Asia Pacific was the largest market for dietary supplements in 2013, accounting for 31.2% of the global market share, followed by Europe and North America with market share of 30.1% and 25.4% respectively.
New York, NY -- (SBWIRE) -- 01/19/2016 -- The National Institutes of Health's Office of Dietary Supplements says that an appreciable number of adults in the United States consume at least one or more dietary supplements occasionally, if not every day. This trend is gradually being seen in many other developed and developing countries alike. A latest report published by Persistence Market Research (PMR) corroborates this trend by finding that spending on dietary supplements will stand at US$179.8 billion globally by 2020. PMR's report, titled, 'Global Market Study on Dietary Supplements: Botanical Supplements to be the Largest Market by 2020', finds that formulating products with natural ingredients will be key to success in this dynamic space.
PMR's report states that the global market for dietary supplements had a valuation of US$109.8 billion in 2013 and the market is projected to have a CAGR of 7.4% between 2014 and 2020. Botanical dietary supplements are expected to perform well over the forecast period of this report, exhibiting a healthy CAGR of 6.6% between 2010 and 2013.
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The authors of the report note that the natural-ingredient-based foods trend will have a far-reaching impact on the global dietary supplements market as well. Several consumers now consider dietary supplements as a way to effectively nourish their bodies and meet the recommended dietary allowances, especially in the backdrop of increasingly hectic lifestyles. The demand for dietary supplements that provide vitamins, botanicals, minerals, and fatty acids is the highest.
Companies in the dietary supplements market, too, have been responsive to these demand patterns by offering products in a myriad of forms, which range from capsules and powders to liquids and gelcaps.
The North America dietary supplements market, although large in size, is mature. This has prompted several companies to look toward emerging nations in Africa and Asia. Given that the preferences and tastes of consumers in these country vary from region to region, it is important for companies foraying into emerging markets to take these details into consideration.
An analysis of the market reveals that the Asia Pacific dietary supplements market was the largest in the world in 2013. A staggering variety of dietary supplements available on the market and a high degree of awareness among consumers about obtaining the right nourishment have acted as important factors in putting the Asia Pacific dietary supplements market at the forefront.
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These drivers are further supported by the increasing affluence of consumers in several countries in south east Asia. China, especially, is a lucrative market owing to an impressive growth in per capita disposable income here. China's National Bureau of Statistics published data stating that the annual per capita income of the average urban household in the country stood at US$2,271.0 in 2008 and had increased to US$3,408.5 by 2012. Earnings of consumers in India are rising steadily as well.
Among the key players profiled in the dietary supplements market are: NBTY, Inc., Amway, Koninklijke DSM N.V., Bayer AG, Nu Skin Enterprises, Omega Protein Corporation, Naturalife Asia Co., Ltd., Herbalife Ltd., Bio-Botanica Inc., and others.
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