Global Vitamins and Herbal Dietary Supplements Market: Overview
Vitamins and herbal dietary supplements are non-pharmaceutical products consumed for their health benefits. Vitamin supplements are used to counter conditions of vitamin deficiency, while a wide range of herbal dietary supplements are consumed for their claimed benefits. Since a large number of herbs are also consumed as part of meals, herbal supplements are defined by their distinct non-food use. Vitamins and herbal dietary supplements are usually used under prescription from physicians, though the low risk level of many vitamin and herbal dietary supplements means they can be consumed at the consumer’s convenience.
The global vitamins and herbal dietary supplements market is segmented into pediatric vitamins and herbal dietary supplements, bottled nutritive drinks, herbal dietary supplements, and others. The vitamin supplements market can be segmented into multivitamins and single-vitamin dietary supplements.
Global Vitamins and Herbal Dietary Supplements Market: Drivers and Restraints
One of the prime drivers for the global vitamins and herbal dietary supplements market is the rising demand for traditional schools of medicine. Notwithstanding the solid rise of Western medicine and the steady government support for continuous development of the same, conventional methods such as Ayurveda and traditional Chinese medicine (TCM) are also receiving rising demand. The high demand for direct consumption of herbal dietary supplements in these disciplines is likely to remain a key driver for the global vitamins and herbal dietary supplements market in the coming years.
The popular perception of modern medicines as being inherently more dangerous than natural remedies has also been vital in driving the global vitamins and herbal dietary supplements market in the recent past. Despite the absence of corroborative data, consumers in several regions have displayed skepticism towards some medical advances, while embracing herbal and other natural alternatives. The increasing emphasis of vitamins and herbal dietary supplement vendors on the safety aspect in the promotion of their products is thus an important driver for the global vitamins and herbal dietary supplements market.
Global Vitamins and Herbal Dietary Supplements Market: Geographical and Competitive Dynamics
Geographically, the global vitamins and herbal dietary supplements market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and the Middle East and Africa. Of these, North America is likely to remain the leading consumer in the global vitamins and herbal dietary supplements market in the coming years. The rising health-consciousness among citizens in the U.S. and Canada has resulted in growing adoption of various kinds of dietary supplements, which is likely to remain the key growth driver for the North America vitamins and herbal dietary supplements market. Europe, which also houses a large demographic of prosperous, health-conscious citizens, is likely to follow North America in the global vitamins and herbal dietary supplements market.
Asia Pacific could also play a key role in the development of the global vitamins and herbal dietary supplements market in the coming years. This is mainly due to the widespread reliance on conventional schools of medicine such as Ayurveda and TCM. The rising costs of healthcare in these countries could also benefit the vitamins and herbal dietary supplements market in Asia Pacific, as many patients are starting to prefer alternative modes of treatment.
Leading players in the global vitamins and herbal dietary supplements market include Cargill Inc., Lonza Group, SAS Nexira, SunOpta, and Tate & Lyle.
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.