Malnutrition and under-nutrition are the greatest global challenges and are responsible for about 2.7 million deaths of children under five years of age annually. However, only a few infants receive the requisite amount of vitamins and minerals. Combating this problem requires a consistent infusion of essential nutrients and vitamins in the bodies of children at a young age. Growing concerns about the health of infants, which in turn, fuel the usage of over-the-counter (OTC) vitamins and minerals as dietary supplements. In addition to that, increase in trend of self-directed consumers and self-medication for treatment of primary health conditions have fueled the growth of the OTC vitamins and minerals dietary supplements market.
The global OTC Vitamins and Minerals Dietary Supplements Market size was valued at $39.75 billion in 2018 and is expected to grow with a CAGR of 7.5% during the forecast period 2019-2025.
Due to an increase in working population, it has become harder to consume all essential nutrients through a balanced diet alone. This drives the OTC vitamins and minerals dietary supplements market share, as people solicit these products to fulfill nutritional value. Water soluble vitamins are not stored in the body which are carried to the body’s tissues. These vitamins are available in animal and plant foods or dietary supplements and must be taken in daily diet. Cone flower also known as Echinacea is widely used as a dietary supplement for common cold, upper respiratory infections, cough, and some inflammatory conditions. Fat soluble vitamins such as vitamins A, D, E and K can be stored in body fatty tissue which are absorbed along with fats in diet. Vitamins and mineral-rich dietary supplements help in building a strong immune system against common diseases. These supplements have medicinal properties which offer healing benefits apart from fulfilling daily requirement of nutrients. Consequently, the rising aged population has created more opportunities for the market players, as most people in this age group cannot meet their Recommended Dietary Allowances (RDA) because of insufficient dietary intake, which results in increasing the product demand in the global scenario. Nowadays, consumers of all age groups are focusing more to enhance their sustenance by adding nutritional food ingredients in their diet. Furthermore, increasing publicity through media houses and e-commerce portals are expected to promote the scope of OTC vitamins and minerals dietary supplements market size. Increasing awareness among consumers related to lifestyle diseases, their willingness to adopt healthier dietary options, along with an increasing number of people using non-prescription drugs for supplementing health are some lucrative factors supporting the demand of OTC vitamins and minerals. In addition, growing awareness about nutrient deficiencies, such as iron deficiency and iodine deficiency are the key factors triggering the growth of the global market in terms of share. As a result, rising awareness of consumers enabling them to instigate nutritional choices is proliferating the OTC vitamins and minerals dietary supplements market growth.
North America Holding Major Share in the OTC Vitamins and Minerals Dietary Supplements Market
North America generated 38% of the global OTC vitamins and minerals dietary supplements market revenue in 2018. Rising awareness about nutritional supplements among working professionals in this region for maintaining balanced nutrition is key factor for the growth of the OTC vitamins and minerals dietary supplements market. Easy access to nutritional supplements through retail and company-operated stores such as Amway and Herbalife in the U.S., incite the growth of this market. High disposable income of the population are some supporting factors for the growth of the OTC vitamins and minerals market in North America.
Energy and weight management is the application segment that is creating the most lucrative opportunities in the OTC vitamins and minerals dietary supplements market. This application segment is projected to grow at a CAGR of 6.75% through to 2025. Intake of food that are low in calories but rich in nutrients can reduce the body weight. In that context, omega-3 fatty acids in fish oil pills extensively aid weight loss. Ingredients such as fiber, minerals, and herbs in different amounts and combinations are used as dietary supplements in weight management. These are available in capsules, powders, liquids, and tablets form. Besides, rising consumer awareness for proper weight management and improvement of muscular strength is likely to boost the demand for OTC vitamins and minerals dietary supplements.
The Major Players in the OTC Vitamins and Minerals Dietary Supplements Market:
The major players in the OTC vitamins and minerals dietary supplements market are Allergan, AstraZeneca plc., Johnson & Johnson, Merck & Co Inc., GlaxoSmithKline plc., Pfizer Inc., Roche Holding AG, Abbott Laboratories, Novartis International AG, and Sanofi S.A.
Mergers and acquisitions are key strategies adopted by the players to stay ahead of their competitors. Roche Holding AG, a Swiss-based pharmaceutical and diagnostics company has announced an acquisition with Spark Therapeutics, an American-based pharmaceutical company that develops gene therapies on Feb 25, 2019. With this acquisition, Spark Therapeutics has enhanced its product portfolio and market worldwide. Secondly, Johnson & Johnson, an American-based medical device and pharmaceuticals company has announced an acquisition with Zarbee’s Naturals, an American-based dietary supplements manufacturer on July 30, 2018. With this acquisition, Zarbee’s Naturals has expanded its dietary supplements product portfolio and enhanced its consumer base globally. Such acquisitions aid the market players to expand their geographical boundaries and accentuate their footprint into the global OTC vitamins and minerals dietary supplements market.
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