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Dietary Supplements Market Size to Reach USD 117.92 Billion by 2027; Evonik Launches Medox to Strengthen its Product Portfolio

August 21, 2020 | Food & Beverages

The global dietary supplements market size is expected to showcase an exponential growth by reaching USD 117.92 billion by 2027. This is attributable to the increasing demand for nutritious food products such as these supplements by the health-conscious population and the increasing geriatric population across the globe. Fortune Business Insights, in its latest report, titled, “Dietary Supplements Market Size, Share & COVID-19 Impact Analysis, By Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form (Tablets, Capsules, Liquids, and Powders), and Regional Forecasts, 2020 – 2027,” observes that the market stood at USD 48.22 billion in 2019 and is anticipated to exhibit a CAGR of 9.8% between 2020 and 2027.


Evonik Launches Direct-to-Consumer Anthocyanin Medox Supplement


In July 2020, Evonik, a German-based specialty chemicals company, announced the launch of Medox, an anthocyanin food supplement across all the pharmacies in the local market. This supplement consists of plant pigments extracted from Scandinavian blackcurrants and bilberries that aids in the smooth functioning of blood vessels.


Susanne Pluta, Consumer Products Director, Evonik, says, “The launch of Medox, an effective dietary supplement, is the first time that Evonik is supplying a complete finished product to the end-consumer. The launch brings to the fore our innovative approach that benefits both athletes, as well as the aging population. In addition to this, by building trusted relationships with the consumers, we aim to gain a market stronghold.” Such initiatives by the major companies are expected to bode well for the global human dietary supplements market growth during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/dietary-supplements-market-102082


Increasing Focus on Consumption of Healthy Food Products to Favor Growth


As per the U.S. National Institutes of Health (NIH), lifestyle-related diseases such as diabetes, obesity, and hypertension are the leading risk factors for developing cardiovascular diseases that account for over 30% of global deaths. The increasing incidence of such diseases is expected to drive the demand for healthy food products such as dietary supplements. Additionally, the rising number of geriatric population that requires adequate nutrition is expected to contribute to the growth of the global market in the forthcoming years.


Major Companies Focus on Product Launches to Consolidate Their Market Positions


The global food supplements market comprises of several major companies such as Abbott, Amway, and others that are striving to strengthen their positions and establish their brands. The growth is attributed to the increasing focus of these companies on introducing new dietary supplements to gain a competitive edge over their rivals. The other players are engaging in strategies such as merger and acquisition, partnership, and collaboration to maintain their market presence between 2020 and 2027.


Industry Development:



  • January 2020: Herbalife Nutrition, a leading dietary supplements provider, introduced its new product, Beta Heart. According to the company, the vanilla-flavored product is available in a 15 grams sachet across the stores and is designed to regulate cholesterol levels in the blood.


List of the Major Companies Operating in the Global Market:



  • Amway Corp (Michigan, United States)

  • Abbott (lllinois, United States)

  • Nestle S.A. (Vevey, Swizerland)

  • Herbalife Nutrition Ltd. (California, United States)

  • Archer Daniels Midland Company (lllinois, United States)

  • Glanbia Nutritionals (lllinois, United States

  • Otsuka Holdings Co. Ltd. (Tokyo, Japan)

  • Arkopharma (Carros, France)

  • Pfizer Inc. (New York, United States)

  • GlaxoSmithKline plc (Brentford, United Kingdom)


Further Report Findings:



  • North America is expected to showcase a considerable growth for the global market during the forecast period. This is attributable to the increasing prevalence of lifestyle-related diseases in the region. Additionally, the presence of the geriatric population and a positive attitude towards preventive healthcare solutions will favor market growth. The region stood at USD 11.95 billion in 2019.

  • The market in Asia-Pacific is expected to experience a significant growth owing to the increasing demand for nutritional dietary supplements and the rising awareness regarding fitness and nutrition in the region.

  • The segment vitamins, based on type, held a market share of 37.14% in 2019 and is expected to showcase an exponential growth backed by the increasing incidence of vitamin deficiency among the population.


Table of Segmentation:








































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



   Value (USD Billion)



Segmentation



By Form



  • Tablets

  • Capsules

  • Liquids

  • Powders



By Type



  • Vitamins

  • Minerals

  • Enzymes

  • Fatty Acids

  • Proteins

  • Others



By Region



  • North America (U.S., Canada, and Mexico)

  • Europe (Germany, France, U.K., Spain, Italy, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)

  • South America (Brazil, Argentina, and Rest of South America)

  • Middle East & Africa (South Africa, UAE, and Rest of the MEA)


Dietary Supplements Market
  • PDF
  • 2019
  • 2016-2018
  • 130

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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