Dietary supplements market to reach $278.02b

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.

In China and India, the growth is spurred by the prevalence of lifestyle diseases, while in the United States and Germany, fluctuating dieting patterns and hectic work lifestyles are contributing to higher obesity rates.

The combination 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.

Grand View Research said the vitamin supplements market revenue hit 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.

Further key findings from the report suggest:

• 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.