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The Europe dietary supplements market size is projected to reach USD 33.80 billion by 2027 on account of growing focus on preventive healthcare measures, finds Fortune Business Insights™ in its report, titled “Europe Dietary Supplements Market Size, Share & COVID-19 Impact Analysis, By Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form (Tablets, Capsules, Powder, and Liquid), and Regional Forecasts, 2020 – 2027”. The report states that the regional market value stood at USD 14.95 billion in 2019 and is expected to register a CAGR of 9.3% from 2020 to 2027.
The COVID-19 pandemic is anticipated to positively impact the Europe dietary supplements market growth throughout 2020 as the demand for effective food supplements has surged in the continent since the outbreak has started.
Nutricia to Support Research Initiatives for Recovering COVID Patients
In May 2020, Nutricia, a brand under the food & beverages giant, Danone, announced that it will be backing new research initiatives of medical professionals to accelerate recovery of COVID-19 patients discharged from Intensive Care Units (ICUs). The country will be providing support to initiatives being undertaken across 16 countries worldwide through funding worth €1 million. Starting with a project in Italy, the final aim of the company is to aid researchers formulate guidelines for nutritional care of coronavirus patients recovering from ICU stays as prolonged periods in ICU can lead to substantial loss of muscle mass, which can impact overall rehabilitation and affect long-term health of patients.
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Increasing Adoption of Veganism in Europe to Benefit the Market
A prominent trend in the food & beverage industry in Europe is the increasing inclination in the region towards veganism. The Vegan Society, for instance, estimates that between 2014 and 2019, the number of vegans in the UK quadrupled reaching 600,000 towards the end of 2019. In Germany, the number of vegans stood at 1.3 million, according to a 2020 report by Proveg International, a global food awareness body. Since vegans refuse to consume any animal-based foodstuffs, they require additional supplements to maintain their body weight, temperature, strength, and energy. For example, vegans are highly recommended to take vitamin B12 supplements as plant-based foods do not have sufficient quantities of this nutrient. Similarly, vegans are advised to consume substantial amounts of iodine and omega-3 fatty acids to ensure a well-balanced diet. Thus, steady spread of veganism around Europe will augur well for this market in the coming years.
Strategic Ventures among Market Players to Fuel Competition
One of the top strategies adopted by key players in the Europe dietary supplements market is to engage in strategic collaborations and partnerships to enlarge their footprint in the market. Many of the large companies in this market are aggressively partnering with other competitors to augment R&D capacities and develop novel products for consumers. An interesting feature of the competition in this market is the notable presence of pharmaceutical companies, who are shaping the innovation trends of the market.
List of Key Players Profiled in this Market Report:
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Value (USD Billion)