With the presence of a large pool of participants, the global dietary supplements market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Bio-Botanica Inc., Bayer AG, BASF SE, Ricola AG, Herbalife Ltd, and Integrated BioPharma are some of the key vendors of dietary supplements across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the dietary supplements market study.
Citing an instance, in August 2018, TraceGains, compliance software information provider for food & beverage firms, acquired Healthnotes, a firm that offers regulatory & customer education to dietary supplement producers & retailers. Analysts project that the merger will help the dietary supplements market in sharing standardized data with many suppliers present on TraceGains supply chain network.
In yet another move that can impact the growth of dietary supplements market, in July 2018, a study made at UMass Lowell’s School of Criminology and Justice Studies revealed that dietary supplements such as omega- 3 fatty acid supplements can minimize abusive and disruptive behavior in both children as well as adults, thereby improving their behavior. For the record, it is empirically proved that omega-3 fatty acids improve brain health of children as well as adults.
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As estimated in this report, the global dietary supplements market stood at US$ 132.8 billion in 2016. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this dietary supplements market is set to reach US$ 220.3 billion by the end of the forecast period. The main types available in this dietary supplements market are botanicals, amino acids, vitamins, enzymes, and minerals.
Enhanced Awareness About Preventive Healthcare To Impel Business Space
“Rising consumer awareness about preventive healthcare and the rapidly rising geriatric populace is likely to contribute substantially towards the dietary supplements market revenue over the coming years,” says the author of this dietary supplements market study. Apart from this, massive impact of mass media communications & advertisement witnessed in the pharmaceutical & retail sectors will generate lucrative demand for the industry. Furthermore, introduction of new dietary supplement product is predicted to open new growth dimensions for dietary supplements market in the near future.
Negative publicity and false claims regarding the product use has adversely impacted the credibility & reputation of the manufacturers, thereby hampering the popularity of dietary supplements.
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Widespread Product Availability to Steer Asia Pacific’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide dietary supplements market and is anticipated to continue on the dominant position in the years to come, states the dietary supplements market study. Large-scale product availability and growing awareness among the customers about the benefits of its consumption is the main factor behind the dominance of the Asia Pacific dietary supplements market. For the record, APAC contributed over 31% of dietary supplements market share in terms of volume in 2016.