LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global dietary supplements market to post a CAGR of close to 7% during the period 2018-2022, according to their latest market research report.
The increase in the number of strategic alliances and M&As in the global dietary supplements market is a key trend, which is expected to impact the growth of the market. Many companies in the industry are focusing on expanding into the complete health foods business instead of solely focusing on dietary supplements. This is a trend that is expected to gain traction over the forecast period, leading to strategic alliances and merger activities.
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In this report, Technavio researchers identify the rising awareness of preventative healthcare as one of the key factors contributing to the growth of the global dietary supplements market:
Global dietary supplements market: Rising awareness of preventative healthcare
One of the primary factors driving the demand for dietary supplements is the increase in consumer awareness of the availability and importance of preventative medicine and healthcare across the globe. Owing to the rising penetration of the internet and manufacturers’ efforts to raise awareness of their products, a growing number of consumers have started focusing on their nutritional requirements. Consumption of dietary supplements can help lower healthcare expenditure in the long run as they help to improve immunity.
According to a senior analyst at Technavio for food research, “Manufacturers of dietary supplements are leveraging this consumer behavior by providing detailed information about their products and related medical conditions. In addition, health insurance agencies are also encouraging consumers to take dietary supplements by increasing their co-pay allowances and providing better incentives for taking up preventative healthcare initiatives.”
Global dietary supplements market: Segmentation analysis
This market research report segments the global dietary supplements market by product (vitamins combination, fatty acids, probiotics, and others) and key regions (the Americas, APAC, and EMEA).
The vitamins segment dominated the market in 2017, with a market share of more than 54%. The fatty acids segment is expected to witness the maximum increase in its share of the market, while the combination and fatty acids segments will witness a substantial decrease in their market shares during the forecast period.
The APAC region dominated the market in 2017, with a market share of close to 43% and the region is expected to witness a further increase of over 2% in its market share over the forecast period, while the other two regions namely the Americas and EMEA will see a decline in their market shares by 2022.
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