The global dietary supplements market is expected to reach USD 278.02 billion by 2024, at a CAGR of 9.6% from 2016 to 2024, according to a report by Grand View Research, Inc. Rising obesity rates in developed economies including the U.S. and Germany as a result of fluctuating dieting patterns along hectic work style among adults is expected to prompt the spending on nutritional supplements.
Over the past few years, the high adoption rate of fast foods along sedentary lifestyle in emerging economies including China and India has led to the increase in the prevalence of cardiovascular disorders, diabetes, and obesity. As a result, the individuals among high socio-economic and upper-middle-class income groups are expected to perceive the nutraceuticals including dietary supplements as the alternatives to prescribed drugs.
Vitamin supplements market revenue was more than USD 50 billion in 2015. Rising application of sports-related supplements for old-aged groups coupled with targeting the supplements against muscle wastage and maintenance of healthy joints is expected to have a strong impact on vitamin ingredient category in the near future.
Tablets are projected to generate a revenue of exceeding USD 100 billion by the end of 2025. Increased prevalence of multivitamin products in the form of tablets on account of comfortable dosage patterns is projected to have a substantial impact over the next eight years.
Pregnant women segment reported a revenue of USD 12.55 billion in 2015. Rising importance of folic acid based nutraceuticals for fetal development during the initial stage of pregnancy is projected be a key market trend.
Asia Pacific is expected to foresee the fastest growth at a CAGR of 11.2% from the period of 2016 to 2024. The strong foothold of middle-class income groups in China, India, Bangladesh, Pakistan, and Thailand is expected to force the nutraceuticals manufacturers to invest in the above-mentioned countries.
Key manufacturers dominating the Dietary Supplement market are Amway, Archer Daniels Midland Company, Abbott Laboratories, Bayer, Glanbia, Arkopharma Laboratories Pharmaceuticals, Glaxo SmithKline. Strengthening product length and capital expansion are expected to remain a key critical success factor for the industry for coming years.
In February 2016, NBTY, Inc., agreed to sell Vitamin World, a U.S retail business to Centre Lane Partners. This agreement is a standalone business with investment and resources tailored to retail business operations. This strategy is expected to benefit the company to position itself in the market with long-term growth and success.
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Fortified Foods Market- The Global fortified foods market has been witnessing strong growth over the past few years on account of increasing consumption of vitamin enriched foods.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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