle (Switzerland), Otsuka Holding Co, LTD (Japan), H&H Group (China), Arkopharma (France), Bayer AG (Germany), Glanbia Plc (Ireland), Nature's Sunshine Products Inc (US), Fancl Corporation (Japan), Danisco (Denmark), Bionova (India), American Health (US), Pure Encapsulations LLC (US), GlaxoSmithKline, PLC (UK).
- Players are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific, and Europe.
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https://www.marketsandmarkets.com/Market-Reports/personalized-nutrition-market-249208030.html
Nutraceutical Products Market by Type (Food, Beverages, Dietary Supplements), Source (Probiotics, Prebiotics, Vitamins, Minerals), Distribution Channel (Conventional Stores, Specialty Stores, Drugstores & Pharmacies), Region - Global Forecast to 2025
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