Dietary Supplements Market to Expand at 7.4% CAGR from 2014 to 2020 due to Rising Prevalence of Lifestyle Diseases

New York City, New York, August 28, 2015: As per the latest market report published by Persistence Market Research, titled “Global Market Study on Dietary Supplements: Botanical Supplements to be the Largest Market by 2020”, the global dietary supplements market was estimated at US$109.8 billion in 2013 and is anticipated to expand at a 7.4% CAGR between 2014 and 2020, to reach US$179.8 billion in 2020.

As per the report, rise in geriatric population, soaring healthcare costs, and rising prevalence of lifestyle diseases are amongst the substantial factors fuelling the market for dietary supplements. The major factor raising healthcare costs is the expensive and lengthy R&D conducted by pharmaceutical companies. Consumers are more inclined towards dietary supplements to help them stay healthy owing to soaring healthcare costs. Various health benefits are presented by utilization of these supplements, including protection from flu and common cold, prevention of migraines, immune system strengthening, treatment of allergies, arthritis, and rheumatic diseases, and for the reduction of blood pressure, cholesterol, and triglyceride levels.

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The report segments the market based on product types, end users, applications, and geography:

On the basis of products, the dietary supplements market is segmented into vitamin supplements, mineral supplements, botanical supplements, fatty acids supplements, and other supplements. Amongst these product segments, in 2013, the segment of botanical supplements surfaced as the largest segment and grew at a CAGR of 6.6% from 2010 to 2013 to reach an estimated US$54.6 billion by 2013.

On the basis of end users, the dietary supplements market is segmented into adult men, adult women, senior citizens, and others.

On the basis of application, the market for dietary supplements is segmented into personal care, food and beverages, pharmaceuticals, and others. Among these, in 2013, the pharmaceutical application segment surfaced as the biggest application segment and grew at a 6.4% CAGR between 2010 and 2013 to reach US$52.1 billion in 2013.

On the basis of geography, the dietary supplements market has been segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst the regional segments, the Asia Pacific dietary supplements market expanded at an 8.2% CAGR from 2010 to 2013 and reached US$34.2 billion in 2013.

Thus, Asia Pacific surfaced as the largest market in the global market for dietary supplements and was trailed by Europe. The consumer being aware of the benefits associated with the use of dietary supplements and widespread product availability are amongst the prime drivers fuelling the demand from the dietary supplements market in Asia Pacific. Additionally, the increasing disposable income of consumers allows them to spend more on healthy products. In Europe, Western Europe is the biggest market for dietary supplements, while Eastern Europe holds a relatively higher growth potential in the future. On the other hand, the dietary supplements market in North America is at an advanced stage when compared to that in the developing nations of Asia and Africa.

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The prominent companies in the market for global dietary supplements include Koninklijke DSM N.V., NBTY, Inc., Amway, Omega Protein Corporation, Herbalife Ltd., Bayer AG, Integrated BioPharma, Inc., Naturalife Asia Co., Ltd., BASF SE, Nu Skin Enterprises, Inc., Bio-Botanica Inc., Surya Herbal Ltd., Ricola AG, The Himalaya Drug Company, Blackmores Ltd., Axellus AS, Epax AS, and Pharmavite LLC.

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