According to Netscribes’ report on the global nutritional supplement Market, published by Research on Global Markets, the Asia-Pacific region is set to witness the highest growth rate (14.6%) till 2023. On a global scale, the market is expected to reach a value of USD 245.4 Bn.
Increasing health awareness, and a growing geriatric population, coupled with self-medication among patients due to higher healthcare expenses, are reasons contributing to the growth of the global nutritional supplement market. The segment for botanical ingredients will experience the maximum growth, since the products are significantly safer and have fewer side-effects, compared to their synthetic counterparts. It already accounts for about a 43% market share. Amino acids are popularly used as flavor enhancers by the food industry, and this segment is expected to expand at a compound annual growth rate (CAGR) of 8.6%. Additionally, sports and fitness activities have become immensely popular in recent years, pushing the consumption of protein drinks and vitamin supplements.
According to the report, the use of nutritional supplements has increased considerably due to rise in sedentary lifestyles, along with a sharp rise in the incidence of heart and respiratory ailments, especially among adults. Population explosion has also contributed to market growth. Asia-Pacific will experience the maximum growth due to rising disposable income, and awareness regarding healthcare. Moreover, the masses have turned to health supplements to ensure that they have no nutritional deficiencies. Most working mothers choose to feed nutritional supplements to their babies.
Nutritional supplements impart several benefits to those who consume them, such as enhanced memory, stronger bones and joints, and improved health, which have made the products hugely popular among the elderly. An attempt to prevent age-related diseases has boosted the popularity of nutritional supplements in European countries.
Check out the Netscribes report featured in this article:
Key highlights of the report:
- Scope and segmentation of the global nutritional supplement market
- A comprehensive market overview with historical, current and future market size data, along with factors that drive and hinder market growth
- Market segmentation based on product types and end users
- Market analysis of the regions - North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa
- Analysis of the competitive landscape of the industry along with company snapshots of key market players