dietary supplements market is projected to grow at a CAGR of 8.9% during the forecast 2030
Historically, dietary supplements marketing has focused on promoting a specific specialty ingredient targeted at specific consumer health needs such as omega 3 for heart health, lutein for eye care and others. Personalized nutrition offers manufacturers, the chance to develop a relationship with consumers rather than a single transactional approach. Massive advancements in the dietary supplements preparation in the field of personalized nutrition along with the possibility of the superior drug formulation will uplift the U. S. dietary supplements in the age of personalized nutrition market. The economies of scale and scope resulting out of greater demand for dietary supplements is expected to significantly reduce the final price of the products thus benefiting the final consumers. Thus, increasing the prevalence of cancer and metabolic diseases will result in arise in the volume of the dietary supplements market.
Dietary supplements in an age of personalized nutrition is regarded as one of the most noteworthy changes in the healthcare sector because of its capability to provide improved drug delivery and better patient/individual treatment process. Massive advancements in the dietary supplements preparation in the field of personalized nutrition along with the possibility of the superior drug formulation will uplift the U. S. dietary supplements in the age of personalized nutrition market.
However, spurious and misbranded products and safety concerns of dietary supplements affect the growth of the U. S. dietary supplements in the age of personalized nutrition market negatively.
The US dietary supplements market is expected to grow at a CAGR of 8.45% during the forecast period 2020-2030.
Source: World Health Organization, Centers for Disease Control and Prevention, expert interview market research future analysis, annual report, white paper, company presentation
The US dietary supplements market is segmented by product category, application, gender, dosage form and end-user.
By the product category, US dietary supplements market is segmented into vitamins, herbs & botanicals, sports supplements, meal supplements, minerals and other.
By the application, US dietary supplements market is segmented into lifestyle diseases, inherited diseases, genetic predispositions and others.
By the gender, US dietary supplements market is segmented into female and male. Female and male is further segmented into various age groups, namely, 55 + age group, 35-54 age group, 19-34 age group, and 0-18 age group.
By the dosage form, US dietary supplements market is segmented into tablets, capsules, powder, liquids, soft gels and others.
By the end-users, US dietary supplements market is segmented into hospitals & clinics, home care, and others.
Figure: US Dietary Supplements Market, by Product Category, 2016 (%)
Source: Council for Responsible Nutrition, FDA Center for Food Safety and Applied Nutrition Index, American Cancer Society, World Health Organization, Directorate of Industries, Expert Interview Market Research Future Analysis, Annual report, White paper, Company Presentation
U.S. dominated the global dietary supplements market owing, presence of major manufacturers such Abbott Laboratories, Pfizer Inc, Glanbia, Amway, Carlyle Group, Danone Nutricia, Nestlé Health Science and increase in usage among adults between the ages of 18 and 34. For instance, as per the recent annual survey conducted by Ipsos Public Affairs on behalf of the Council for Responsible Nutrition (CRN), about 71% of U.S. adults or more than 170 million Americans are consuming dietary supplements for various dietary purposes. Furthermore, increasing geriatric Population has also upsurged the growth of this US dietary supplements market. According to the population reference bureau, the number of Americans ageing 65 and older is projected to more than double from 46 million in 2015 to over 98 million by 2060. Whereas adversary effects of dietary supplements and FDA approvals have been a concern for the market
Some of the key players in this US dietary supplements market are Nestlé Health Science, Danone Nutricia, Carlyle Group, Amway (Nutrilite), Archer Daniels Midland, Abbott Laboratories, Herbalife International, Amway, Danisco, Glanbia, Bayer AG, GlaxoSmithKline plc, Pfizer Inc., Balchem Corporation, Natures Product Inc., Bactolac Pharmaceutical Inc. and others.