Rockville Pike, MD -- (SBWIRE) -- 08/15/2019 -- According to a recent Fact.MR study, the global US$ 75 billion OTC vitamins and dietary supplements market is likely to grow at 6.6% in 2019. Growing focus on preventive healthcare remains one of the key driving factors for OTC vitamins and dietary supplements market. The study opines that North America, led by steady sales in the US, will continue to retain its leading position in the OTC vitamins and dietary supplements market, accounting for relatively high revenue share in 2018. Proliferating health-conscious demographic and continuous introduction of new products by manufacturers in the OTC vitamins and dietary supplements industry are likely have a significant influence on the market performance in North America.
APEJ is anticipated to emerge as the most attractive region for OTC vitamins and dietary supplements market on the back high disposable income, influencing consumers to trade up to premium supplements and purchase a high-quality variety of goods. Growing awareness regarding the health benefits of these supplements along with their buying convenience and cost effectiveness is likely to favor the expansion of OTC vitamins and dietary supplements market in various countries across APEJ.
The study also finds that emerging trends of self-directed consumers and self-medication for addressing minor health issues will be highly impactful on the overall growth of global OTC vitamins and dietary supplements market.
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Pharmacy is projected to be the leading OTC channel in global OTC vitamins and dietary supplements market, accounting for over 27% revenue share in 2017. However, the segment is foreseen to lose a small fraction of its share, due to penetration of new OTC channels including modern trade and online store.
In addition to adopting new channels to promote and sell their products, manufacturers in OTC vitamins and dietary supplements industry are focusing on improving the functionality of these supplements through innovations in product formulation. This, in turn, is expected to open new avenues of growth of OTC vitamins and dietary supplements market.
Significant growth of the OTC vitamins and dietary supplements market can be attributed to relatively high sales of capsule based products, which closed in a valuation of nearly US$ 23.6 billion in 2017.
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Based on function, the use of OTC vitamins and dietary supplements is likely to remain robust for maintaining general well-being of the body. The segment is expected to represent a significant revenue share of more than 25% in the global OTC vitamins and dietary supplements market in 2017.
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