Global Nutritional Supplement Market to expand at 10.01% till 2023
According to a new report released by Research on Global Markets, the global nutritional supplement market is expected to expand at a compound annual growth rate (CAGR) of 10.01% and reach a market size of USD 245.4 Bn by 2023.
The prevalence of chronic diseases and generic health conditions has made it necessary to adopt preventive steps to ward off unwanted complications. Awareness regarding pollution and its implications has successfully motivated an increasing number of people to include nutritional supplements in their diets. The zest for physical fitness and sports activities has also seen a rise which has further created a demand for nutritional supplement products.
People of advanced ages are increasingly being prescribed nutritional supplements as a source of essential vitamins and proteins that can help subside health problems like joint and muscular pain, low vitality, dryness of skin and diminishing eyesight. Even teenagers and young adults form an important consumer component as impactful advertisements are provoking them to consume nutritional supplements in order to boost their energy.
Check out the Research on Global Markets report featured in this article:
Nutritional supplements include vitamins, proteins, minerals, essential amino acids and various kinds of botanical ingredients that can enhance the general well-being of a person. The global nutritional supplements market can be classified based on products which are available in different edible forms like energy bars and drinks, vitamin tablets and capsules, protein powders and many others. Supplementary products add to a healthy diet and are not meant to form a person’s diet.
The launching, marketing, and selling of nutritional supplements are not required to obtain approval from medical boards and committees as they do not fall into the category of medicinal products. Nutritional supplements only provide nourishment and replenish the body. These products are highly recommended to those who have nutritional deficiencies but they have no prominent medicinal uses.
According to market insights based on the report, botanical supplements held a major market share of 43% in 2017. This can be attributed to the fact that botanical supplements contain herbal and natural ingredients, therefore, believed to have relatively fewer side effects as compared to synthetically manufactured supplementary products. The amino acids segment is also predicted to grow at a rate of 8.6% during the forecast period. The global nutritional supplements market is also categorized based on end-consumer, in which the adult category holds 61% of the share and the infant category holds the remaining 39% of the market share.
The nutritional supplement products offer key health benefits like:
- Improved memory power
- Better energy levels
- Strengthens eyesight
- Recovers bone fiber
- Promotes blood circulation
- Fortifies the immunity system
- Encourages overall physical growth and development
These benefits lure consumers from all aspects of life to buy nutritional products for the overall well-being of themselves and their family. The top brands manufacturing these products have garnered vital information that has enhanced their understanding of the market. These industry players have evolved effective market strategies like attractive packaging, and consumer-specific product launches that introduce new flavors. Such factors are propelling the growth of the market.
Major highlights of the report:
- Market scope and segmentation
- Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography wise market revenue (USD Bn), market attractiveness analysis, and key observations
- Global market drivers, trends and challenges
- Value chain analysis
- Porter's five forces analysis
- Market segmentation based on ingredients (vitamins, proteins, amino acids, enzymes, and botanicals) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on end-users (adults, and infants) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Regional market insights
- Competitive landscape and brand profiles