Human Dietary Supplements Market Outlook by Demand, Size, Share, Development and Forecast 2023
Some
of the drivers behind the growing demand of dietary supplements include
increasing cost of healthcare, increasing awareness of dietary supplement
products, high population of baby boomers, and increasing urbanization. The
lifestyle of urban population is fast-paced as compared to that of the rural
population. The urban population is more health conscious, which is a major
factor for their inclination towards dietary supplements.
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According
to the United Nations Department of Economic and Social Affairs (UN DESA), the
largest growth in urban population took place in the Asian countries, such as
India and China, in 2013. India is expected to have 404 million urban dwellers,
while China 292 million by 2050.
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On
the basis of product type, the human dietary supplements market
can be segmented into vitamin, mineral, botanical, fatty acids, and other
supplements. Based on the application, dietary supplement is bifurcated into
four segments, namely pharmaceutical, food and beverage, personal care, and
others. The pharmaceutical sector is the largest end-user of dietary
supplements products, followed by food and beverage and personal care
industries.
Geographically,
Asia-Pacific is the largest market for dietary supplements, followed by Europe
and North America. During the forecast period, the Asia-Pacific dietary
supplements market is expected to grow at a high pace, driven by populous
countries, such as China and India. In terms of future growth, the Asia-Pacific
region is poised to expand at a faster pace, led by rising income level and
gradual acceptance of health products in daily living.
Some
of the major competitors of dietary supplements market include NBTY Inc.,
Koninklijke DSM N.V., Amway, Herbalife Ltd., Omega Protein Corporation, Bayer
AG, Naturalife Asia Co., Ltd., Integrated BioPharma Inc., Nu Skin Enterprises
Inc., BASF SE, Surya Herbal Ltd., Bio-Botanica Inc., The Himalaya Drug Company,
Ricola AG, Pharmavite LLC, Blackmores Ltd., Epax AS, and Axellus AS.
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