Global Dietary Supplements Market: Consumer Behavior Analysis by Countries, Buying Pattern Analysis, Demographics, Trends Analysis, Survey Findings and Results, Leading Companies and their Market Strategies
Infinium Global Research and Consulting Solutions has published a comprehensive research study based on a survey conducted to analyze the buying patterns, consumer behavior and impact of pricing on buying decisions. The report also provides insights into the marketing strategies and steps were taken by the companies to retain their market position in the local as well as the global market. The study also provides insights into the factors affecting the buying decisions, consumer preferences, and the demographic factors promoting the growth of the products of the global dietary supplements market.
Diet plays a significant role in maintaining a healthy life. The nutrients from the diet are necessary to carry out the normal functioning of the body. Due to the change in lifestyle, the eating habits of people around the world have changed in the past few years. Many people tend to eat more convenient fast foods rather than homemade food. This change in the eating habits of the people affects their nutrient intake. The nutrients essential for the body, particularly the micronutrients are rarely found in fast foods. Lack of these nutrients in the diet causes micronutrient deficiency in the body. Micronutrient deficiency can develop several symptoms including goiter, anemia, night blindness, scurvy, rickets, and dermatitis. To maintain the optimum level of nutrients in the body, people should consume nutritious foods containing all the essential nutrients. Many people consume dietary supplements to compensate for the lack of nutrients in the food. The dietary supplements come in different forms including pills, capsules, powder, and liquid. There are different types of available in the market including vitamins, botanicals, minerals, proteins & amino acids, fibers & specialty carbohydrates, and omega fatty acids.
Growing Awareness Regarding Preventive Healthcare Augment the Growth of the Global Dietary Supplements Market
According to Infinium Global Research and Consulting Solutions, the global dietary supplements market was valued at USD 163.1 billion in 2019 and it is expected to grow with a CAGR of 6.5% over the forecast period of 2020-2026. The growth of the market is driven by the rise in awareness regarding preventive healthcare. In the past few years, the concept of preventive healthcare has come into popularity. As the name suggests, preventive healthcare focuses on the preventive measures for certain health issues rather than curing them when they occur. Moreover, the major media channels play an important role in spreading awareness about preventive healthcare. These media channels share information regarding preventive healthcare and products such as nutritious foods and dietary supplements. This, in turn, increases the demand for dietary supplements.
The survey conducted by Infinium Global Research and Consulting Solutions found most of the people across the world consume dietary supplement at least once in a day. While a considerable part of the population consumes dietary supplements twice a day. The higher consumption of the dietary supplement is largely due to the growing awareness regarding the products available in the market and their effect on health. The dietary supplements help in maintaining fitness along with keeping the number of diseases at bay. Moreover, the availability of a number of OTC dietary supplements in the market makes them more accessible to consumers. Thus, people can easily buy dietary supplements from the nearest pharmacy or retail stores. This, in turn, leads to more consumption of dietary supplements.
Figure 1 Usage Frequency of Dietary Supplements in the US
Source: Infinium Global Research Analysis
The United States, China, and Germany among Top Markets for Dietary Supplements
According to the findings in the report, countries in the United States, China, and Germany are some of the best markets for dietary supplements. North America and the Asia Pacific together make nearly 65% of the total sales of dietary supplements in the world. The US is the leading country in terms of sales in the global dietary supplements market followed by China and Germany. Higher awareness about dietary supplements and their effect on health coupled with a higher willingness to spend on healthcare products are the major drivers for the sale of dietary supplements in these countries. On the other side, the sale of dietary supplements in developing countries such as India is anticipated to grow rapidly. Factors including improving economic conditions and higher awareness of the products are majorly influencing the sale of dietary supplement s in developing countries.
Figure 2 Top Countries in the Global Dietary Supplements Market in 2019 (Revenue % Share)
Source: Infinium Global Research Analysis
North America Generated Highest Revenue from Dietary Supplements
In terms of geography, North America generated the highest revenue in the global dietary supplements market. Higher awareness about dietary supplements and preventive healthcare is the major driver for the growth of the market in North America. Furthermore, the higher geriatric population and strong distribution channels are augmenting the growth of the market. Additionally, the presence of major players in the market such as Amway and NBTY is propelling the North American market. Moreover, the Asia Pacific region is projected to grow with the fastest rate owing to the growing awareness about products and improving healthcare and economic conditions in the region.
Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through
• Key Opinion Leaders associated with Infinium Global Research
• Internal and External subject matter experts
• Professionals and participants from LinkedIn, Hoovers, Factiva, and Bloggers
• Our primary research respondents typically include
• Executives working with leading companies in the market under review
• Product/brand/marketing managers
• CXO level executives
• Regional/zonal/ country managers
• Vice President level executives.
Methods of Primary Research
• Computer-assisted telephone interview (CATI)
• Computer-assisted personal interview (CAPI)
• Computer-assisted web interview (CAWI)
Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources. The secondary sources of the data typically include
• Company reports and publications
• Government/institutional publications
• Trade and associations’ journals
• Databases such as WTO (World Trade Organization), OECD (The Organization for Economic Co-operation and Development), Hoovers, Factiva, and the World Bank, among others.
• Websites and publications by research agencies
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