SEATTLE--(BUSINESS WIRE)--The global nutritional supplements market was valued at US$ 248.1 million in 2018, and is expected to exhibit a CAGR of 6.9% over the forecast period (2019–2027).
Key Trends and Analysis of the Nutritional Supplements Market:
Growing demand for natural and organic products is driving growth of the nutritional supplements market, which led to introduction of organic products by various players in the market. For instance, in May 2019, Herbaland Gummies launched vegan collagen booster gummies, which help in improving collagen formation in the body. In April 2019, Garden of Life, a manufacturer of certified organic vitamins and supplements, launched Garden of Life Collagen Beauty, Garden of Life Collagen Peptides, and Garden of Life Collagen Turmeric, which are non GMO (genetically modified organism) certified, keto certified, paleo certified, and gluten free to support health of skin, hair, and nails.
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Nutritional supplements often contain multiple ingredients to support one or more health benefits, which lead to high price of nutritional supplements. For instance, SugarBearHair vitamins by Kardashian cost US$ 32.96 on Amazon or around 55 cents per gummy, whereas the Flinstones multivitamin gummies cost 7 cents per gummy or US$ 12.99 on Amazon. Hence, high cost of nutritional supplements is expected to restrain the market growth.
Key Market Takeaways:
- The global nutritional supplements market is expected to exhibit a CAGR of 6.9% over the forecast period (2019–2027), owing to increasing awareness about health benefits of nutritional supplements, coupled with increasing demand for organic and natural products
- On the basis of form, the capsules segment accounted for the largest market revenue share of 36.4% in the global nutritional supplements market in 2018. The exterior of the capsule is made from gelatin or starch, which contains an active ingredient. Capsules also allow extended release of the active ingredient. The capsule is encapsulated in such a way that it dissolves over an extended period of time and does not deliver the supplement all at once.
- Among ingredients, the vitamin segment accounted for the largest market share in terms of value in 2018, owing to growing awareness related to benefits of vitamins and various diseases caused due to its deficiencies such as anemia, scurvy, rickets, beriberi, pellagra and others. Furthermore, the presence of protein and other ingredients such as specialty carbohydrate and fibers is estimated to show a significant growth in global nutritional supplements market in 2019, owing to its benefits.
- Among product type, the dietary supplements segment is estimated to account for a significant market share in the global nutritional supplements market in 2019. This is attributed to growing awareness related to nutrition among consumers. For instance, according to the University of California, San Francisco (UCSF) Medical Center, in the U.S., average daily consumption of dietary fibers is 15 grams per person, 25 grams to 30 grams is consumed per adult each day. The Dietary Guidelines of Americans recommend adults to consume more dietary fibrous foods such as vegetables.
- Moreover, rising trend of promoting nutritional products through social media such as Instagram, Snapchat, and Facebook etc. is expected to facilitate the market growth. For instance, in 2018, Hum Nutrients started promoting its products on Instagram. Furthermore, in 2015, Kim Kardashian promoted Hairfinity vitamins on Instagram.
Major players operating in the global nutritional supplements market include --
Abbott Laboratories, Archer Daniels Midland (ADM), American Health, Inc., Amway Corporation, Arkopharma Laboratoires Pharmaceutiques, Ayanda, DuPont, DSM, the Nature's Bounty Co., Herbalife International of America, Inc, Stepan Company, Pfizer Inc., Nestle S.A., Nature's Sunshine, and GlaxoSmithKline.
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Global Nutritional Supplements Market, By Ingredient:
- Fatty Acids
- Others (Fibers, Specialty Carbohydrates, etc.)
Global Nutritional Supplements Market, By Form:
- Others (Soft Gels, etc.)
Global Nutritional Supplements Market, By Product Type:
- Dietary Supplements
- Sports Supplements
- Beauty Supplements
- Others (Specialty Supplements, etc.)
Global Nutritional Supplements Market, By Distribution Channel:
- Pharmacy Stores
- Online Channels
- Others (Departmental Stores and Specialty Stores, etc.)
Global Nutritional Supplements Market, By Region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
- Middle East
- North America