Posted on Feb 16, 2021, 6 p.m.
Spurred by growing health and wellness awareness among global consumers of all age groups, the popularity of dietary supplements and similar products is growing due to their ability to provide essential nutrients many may not be able to obtain through diet alone. With a considerable rise in healthcare and fitness facilities, fluctuations in dietary habits, and shifting work practices, the global supplement market is surging at an impressive rate. In 2019, the market was valued at approximately $123 billion and current estimates project it will reach a valuation of $230.73 billion by 2027 with a compound annual growth rate of 8.2% over the forecast period. According to a report by Grand View Research, the growing popularity of using nutritional products for medicinal purposes – targeting a range of health issues from infertility to malnutrition – will impact the supplement industry in the years to come.
Factors Spurring Market Expansion
A wide variety of factors is expected to bolster market growth, including changing consumer behaviors, rising public awareness of health issues and disposable income levels, rapid urbanization, as well as global health variables ranging from the COVID-19 pandemic to post-pandemic health maintenance efforts.
Currently, within the pharmaceutical industry, there is growing consumer demand for microencapsulation – a manufacturing method that aims to ensure the quality of ingredients in products – which is likely to force many suppliers to adopt this technology in coming years. At the same time, medical nutrition products are increasing as the prevalence of cardiometabolic diseases propels further demand.
Additionally, there is a growing awareness of calorie reduction and weight loss programs in major markets, including the United States, China, and Italy which promote the health and wellness sector boosting its impact on the economy. Energy and weight management are expected to remain the dominant drivers of the industry as fat reduction and enhanced nutrition intake become a more prevalent concern among adults.
Dietary Supplement Industry Innovations
Alongside the aforementioned factors impacting the market, the supplement industry is experiencing internal changes as well. The U.S. Food and Drug Administration (FDA) has imposed stricter regulations regarding labeling food supplements to counter increasing incidences of violations regarding label standards and product quality that can threaten patient health and detract from their use. Dietary supplement manufacturers themselves are expected to increase their expenditure on product development and quality standards to meet the demands of the increasingly aware consumer.
In addition, distribution channels are innovating. Although the over-the-counter segment held the dominant market share in 2019, accounting for over 73% of revenue share, the importance of e-commerce portals as selling mediums is growing for nutraceutical manufacturers as they attract consumers by providing access to products through benefits, discounts, cash-on-delivery, and other features.
The largest market share has been held by the energy and weight management segment due to the continuing popularity of online weight loss programs and public health initiatives promoting a healthy diet. In 2019, this sector accounted for 30% of the dietary supplement market.
Adult patients comprise the major consumer segment and comprised nearly 50% of the market share in 2019. The dominance of this group will also be strengthened by the rising use of dietary supplements for nutritional enrichment in pregnant women which is expected to fuel growth in folate, prenatal multivitamins, vitamin D3, and magnesium products.
Furthermore, a growing aging population provides opportunities for product manufacturers as this segment has difficulty meeting Recommended Dietary Allowances (RDA) due to insufficient nutrient intakes. This results in increased demand for dietary supplements developed specifically for the needs of elderly patients and coincides with the rising prevalence of chronic diseases for which nutritional supplements are being increasingly targeted.
Alongside energy, weight management, and general health, immunity-focused products have gained and will continue to gain momentum as a result of a global shift toward health consciousness spurred by the COVID-19 outbreak. In the current pandemic environment, the increased focus on immune system support is expected to greatly benefit the dietary supplement market.
Healthcare professionals interested in learning more about this dynamic market are invited to attend the A4M Nutritional Supplement Workshop taking place on February 27, 2021. Topics will include supplement management techniques, regulation updates, the most effective product offerings, as well as safety profile concerns and how to address them. Event attendees will delve into the best protocols of supplement use for achieving optimal clinical outcomes, leaving with actionable insights they can readily apply to their medical practice.
As with anything you read on the internet, this article should not be construed as medical advice; please talk to your doctor or primary care provider before making any changes to your wellness routine.
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