Dietary supplements can be referred to as the products that support good health and supplement the diet. It cannot be described as medicines or substitutes for food. Dietary supplements include Vitamin, Mineral, Amino Acid, metabolite, herbs, and others botanical. These supplements do not cure any disease but help in building the immune system and a healthy body. The dietary supplements help in lowering the risk of chronic ailments and provide nutrients. Dietary supplements can be in the form of pills, capsules, liquid, powders, and gel tabs. These supplements are also used for weight gain, bone & joint health, and immunity. These supplements are not prescribed by any doctor.
COVID-19 Scenario Analysis:
The demand for dietary supplements has increased due to the COVID-19 pandemics. Consumer demand has increased to support their body, increase immune health, and reduce anxiety. The retail store is closed, so online channels are used to meet the requirements of the customers. The manufacturers are facing problems regarding the supply of raw material with the growing demand. Companies are taking preventive measures to meet the requirements of the consumers and also ensuring the safety of workers.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rise in health care concerns, and increase in living standards are the factors that drive the growth of the global dietary supplements market. With rapid urbanization, the consumers are becoming aware of the health issues, and an increase in disposable income can also contribute toward the growth of the dietary supplements market. However, supporting breastfeeding over dietary supplements can create a threat to the global dietary supplements market. The increase in the popularity of supplements and an increase in the sports athletes that focus on physical strength can create a new path for the growth of the global dietary supplements market. Consumers are getting more inclined toward bodybuilding and gym that can also support the growth of the dietary supplements market.
The global dietary supplements market trends are as follows:
There are many developing countries which are facing the problem of malnourishment among the people. So, companies are thinking to expand their business to increase their market share on global level.
Dietary supplements is anticipated to experience an increase in demand due to rise in the working population. Companies are also focusing on expanding their business by merger or acquisition to increase their market share. For instance, Abbott Park has acquired the Cephea Valve Technologies a medical Device company that develops a less-invasive heart valve replacement technology.
The government is also taking necessary action to ensure the quality and safety of dietary supplements for consumers.
Top Key Players: Amway, Abbott Laboratories. Archer Daniels Midland, Carlyle Group, Bionova, NBTY Inc., Pfizer, Bayer, Arkopharma Laboratories Pharmaceutiques, Glanbia, Nu Skin Enterprises
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