Market Overview
Dietary supplements are medicines designed to provide a specific nutrient to make up for its shortage in the human body. Personalized nutrition is an emerging field in which manufacturers can offer medicines to customers based on their preference. Breakthroughs in dietary supplements and advances in production methods have extended their scope indefinitely. The global dietary supplements in the age of personalized medicine market report by Market Research Future (MRFR) focuses on pertinent drivers and challenges for the period of 2022 to 2030 (forecast period).
Dietary Supplements Market is expected to register a CAGR of 8.12% and reach USD 328.8 billion by 2030.
This growth is driven by rising health consciousness, an aging population, and the convenience of supplements.
The dietary supplement market share is divided into five segments: vitamins and minerals, herbs and botanicals, sports nutrition, meal replacements, and other supplements. Vitamins and minerals lead the market with a share of nearly 45% of the global market. This segment is expected to experience rapid growth due to the increasing awareness about the benefits of dietary supplements, especially among the elderly population.
Herbs and botanicals, which include herbal extracts, spices, and other such substances, hold a share of around 15% of the global market. This segment is driven by the growing demand for natural products and the increasing number of clinical trials that prove the efficacy of the products.
Sports nutrition holds a share of around 10% of the global market, driven by the growing number of athletes and fitness enthusiasts. This segment is expected to experience rapid growth in the coming years, due to the increasing demand for specialized nutrition products.
Segmentation
The global dietary supplements in the age of personalized nutrition market report has segmented its content by product category, application, gender, dosage form and end user.
By product category, it is segmented into herbs botanicals, vitamins, minerals, sports supplements, meal supplements, and others.
Applications of dietary supplements include genetic predispositions, lifestyle diseases, inherited diseases, and others.
By gender, it is segmented into 2 main categories - female and male. Female and male is further segmented into various age groups, namely, 55 + age group, 35-54 age group, 19-34 age group, and 0-18 age group.
On the basis of the dosage form, it is segmented into tablets, capsules, powder, liquids, soft gels and others.
Major end users are home care, hospitals clinics, and others.
Regional Analysis
The global dietary supplements market Report in the age of personalized nutrition market covers regions of Americas, Europe, Asia Pacific (APAC), and the Middle East Africa (MEA).
The Americas are predicted to dominate the global market till 2030 owing to high awareness levels among customers. Thorough testing of vitamin levels to comprehend nutrient deficiencies within patients is one of the biggest drivers which can propel the growth of personalized medicine. The focus on cellular health can lead to investment in research and development which can target on specific nutrient levels is expected to further the global dietary supplements in personalized medicine market.
APAC is anticipated to display a CAGR of 7.55% during the forecast period owing to the large healthcare expenditure of nations and the increasing numbers of the geriatric populace. High birth rates and cases of malnutrition can spike the need for dietary supplements till 2030.
Competitive Outlook
Carlyle Group, GlaxoSmithKline plc, Bactolac Pharmaceutical Inc., Pfizer Inc., Glanbia, Archer Daniels Midland, Danisco, Danone Nutricia, Natures Product Inc., Herbalife International, Balchem Corporation, Bayer AG, Abbott Laboratories, Amway (Nutrilite), Nestlé Health Science, and others are key dietary supplements market players of the global in the age of personalized medicine market.
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