Vitamins Segment to Dominate North America Dietary Supplements Market During 2021–2028
According to The Insight Partners market research study on “North America Dietary Supplements Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Form, and Distribution Channel” is expected to reach US$ 90,428.79 million by 2028 from US$ 63,435.76 million in 2021. The market is estimated to grow at a CAGR of 5.2% from 2021 to 2028. The report provides trends prevailing in the North America dietary supplements market along with the drivers and restraints pertaining to the market growth. Growing awareness and popularity of dietary supplements and rising healthcare expenditure are the major factor driving the growth of the North America dietary supplements market. However, presence of counterfeit products hinders the growth of North America dietary supplements market.
In case of COVID-19, North America is highly affected specially the US. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the demand for dietary supplements in the country. However, the growing consumer focus on health and wellbeing is also expected to promote the demand for dietary supplements in the regional market. For instance, as per an article published by National Center for Biotechnology Information (NCBI), the presence of poor nutritional dietary patterns, along with the presence of pre-existing noncommunicable diseases (NCDs) such as diabetes, chronic lung diseases, and cardiovascular diseases (CVDs), has made the patient immunocompromised. Hence, it has been essentially recommended to consume approximately 25–38 g/day of dietary supplements to build immunity and strength to fight against foreign microbes. This is expected to promote the demand for dietary supplements in the region in the long run.
The North America dietary supplements market has been segmented based on type, form, distribution channel, and country. Based on type, the market is segmented into vitamins, minerals, proteins and amino acids, probiotics, and others. The vitamins segment dominated the market in 2020 and probiotics segment is expected to be fastest growing during forecast period. Based on form, the market has been segmented into tablets, capsules and softgels, powders, and others. The capsules and softgels segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on distribution channel, the market has been segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment dominated the market in 2020 and online retail segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into the US, Canada, and Mexico.
Abbott; Amway Corp.; anona GmbH; Bayer AG; GlaxoSmithKline plc.; Otsuka Holdings Co., Ltd; Pfizer Inc.; and The Bountiful Company are among the leading companies in the North America dietary supplements market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Bayer AG announced the closing of its investment in Care/of, providing it majority ownership in the privately owned, personalized direct-to-consumer nutrition company. The acquisition will strengthen the company’s presence in the high-growth area of personalized nutritionals. The partnership boosts the company’s commitment to self-care and stimulates its understanding of personalized nutrition and advanced digital capabilities.
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