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OTC Vitamins And Dietary Supplements Market

OTC Vitamins And Dietary Supplements Market

OTC Vitamins And Dietary Supplements Market Report By Form (Liquid, Powder, Tablet, Capsule), By Function (Immune health, Digestive health, Heart health, Bone & Joint Health), By OTC Channel (Pharmacies, Online, Modern Trade) - Regional Forecast to 2021-2031

OTC Vitamins And Dietary Supplements Market
FACT61MR
  • Oct-2021
  • List of Tables : 256
  • List of Figures : 90
  • 170 Pages
  • Healthcare

Market Snapshot

As per latest industry analysis published by Fact.MR, the global OTC vitamins and dietary supplements market reached a valuation of around US$ 90 Bn in 2020, and is slated to accelerate at a CAGR of 6% to top US$ 160 Bn by 2031. Demand for capsules is set to increase at a CAGR of 5% across the assessment period of 2021 to 2031.

Market Size Value in 2020 US$ 90 Bn
Market Forecast Value for 2031 US$ 160 Bn
Global Growth Rate CAGR 6%
Share of Top 5 Companies 50%

Demand Analysis of OTC Vitamins and Dietary Supplements from 2016 to 2020 Vs Market Outlook for 2021 to 2031

As per Fact.MR, a market research and competitive intelligence provider, the global market for OTC vitamins and dietary supplements was valued at US$ 90 Bn in 2020.

Rising concern towards preventive healthcare among people is the major factor fueling the demand for OTC vitamins & dietary supplements.

Increasing adoption of self-medication for the primary health issues treatment and rising preference for dietary supplements in daily consumption is expected to boost the sales of OTC vitamins & dietary supplements.

Development of strong regulatory policies and government initiatives in healthcare infrastructure development are contributing to the growth of the OTC vitamins and dietary supplements market.

Manufacturers have increased their interest in the marketing of dietary supplements by focusing on maintaining higher quality standards, correct branding, and labelling.

All of these factors are expected to drive the market at a 6% CAGR across 2021 to 2031 and raise the popularity of the OTC vitamins and dietary supplements market.

What are the Main Factors Fueling Market Growth for OTC Vitamins and Dietary Supplements?

OTC vitamins and dietary supplements are generally sold without a prescription and have gained wide acceptance for delivering desired body nutrients that aid in the improvement of a person's diet, body stamina, and physical performance.

Latest innovations in product formulation are improving the functionality of vitamins & dietary supplements.

The ageing population, shifts in lifestyle habits, and future directions of self-directed consumers are all contributing factors to the market's growth.

Increasing awareness among consumers of the nutritive benefits & health advantages of these products and sales of vitamins & dietary supplements are expected to grow in emerging economies.

OTC vitamins and dietary supplements market trends and rising disposable income and financial expansion have a significant impact on the performance of OTC vitamins & dietary supplements.

What are the Restraints being Faced by Manufacturers of OTC Vitamins and Dietary Supplements?

Availability of supplements without a valid prescription is a major obstacle to the growth of the over-the-counter drugs market.

Consumer confidence in OTC vitamins and dietary supplements has been eroded due to an increase in the number of adulterated and misbranded products, as well as mislabeling claims and other controversies.

Concerns raised by regulatory bodies such as the Food and Drug Administration (FDA) have increased industry-specific regulations, restraining the market growth.

Government regulations governing the safety and efficacy of OTC vitamins & dietary supplements have slowed the approval process, limiting over-the-counter (OTC) vitamins and dietary supplements market growth.

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Which Region is Proving to Be a Lucrative Market for OTC Vitamins and Dietary Supplement Manufacturers?

High prevalence of chronic diseases and the growing use of products with high nutritional value and low calorie content, North America is expected to dominate the market during the forecast period. Revenue in the North American region will grow 1.6X by 2031.

Vitamins and multivitamins are becoming more popular as people turn to dietary supplements to prevent chronic diseases.

Growing awareness of nutritional supplements among working professionals in this region for maintaining a healthy diet is a key driver of the market.

Growing demand for OTC vitamins & dietary liquid supplements in Canada, rising sales of OTC vitamins & dietary tablet supplements in the U.K, and increasing demand for OTC vitamins & dietary powder supplements in Germany are contributing to global market growth prospects for OTC vitamins and dietary supplements.

