Global Vitamins and Herbal Dietary Supplements Market: Preventive Health takes Centre Stage, observes TMR

As more people realize the value of good health and well-being, the interest in and demand for vitamins and herbal dietary supplements has grown. Transparency Market Research finds that with growing awareness, the market for vitamins and herbal dietary supplements has been booming and several new companies have ventured into this lucrative space. In a report titled “Vitamins and Herbal Dietary Supplements Market - Global Industry Size, Market Share, Trends, Analysis, and Forecast 2016–2023”, TMR predicts that this market will register a healthy growth rate throughout the forecast period.

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As indicated above, one of the most significant factors driving the global market is increased consumer awareness. Preventive healthcare has taken prime focus when it comes to lifestyle as well as dietary choices and consumers are now looking for products that will fulfil their various health and beauty needs. The rise of the informed consumer has compelled manufacturers of dietary supplements to bring to the table products that cater to their personalized demands and at the same time, offer improved effectiveness and safety. This has significantly benefited the market for vitamins and herbal dietary supplements.

The development of new sales and distribution channels has also augured well for the global market, a TMR analyst points out. The proliferation of ecommerce and the growing number of supermarkets, hypermarkets, and drugstores have aided the vitamins and herbal dietary supplements market. Internet sales have contributed considerably to this industry and this trend is likely to stay true throughout the forecast period.

Based on geography, the Europe market for vitamins and dietary supplements holds a substantial share, with consumers looking to improve their daily diet and up their vitamins and nutritional intake. The trend of consuming additional supplements in the region will, however, be hampered by consumers looking to fulfill their dietary requirements by eating a rich, well-balanced, and nutritious diet.

The Asia Pacific vitamins and herbal dietary supplements market is projected to be fueled by a rise in urban-based consumers with higher disposable incomes and greater awareness about nutritional deficits. In addition to this, hectic lifestyles of the working class population in countries such as India and China are anticipated to boost the demand for as well as sales of vitamins and herbal dietary supplements in the region.

The market in North America is propelled by a large geriatric population looking for ways to postpone aging or to age gracefully. This, combined with the presence of leading market players, the high accessibility of products, and the growing consumer awareness about health and wellness, is projected to support the market in this region.

Some of the leading players in the global vitamins and herbal dietary supplements market are Nu Skin Enterprises, Inc., Herbalife Ltd., Amway, Nestle S.A., Archer Daniels Midland Company, Otsuka Holdings Co., Ltd., Glanbia plc, and Abbott Laboratories. 

Growing Awareness among Consumers Regarding Healthy Lifestyle to Bolster Global Vitamins and Herbal Dietary Supplements Market

A new study, titled “Vitamins and Herbal Dietary Supplements Market - Global Industry Size, Market Share, Trends, Analysis, and Forecast 2016 – 2023,” by Transparency Market Research offers a comprehensive overview of the market. The research study throws light on the latest trends and key opportunities in the global vitamin and herbal dietary supplements market. In addition, the study offers a complete evaluation of the market, presenting insights into the past performance and verifiable forecasts regarding the market size and growth rate.

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Vitamins and herbal dietary supplements are considered as non-pharmaceutical and non-food substances that are consumed to improve the overall health. These supplements play a vital role in treating several health problems and deficiencies. The rising awareness among consumers regarding a healthy lifestyle is one of the primary aspects boosting the demand for vitamins and herbal dietary supplements across the globe.

The growing geriatric population, growing focus on healthy eating habits, and the rising disposable income in emerging economies are some of the primary factors estimated to augment the growth of the global vitamins and herbal dietary supplements market throughout the forecast period. In addition, consumers are shifting from care to preventive health options, owing to which the demand for the dietary supplements is expected to rise in the near future.

On the other hand, the high cost of vitamins and herbal dietary supplements and concerns related to compliance are estimated to curtail the growth of the global vitamins and herbal dietary supplements market in the next few years. Nevertheless, the rising incidences of health disorders and technological developments are encouraging the growth of the market.

The global market for vitamins and herbal dietary supplements has been categorized on the basis of product type into herbal dietary supplements, pediatric vitamins and dietary supplements, and bottled nutritive drinks. Furthermore, the research study has been segmented on the basis of application and geography. The research report has highlighted the share, size, and growth rate of each product type to give a clear picture of the global market.

Some of the key players in the global market for vitamins and herbal dietary supplements are SAS Nexira, Tate & Lyle, Cargill Inc., E. I. duPont de Nemours and Company., Roquette Freres, Lonza Group, and SunOpta. A thorough vendor analysis of the prominent players has been included in the study to help the new entrants in determining the competitive scenario of the overall market. The key players operating in the market are focusing on expanding their product portfolio in order to gain a competitive edge in the market and establish their presence across the globe.

Global Vitamins and Herbal Dietary Supplements Market to be Driven by Growing Demand for Indigenous Medicine

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.

Vitamins and Herbal Dietary Supplements Market - Global Industry Size, Forecast 2016 – 2023

Vitamins and herbal dietary supplements are the non-food and non-pharmaceutical substances which are used to improve health. Vitamins are the organic compound while herbal is the plant derived substances which are used to cure medical conditions. Supplementation plays a crucial role in treatment of health problems as well in deficiencies. Vitamins and herbal dietary supplements have diverse biochemical functions. For instance vitamin D regulates mineral metabolism and also provides cell and tissue growth.

Vitamins and herbal dietary supplements market can be segmented as- Pediatric Vitamins and dietary supplements, Herbal Dietary Supplements, Bottled Nutritive Drinks and Others. Moreover vitamins supplements can be further segmented into Multivitamins and Single vitamins (Vitamin A, Vitamin B, Vitamin C, Vitamin D and Vitamin E). Moreover geographically market can be segmented into - North America, APAC, Europe and RoW regions.

The demand for safe and natural options persists strong in the mind of consumer. While governments are recognizing the benefits of traditional medicines, people are more inclined towards purchase of herbal products. Ayurveda, Traditional Chinese Medicine (TCM), and several other indigenous medicines are extending their impact. Moreover rising healthcare cost is also propelling vitamins and herbal dietary supplements market as people are seeking for alternative options. Further high cost of R&D and lack of funding are the major growth barriers.

The North American region remains the largest market for vitamins and herbal dietary supplements followed by Europe. Asia-Pacific region is also growing up at a rapid pace.

Some of the key players of vitamins and herbal dietary supplements market are- Cargill Inc., SunOpta , E. I. du Pont de Nemours and Company., Lonza Group, Roquette Freres , SAS Nexira and Tate & Lyle .

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The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.