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Some of the drivers behind the growing demand of dietary supplements include increasing cost of healthcare, increasing awareness of dietary supplement products, high population of baby boomers, and increasing urbanization. The lifestyle of urban population is fast-paced as compared to that of the rural population. The urban population is more health conscious, which is a major factor for their inclination towards dietary supplements. According to the United Nations Department of Economic and Social Affairs (UN DESA), the largest growth in urban population took place in the Asian countries, such as India and China, in 2013. India is expected to have 404 million urban dwellers, while China 292 million by 2050. It is difficult for human body to absorb all the required nutrients from food at an older age due to weak digestive system. Loss of appetite is also a common problem that can be seen among baby boomers. As a result, the elderly people do not get the sufficient amount of nutrients and hence, they opt for additional supplements for proper nourishment. Thus, baby boomers are expected to spend more on dietary supplements products.
The impact of increasing healthcare cost is expected to increase in future as large population is anticipated to incline more towards dietary supplements, as it provides various health benefits such as protection from cold and flu, strengthening of immune system, prevention of arthritis, rheumatic diseases, prevention of migraine headaches, allergies, cardiovascular diseases, lower cholesterol, triglyceride levels and blood pressure, and cognitive diseases at lower cost. Increasing demand for dietary supplements in the pediatric category is expected to provide further growth opportunities for dietary supplements market. But there are also some major challenges for the global dietary supplements market, such as negative publicity in the market, false promises by manufacturers, and slow pace of regulatory approvals, which are hindering the growth of the dietary supplements market
Dietary supplements are also referred as nutrition supplements and food supplements. These supplements can be taken orally by consumers who are unable to meet their nutritional needs through regular diet. Dietary supplements are available in various forms such as pill, capsule, gel cap, granules, powder, energy bars, liquid, and tablets. Dietary supplements include vitamin, botanical, mineral and fatty acid, which helps consumer stay healthy and prevent nutritional deficiency diseases.
On the basis of product type, the dietary supplements market can be segmented into vitamin, mineral, botanical, fatty acids, and other supplements. Based on the application, dietary supplement is bifurcated into four segments, namely pharmaceutical, food and beverage, personal care, and others. The pharmaceutical sector is the largest end-user of dietary supplements products, followed by food and beverage and personal care industries.
Geographically, Asia-Pacific is the largest market for dietary supplements, followed by Europe and North America. During the forecast period, the Asia-Pacific dietary supplements market is expected to grow at a high pace, driven by populous countries, such as China and India. In terms of future growth, the Asia-Pacific region is poised to expand at a faster pace, led by rising income level and gradual acceptance of health products in daily living. According to the National Bureau of Statistics of China, annual per capita disposable income of urban households in China increased from $2,271.0 in 2008 to $3,408.5 in 2012. The overall annual disposable income in India increased from $1,366.2 billion in 2010 to $1,587.6 billion in 2013.
Some of the major competitors of dietary supplements market include NBTY Inc., Koninklijke DSM N.V., Amway, Herbalife Ltd., Omega Protein Corporation, Bayer AG, Naturalife Asia Co., Ltd., Integrated BioPharma Inc., Nu Skin Enterprises Inc., BASF SE, Surya Herbal Ltd., Bio-Botanica Inc., The Himalaya Drug Company, Ricola AG, Pharmavite LLC, Blackmores Ltd., Epax AS, and Axellus AS.