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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.
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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.
List of the Major Companies Operating in the Global Market:
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Table of Segmentation:
Value (USD Billion)