Many people across the world take dietary supplements on a daily basis for various purposes, including compensating for nutritional deficiencies, losing weight, bodybuilding purpose, or enhancing their sexual life. Hence, the use of these supplements is on the rise. The author’s market research analyst expects the supplements market in the US to grow at a CAGR of more than 7% during the forecast period. Supplements are available in the market in various forms, including traditional tablets, capsules, drinks, powders, and energy bars and contain amino acids, enzymes, fatty acids, fiber, herbs, minerals, and vitamins.
Supplements are also popularly known as complementary or alternative medicines (CAM) and is used by many individual as an alternative to medicines, which is one major factor driving the growth of the market. In 2012, a survey was conducted, which found that 22% of the people with diabetes used a type of herbal supplement while another study found that 31% used dietary supplements to maintain their blood sugar levels. Nearly four in every 10 Americans use herbal and other types of supplements as a source of relief and cure from health issues such as colds, depression, influenza, and arthritis. Thus, the use of supplements as alternative medicines for diseases is boosting their demand among end-users in the US, hence leading to the overall market growth.
Product segmentation and analysis of the supplements market in the US
Herbal and botanicals
As of 2015, the vitamin supplements segment dominated the market in the US with a market share of more than 47% of the market share. About half of the American population takes multivitamins, and many individuals take specific vitamin supplements, recommended based on certain conditions. For instance, folic acid is recommended for expectant mothers or women who are planning pregnancy as it helps prevent neural tube birth defects.
Competitive landscape and key vendors
The global players are expanding their footprint in the US. Hence, regional vendors are finding it increasingly difficult to compete with them in terms of quality, technology, and pricing. The report predicts that these global players will eventually expand their presence in the US and augment their market share by acquiring regional or local players during the forecast period.