Online Retail Segment is Expected to be Fastest Growing During Forecast Period for SAM Region
According to The Insight Partners market research study on “SAM Dietary Supplements Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Form, and Distribution Channel” is expected to reach US$ 17,007.25 million by 2028 from US$ 11,329.34 million in 2021. The market is estimated to grow at a CAGR of 6.0% from 2021 to 2028. The report provides trends prevailing in the SAM dietary supplements market along with the drivers and restraints pertaining to the market growth. Rising awareness and popularity of dietary supplements and preference for plant-based dietary supplements are the major factor driving the growth of the SAM dietary supplements market. However, availability of counterfeit products hinders the growth of SAM dietary supplements market.
The COVID-19 pandemic negatively influenced countries, including Brazil, followed by Ecuador, Chile, Peru, and Argentina in SAM. The governments in SAM have taken an array of actions to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. Consumers are gravitating toward immunity-boosting and nutritious products as the number of instances of COVID-19 rises. Moreover, due to the sudden impact of the COVID-19 pandemic, the market has seen a boom in demand for products that provide digestive and immune health. As a result, sales of supplements including protein, vitamins, omega-3 fatty acids, and others surged. Further, manufacturers focused on growing sales by enticing customers to shop online instead to meet rising demand while keeping safety standards. Further, the demand for dietary supplements surged during the COVID-19 pandemic due to the high demand for health supplements to boost immunity.
The SAM 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 Brazil, Argentina, and rest of SAM.
Abbott; Amway Corp.; Bayer AG; GlaxoSmithKline plc.; Otsuka Holdings Co., Ltd; Pfizer Inc.; and The Bountiful Company are among the leading companies in the SAM 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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