Factors Pushing the Dietary Supplements Market to $84.0 Billion by 2020
It’s been an incredible stretch for the dietary supplement market over the past decade and according to projections, that run is about to get even bigger. Future Market Insights anticipates the global dietary supplements market to reach US$84.0 billion by the year 2020 at a compound annual growth rate of 5.3%. The market capped off 2014 at an estimated $61.84 billion, so it’s clear that future growth in this market is on an aggressive upward swing.
Factors Driving the Market
Several factors could be seen as boosting the global supplement market, but none so blatant as the collective awareness of personal and preventative health displayed by individuals in this era. The days of trusting family doctors verbatim are long gone, as are the days of accepting prescription medication as the only means of treatment.
The instant access to information, along with a veiled distrust people have for “one-size-fits-all” medical practices, has pushed this generation to look elsewhere for treatments to their ailments. People are expecting more from their doctors, better results, and a personalized approach to treatment. With these criteria not being met, the dietary supplement market has stepped in to give these people alternatives.
Speaking to the U.S. specifically, the fact that Millennials are set to be the largest group in the country (currently 75 million), are currently reaching ages where their incomes are more stable, and are engaged in increased spending are also driving factors in this industry. This generation is characterized partly by their health-driven ideologies, in particular, alternative health solutions.
On the flip side of the equation, the U.S. and Canadian demographics are aging considerably and seniors are currently the largest consumers of supplements. As the number of seniors grows in the next decade and beyond, this demographic will continue to turn to supplements to treat the ailments associated with aging.
Type of Supplements Leading the Market
Vitamin supplements are expected to continue leading the charge in 2020, accounting for 38% of the total market, and fish oils/omega 3-6-9 being at about 16% market share. People will continue taking supplements at high rates, both for energy and to improve heart, digestive, bone, and joint health.
The vastness of the dietary market means there are inherently big players, but it also means there is ample opportunity to reach a growing consumer base if you’re able to produce a quality product and then market that product effectively to a targeted demographic.
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“Global Dietary Supplements Market to Reach US$ 84.82 Bn by 2020, FMI Projects,” BusinessWire.com, February 26, 2015; http://www.businesswire.com/news/home/20150226005846/en/Global-Dietary-Supplements-Market-Reach-84.82-Bn#.VPDBxXzF_Co.
Toppa, S., “Millennials Will Overtake Baby Boomers to Become Americas Biggest Generation,” Time web site, January 19, 2015; http://time.com/3673932/millennials-baby-boomers-largest-generation/.
“Dietary Supplements Market: Global Industry Analysis and Opportunity Assessment, 2014 – 2020,” Future Market Insights web site, February 25, 2015; http://www.futuremarketinsights.com/reports/details/dietary-supplements-market.