The dietary supplements industry is one of the fastest-growing industries in the health and nutrition industry. The
industry is a high-growth sector due to the current interest in health and nutrition. The dietary supplements market is anticipated to expand at a compound yearly growth rate (CAGR) of more than nine percent in 2021 to2027. There is an estimated value of over USD eleven billion in the dietary supplements market. The market is highly competitive, having a number of manufacturers, distributors, retail outlets, brokers, agents, and product suppliers.
The dietary supplements industry is the only industry that develops its own technology to deliver new nutritional products and improved formulations on a regular basis. The dietary supplement industry is currently utilizing the approach to ensure the health and wellness of both customers and consumers. This holistic approach includes dietary supplements, medical nutrition, weight management programs, and personalized nutrition programs. With its large market reach and a wide variety of products, the supplement industry is also one of the most lucrative industries in the health and nutrition area, with over USD twelve billion revenue estimated for the year 2021. Although, there are some challenges that the industry is facing in the form of increased customer competition and decreasing shelf-life, still the supplement industry is one of the largest and fastest-growing industries in the health and nutrition industry.
Asia Pacific – The Asia Pacific region is the world’s, second-largest food consumer. The region has a rapidly expanding middle class with increased purchasing power and the potential for growth. The growth and prosperity in this region have created a demand for quality health and nutrition in the diet of the people. The demand for dietary supplements in the Asia Pacific region is expected to increase at a compounded annual growth rate of approximately nine percent through 2021. Leading global dietary supplement manufacturers are focusing their efforts on meeting the needs of the Asian market.
Vitamin Supplements – The vitamin and nutrient market in the Asia Pacific is increasing due to the increasing demand for vitamins and nutrient intake in the region. There are two key factors affecting the growth of the Asian nutritional supplement market: increasing demand and easy availability of good quality ingredients. Vitamin E and C are two of the most popular vitamin supplements in the Asia Pacific. As more Asian countries have liberalized their laws on foreign ingredient usage, vitamin supplementation is becoming more available in the region. The easiest way to source out essential vitamins and other nutrients is through local Asian food markets or by the traditional rural processes.
Research Methodology food and drug industries are also making a foray into the dietary supplements market. There is an increasing number of companies in the region investing in research methodology to discover novel ingredients that would yield better results. These companies are investing millions of dollars in the research methodology. With the availability of information on the internet, more Asian researchers are joining the fray. The research methodology is yielding promising results and improving product quality.
Segmentation Analysis – Segmentation of the dietary market is also important to assess the health benefits and profitability of the industry. Nutritionists and biochemists conduct segmentation analysis of vitamins and minerals to understand the consumer demand. Segmentation enables a company to understand and provide customized nutrition solutions to buyers.
Research and Development – Another vital factor responsible for the segmentation of the market is research and development. The demand for vitamin supplements is increasing globally due to increasing awareness. About the health benefits and adverse effects of chemical ingredients used in conventional supplements. Scientists are finding new applications of vitamins and their derivatives in the market growth. In order to sustain the technological advances and boost the nutrition sector, companies are investing in R&D activities to identify new applications and benefits of existing products.
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Projection of the Future Growth – Another important aspect of the nutrition industry analysis is the projection of the future demand. The demand for dietary supplements is expected to increase globally due to the increasing popularity of health and fitness programs. The demand for weight-loss supplements and stress-reducing supplements is also increasing due to increased stress levels. It is observed that people are using multivitamins to counter these issues. The forecast period for the future of this industry can be seen from the current trends and projections.