The
top performing products in the U.S. dietary supplement market are
exhibiting double-digit growth rate thanks to heightened consumer
focus on health, improved industry regulation, and industry trends
that are focused on globalization.
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How
safe are herbal dietary supplements?
The
manufacture of herbal dietary supplements is regulated by the FDA in
the United States, but is not subject to the same scientific scrutiny
or regulations as food or drugs. For instance, herbal supplements
manufacturers are required to follow good manufacturing practices in
order to ensure that supplements are processed under uniform
conditions and meet quality standards but they do not need approval
from the Food and Drug Administration (FDA) before launching their
products in the market.
Nevertheless,
the FDA regulates both dietary ingredients and finished dietary
supplements. The FDA oversees dietary supplements under a different
set of mandates than those that cover conventional foods and drugs.
These are regulated under the Dietary Supplement Health and Education
Act of 1994 (DSHEA), which states that:
Dietary
ingredients and dietary supplements that are adulterated or
misbranded are prohibited to be marketed by product manufacturers and
distributors.
FDA
is responsible for taking action against any misbranded or
adulterated dietary supplements after it is introduced in the
market.
What
are the core factors driving the growth of the vitamins and herbal
dietary supplements market?
The
demand for safe and naturally derived curative options persists among
consumers. Consumers are more inclined towards the purchase of herbal
products combined with government support for promoting the use of
traditional medicine. For instance, Traditional Chinese Medicine
(TCM), Ayurveda, and several other indigenous medicines are
increasing their impact. Furthermore, the rising healthcare cost is
also favoring the growth of the vitamins
and herbal dietary supplements market as consumers are seeking
alternate options for medical conditions.
There
are several reasons for taking vitamin supplements, such as
over-the-counter multivitamins. As per the American Academy of Family
Physicians (AAFP), vitamin supplements are recommended to be taken
for:
- Certain health conditions.
- Individuals who eat a vegetarian or vegan diet.
- Pregnant or breastfeeding women.
Are
herbs and botanicals regulated by legislations in the European
Union?
Yes.
Traditional herbal medicines for human use are as much regulated as
pharmaceutical products. A simplified registration procedure for the
pharmaceutical legislation of traditional herbal medicinal products
was introduced in 2004 that overcame the difficulties encountered by
the member states earlier. The objective of the simplified
registration procedure is to safeguard public health and eliminate
misinterpretations and uncertainties about traditional botanical
products that existed among the member states and allow the free
movement of these products by introducing harmonized rules in the
region. This has reverberated in the form of increased sales of
herbal supplements and botanicals and many new companies have entered
the dietary supplements space.
The
vitamins, minerals, and health supplements market is highly
fragmented and has immense opportunities for mergers and
acquisitions. In recent years, both pharmaceutical companies and
makers of consumer packaged goods (CPG) are gearing up to expand
their consumer health division, which suggests that acquisitions in
this space will continue to happen.
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