Mar 28, 2019
OTC Vitamins and Dietary Supplements Sales to Grow by 6.6% in 2019
by Team Fact.MR
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.
Pharmacies Lead Gains in Global OTC Vitamins and Dietary Supplements Market
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.
Capsules of OTC Vitamins and Dietary Supplements to Represent Large Sales Growth
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.
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.
Rise in Industry-specific Regulations by FDA to Restrict Market Growth
Although OTC vitamins and dietary supplements are generally sold with no medical prescription, they are regulated by government bodies for ensuring that the ingredients used are safe and effective. In the recent years, increase in number of adulterated and misbranded products along with mislabeling claims and other scandals have reduced consumer confidence in OTC vitamins and dietary supplements and raised concerns among the key regulatory agencies such as FDA. This has led to surge in stringent industry-specific regulations which may limit the global expansion of OTC vitamins and dietary supplements market.
The Fact.MR study also provides a detailed and accurate forecast of global OTC vitamins and dietary supplements market for the period of 2017-2022. The market is anticipated to grow at a promising 6.7% CAGR through 2022.