Dietary Supplements Market is Estimated to Surpass US$ 252 billion by 2025 | FMI
VALLEY COTTAGE, N.Y. – Increasing awareness about the importance of proper dietary intake with changing lifestyle is expected to boost the sales of nutritional dietary supplements in the coming years. The global market for dietary supplements is expected to witness healthy growth with an impressive value CAGR of ~7.5% during 2015-2025, finds a recent study published by Future Market Insights (FMI). The study opines that, with a widening consumer base that is shifting towards healthier dietary habits, the dietary supplements market is estimated to surpass US$ 252 billion by 2025.
The study offers a complete analysis on important growth parameters and factors that will remain instrumental in the development of the dietary supplements market. FMI finds that, though the developed regions such as North America and Western and Eastern Europe is recording the highest revenue shares in the dietary supplements market, developing countries are creating new opportunities for stakeholders in the upcoming years.
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Increasing growth of the pharmaceutical and nutraceutical industries in developing economies and growing health-consciousness among consumers will remain the top driving engines for the dietary supplements market in Asia Pacific.
Soft Gels and Dietary Supplement Pills Witness High Demand for Weight Loss and Sports Nutrition
The obesity pandemic occurs not only in the developed regions, but also if observed in developing countries. The prevalence of obesity, as a lifestyle disease, has tripled in the past 40 years, and nearly 13% of the world’s population was obese in 2016, according to a recent study published by the World Health Organization (WHO). While the demand for dietary supplements for general wellbeing is growing rapidly, the FMI’s study finds a significant rise in the sales of these products for weight management and fitness.
Increasing awareness about the importance of proper diet and physical fitness in weight control is triggering the demand for dietary supplements for weight loss and sports nutrition. The FMI’s study finds that weight loss and sports nutrition are the most popular applications of dietary supplements, which collectively account for the highest revenue share of the dietary supplements market.
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The study also projects the sales of dietary supplements for sports nutrition are likely to increase at a CAGR of ~9% during the forecast period with the rise of the wellness and fitness tide across the world. Manufacturers in the dietary supplements market are expected to capitalize on this trend by introducing dietary supplements in the form of soft gels and pills in the health & wellness industry in the upcoming years.
Consumers’ Scepticism about Benefits of Dietary Supplements Stunt Sales
While dietary supplements are perceived as nutraceuticals that can support the body’s need for specific nutrients, most policymakers and governing bodies regulate dietary supplements as food products and not as pharmaceuticals or drugs. The Food and Drug Administration (FDA) recently announced that it regulates dietary supplements under the Dietary Supplement Health and Education Act of 1994 (DSHEA), which mandates stakeholders in the dietary supplements market to ensuring the compliance to safety and labeling requirements vis-à-vis these products before marketing and entering the market.
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This stance taken by regulatory bodies in the dietary supplements market is creating a conundrum for manufacturers, as it is influencing consumers’ perception about dietary supplements and their benefits. In addition, most studies and research papers published recently suggest that there are no positive outcomes of consuming dietary supplements in preventing chronic as well as many lifestyle diseases. Furthermore, growing awareness about the misbranding of dietary supplements and incidences of adulteration with prescription pharmaceuticals, pesticides, heavy metals, banned substances, and other harmful chemicals have been stunting the sales of dietary supplements market, opines FMI.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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