Strong demand from baby boomers, coupled with rising popularity among youth is driving sales of dietary supplements globally, according to a new research report by Future Market Insights (FMI).
According to the report, the global dietary supplements market will reach USD 131 billion by 2016, fuelled by strong sales in the emerging markets of Asia Pacific excluding Japan (APEJ) and Latin America.
“While North America and Western Europe are the so-called ‘stronghold markets’, rising urbanisation in the developing regions of Asia Pacific and Latin America is creating demand for dietary supplements”, says Essien Jae, a lead consultant at FMI.
Although FMI maintains a positive outlook on the global dietary supplements market, concerns over safety and efficacy can pose challenges. “The investigation by New York attorney general on store-brand dietary supplements brought bad press to the industry. Also, reports by JAMA and Harvard were critical of certain dietary supplements, further eroding the trust among consumers”, added Essien Jae.
Consumers take dietary supplements for a range of goals, ranging from heart health to bodybuilding. Health and well-being account for bulk of the demand for dietary supplements globally, followed by immune and digestive health, and weight loss.
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According to FMI’s research, demand for dietary supplements is higher among women as compared to men. Sales of dietary supplements to women were to the tune of USD 61 billion in 2014, whereas USD 27 billion worth of supplements were sold to men in the same year.
Pharmacy/drugstores are the dominant sales channel in the global dietary supplements market, accounting for nearly 40% of all sales in 2014. Other key sales channels include health stores and online retail.
Region-wise, North America remains the largest market in terms of market share, whereas APEJ is the fastest-growing. According to the report, the North America dietary supplements market is expected to reach USD 41.83 billion by 2016, up from an estimated USD 39.41 billion in 2015; the market in Asia Pacific is expected to reach USD 25.94 billion by 2016.
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Key players in covered in the report are Herbalife International, BASF SE, E. I. DU PONT DE NEMOURS AND COMPANY, Glanbia Plc, Royal DSM N.V., Abbott Laboratories, Amway Enterprises, NBTY Inc., Bayer AG and GlaxoSmithKline Limited.