Global Multi Nutritional Supplement Market: Market Overview
Consumers around the world have become more aware about their health and diet. Since normal day to day food fails to meet the complete nutritional requirements of humans, the demand for nutritional supplements has significantly risen around the world. The growing popularity of nutritional supplement has led to an unprecedented growth of the market for the same. Various nutritional supplements available in the market nowadays are vitamin supplement, herbal supplement, mineral supplement, meal replacement supplement, and sports supplement.
However, due to changing lifestyle choices and hectic daily schedules, consumers are now preferring multi nutritional supplement to take care of their daily nutritional needs. For instance, athletes and sportsmen often demand vitamin calcium with probiotics or vitamin and mineral supplement. Hence, multi nutritional supplements are gaining popularity since they provide comprehensive nutritional benefits.
Due to the rising disposable income and improved economic conditions, consumers are now willing to pay more for vitamin and other dietary supplements. Also instead of paying for several supplements to cater to their nutritional deficiencies, consumers prefer spending on multi-nutritional supplements with various nutritional properties.
These supplements are made available in the market through health stores, drug store, hypermarkets, and supermarkets. The prominent enterprises operating in the market often promote their brands through medical professionals. Many of these companies also promote their products through gym trainers and instructors. The social media has also emerged as an efficient medium of conveying marketing messages to potential consumers to create awareness. The market for multi nutritional supplement therefore is projected to continue experiencing robust growth in the forthcoming years.
Global Multi Nutritional Supplement Market: Key Segments
Based on consumers’ age, the market for multi nutritional supplement is segmented into women, pregnant women, adults, infants, and elderly persons. In terms of form, the market is classified into gel capsules, capsules, soft gels, liquids, powders, and tablets.
Regionally, the global multi nutritional supplement market is segmented into Asia Pacific excluding Japan, Latin America, North America, Western Europe, Eastern Europe, the Middle East and Africa, and Japan. The market also sees lucrative prospects in U.S and EU5.
Global Multi Nutritional Supplement Market: Key Trends and Opportunities
Multi nutritional supplement has emerged as one of the fastest growing segments in the nutritional supplement market. Multi nutritional supplements make a niche segment, which is driven by consumers suffering from under nutrition, apart from athletes and sportsmen. Urban lifestyle has become so hectic that people find less time or opportunity to fit in healthy and complete diet in their daily routine. This is one of the primary factors propelling the global multi nutritional supplement market.
Despite witnessing positive growth worldwide, the high price of multi nutritional supplements is a major factor restraining the market. Nevertheless, the market witnesses lucrative opportunities in developed regions such as Western Europe, North America, and Japan. Additionally Asia Pacific and Latin America also exhibit attractive prospects for the market. The rising disposable income of people living in the emerging nations of Latin America and Asia Pacific is a prime factor boosting growth opportunities for the multi nutritional market in the regions.
Global Multi Nutritional Supplement Market: Key Vendors
To present a holistic report on the prevailing competition in the market, the report profiles companies such as Nature's Bounty, Inc., Amway, Puritan's Pride, Inc., Rexall Sundown, Inc., and others
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.