With the increasing consciousness on health and wellbeing, today, the customers are turning towards dietary supplements. The Indian dietary supplement market is expected to reach INR 847.9 billion by 2027, exhibiting a CAGR of 14% during 2022-2027, reports Imarc, a market research and consulting services company.
Data Bridge Market Research analyses that the global dietary supplements market will project a CAGR of 8.72% for the forecast period of 2022-2029 .Growth and expansion of the food and beverages industry, growing focus on innovations in the food and beverages sector, rising consumer consciousness towards supplements that promote good health, surging prevalence of chronic diseases and disorders such as diabetes, and high blood pressure and increasing personal disposable income by the major companies are the major factors attributable to the growth of dietary supplements market
North America region dominates the dietary supplements market and will continue to flourish its trend of dominance during the forecast period owing to the high prevalence of chronic and non-chronic diseases, increasing awareness about the consumption of supplement products in Mexico and increase in the research and development initiatives taken by major companies. Asia-Pacific is set to register a high growth rate during the forecast period and score the highest CAGR owing to the growing number of leading market players in the region, rising westernization, changing lifestyle, and increasing personal disposable income.
Here’s a look at insights on the top supplement trends.
Rise of Gummy Vitamins
Most dietary supplements are bland in taste which makes them difficult to consume by patrons. With this challenge in mind, gummy vitamins are emerging as a savior in this circumstance, redefining the health and beauty industry. According to market reports, the global gummy vitamins market is projected to reach $10.6 billion by 2025.
Brands are now developing gummies that provide vital vitamins for hair, skins, and more. As they are chewable, pleasant, innovative, and intriguing, people have welcomed this new method of consuming vitamins.
North American companies also focused on pregnancy/breastfeeding and joint health products, whereas oral, energy and stamina product launches featured strongly in Europe and Asia.
Bone and immune health were also key drivers in the EU. Diabetes was popular in Latin America, whereas NPD in Australia/New Zealand followed the main overall trends.
The rise of the health-conscious consumer can be attributed in part to the popularity of wearable technology to monitor and measure personalized data. Companies are using this to help users shape individual health plans, increasing choice and meeting consumer demand for personalized nutrition.
Care/Of is one company spearheading the personalized nutrition trend. The company enables customers to build a personalized daily vitamin pack, with “honest guidance and better ingredients.” Users answer questions around basic health information, goals, and lifestyle. Focus is placed on specific needs and general health, covering areas such as brain, energy, heart, skin, immunity, digestion, stress, bones and sleep. The questionnaire also asks if the customer currently takes supplements, and if so, how many they take per day. Additionally, it asks the user’s views on alternative medicine and if they prefer products that are currently under research.
These brands are reimagining what supplements should look like. One company, for example, has products that look like tiny beads in a yellow-liquid-filled capsule. Another is selling vitamins in friendly-looking, customized packets.
Needless to say, this shift in aesthetics has greatly increased vitamins’ “cool factor.” Millennials and others are responding by sharing their new vitamin rituals and images of their lovely-looking capsules with their online friends.
Streamlining Dietary Supplements
Now is an exciting time for the supplement industry. The increase in health awareness due to COVID is making innovation more important than ever to meet the persistent needs, ensure engagement, and win loyal consumers. In addition, the supplement industry has an unprecedented opportunity to support consumers' health and wellness.
Owing to the growth potential of dietary supplements, the Fortune 500 companies are taking notice. For example, in just the past year and a half Bayer has acquired a majority ownership in care/of, Nestle Health Science has acquired Persona Nutrition and Walgreens has partnered with Nature Made to make it nourish brand personalized subscriptions available through Walgreen’s website, too.
By Abhrasnata Das