Global Dietary Supplements Market: Overview
The global dietary supplements market has been raking high CAGR around the world thanks to the demand for better nutritional value in daily diet. The US FDA has defined dietary supplements as products containing ‘dietary’ ingredient enabling better ingestion. While some of the dietary supplements are aimed at lowering the risk of chronic ailments, others are meant to improve nutritional value in daily diet. The composition of dietary supplements therefore differs based on targeted consumer age, but large remains at improving the overall health. As consumers around the world become more aware about the benefits offered by dietary supplements, they are expected to demand more for the same, thus helping the market gain momentum.
In terms of age, the global dietary supplements market can be segmented into elderly persons, adults, infants, and pregnant women. By type, the market can be classified as herbals or botanics, amino acids, enzymes, mineral, vitamins, and others. The key regional segments of the market are Europe, North America, Asia Pacific, and Rest of the World.
The report presents a detailed assessment of the various factors influencing the market’s trajectory into 2014 and 2020. It covers the crucial information pertaining to the leading companies operating in the global dietary supplements market. Besides highlighting the product offerings, the report also calculates revenue generated over period and their position in the market.
Global Dietary Supplements Market: Drivers and Key Segments
The growth exhibited by the global dietary supplements market is a result of various factors such as the developing economies and subsequently increasing income of consumers, rising awareness about nutrition, hectic lifestyle, increasing geriatric population, and spread of chronic ailments. These factors have been helping the market gain much traction around the world.
Most dietary requirements of humans can be segmented into the following categories: Proactive or preventive (age-related, weight management, and infant nutrition), clinical (nutrigenomics, medical food, and others), and lifestyle (energy and vitality, beauty, and wellbeing). Besides this, the market is also segmented based on age, with each segment exhibiting unique dietary requirements.
Another crucial aspect determining the marketing initiatives and product development strategies in the market is the regional segmentation. Furthermore, the global dietary supplement market can be classified based on types and forms. In terms of form, the key segments of the market are soft gels, gel capsules, liquid capsules, tablets, and powders.
Global Dietary Supplements Market: Regional Outlook
Besides witnessing lucrative opportunities across developed economies, prevailing opportunities will help the market spawn into a profitable industry in emerging regions such as Latin America and Asia Pacific. The presence of large consumer base and unmet medical needs in these regions, provide the leading players with lucrative opportunities to capitalize on in the forthcoming years. Currently, India, China, and the US have emerged as the leading markets for dietary supplements.
Global Dietary Supplements Market: Vendor Landscape
To present a detailed analysis of the prevailing vendor landscape, the report profiles some of the leading players operating in the market. The analysis is intended to gauge the impact of marketing and sales strategies adopted by the companies. In addition SWOT analysis is also conducted on companies profiled such as Abbott Nutrition, Advocare International, BASF Corporation, Herbalife Ltd, Chemi Nutra, Bayer Healthcare LLC, Amway, Biosyntrx, Inc., HORN Nutraceuticals, NBTY Inc, Novartis AG, A1 Supplements, Enzymotec USA, The vitamin Shoppe, NOW Foods, General Nutrition Companies, Omega Protein, and Pro Health.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.