OTC vitamins and dietary supplements market regional analysis by Fact.MR

Country-wise Analysis

What is the OTC Vitamins and Dietary Supplement Demand Outlook for the U.S.?

The U.S dominates the global market for OTC vitamins and dietary supplements in terms of revenue. The U.S. OTC vitamins and dietary supplements market size are expected to increase 1.9X by 2031.

Rising healthcare spending, growing geriatric population, and growing interest in preventive healthcare & achieving wellness through diet in the U.S. are expected to boost the demand for OTC vitamins & dietary liquid supplements.

Demand for energy and weight management is expected to rise as the number of fitness centers, health clubs, and gymnasiums grow, along with a growing awareness of fitness among young people.

Market growth is fueled by easy access to nutritional supplements and rising sales of OTC vitamins & dietary liquid supplements through retail and company-operated stores such as Amway and Herbalife in the U.S.

Why are Sales of OTC Vitamins and Dietary Supplements Flourishing in China?

In China, the market is growing as people become more aware of personal care and treatment. Furthermore, China's growing geriatric population, as well as the rising incidence of new diseases, is expected to supplement market growth in the near future.

Increasing demand for vitamins & dietary ointments and rising sales of vitamins & dietary ointments are the major factors for the OTC vitamins & dietary ointments market growth in China.

Growing consumer concern about dietary supplements, rising expenditure on healthcare products, and wider availability of products are anticipated to drive the demand for OTC vitamins & dietary powder, capsule, and tablet supplements in China.

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Category-wise Insights

Why are Capsules Gaining Immense Popularity in the Market for OTC Vitamins and Dietary Supplements?

Demand for capsules is expected to increase by 2.1X over the forecast period. The increasing penetration of multivitamin products in the form of capsules, owing to their ease of use, affordability, longer shelf life, and ease of access, is expected to boost the demand for OTC vitamins & dietary hard capsule supplements and soft capsule supplements over the forecast period.

Microencapsulation of final products is becoming increasingly important for ensuring controlled release. Sales of OTC vitamins & dietary hard capsule supplements and soft capsule supplements is expected to rise among health and wellness product manufacturers.

Considerably high sales of capsule-based products can be attributed to the significant growth of the OTC vitamins & dietary hard capsule supplements market as well as the OTC vitamins & dietary soft capsule supplements market.

Will Pharmacies Remain Preferred for Sales of OTC Vitamins and Dietary Supplements?

Pharmacies will remain the most popular OTC channel for vitamin sales, including capsules and tablets. Due to increased consumer awareness of the health benefits of dietary supplements, sales of dietary supplements through pharmacies are expected to grow significantly.

A huge variety of OTC vitamins and dietary supplements and special offers on products are expected to boost sales through pharmacies.

Healthcare routine and lifestyle changes, growing demand for dietary supplements hence the rising number of prescriptions for the correct nutrients delivery is expected to drive the sales through pharmacies over the next ten years.

COVID-19 Impact on Market

People are buying dietary supplements to increase immunity and combat the spread of COVID-19, and demand for products that provide digestive and immune health has increased, positively impacting the market.

Diet has improved as a result of changes in nutritional requirements. Sales of OTC vitamins & dietary powder, tablets, and capsule supplements like protein, vitamins, omega-3 fatty acids, and others have increased dramatically. As a result, plenty of new products were introduced to meet the rising demand.

Preventive healthcare practices, the surging popularity of herbal supplements, and digitization in the retail sector have created opportunities for OTC vitamins and dietary supplement manufacturers in the near future.

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Competitive Landscape

To consolidate their market position, key manufacturers of OTC vitamins and dietary supplements have been investing in product innovation and launches as well as key mergers & acquisitions.

  • In April 2021, Pharmavite announced a program to provide investments or partnerships to companies developing OTC mental wellness and supplement alternatives with the goal of achieving development and commercialization targets.
  • BioFit introduced its latest probiotic weight loss supplement that consists of a mixture of lactobacillus bacteria strains and is intended to treat metabolic imbalances for detoxification and inflammation reduction.

OTC Vitamins and Dietary Supplements Industry Report Scope

Attribute Details
Forecast Period 2021-2031
Historical Data Available for 2016-2020
Market Analysis Value in US$ Mn, Volume in Cu. M
Key Regions Covered
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East Africa
Key Countries Covered
  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • Italy
  • France
  • U.K
  • Nordic
  • Spain
  • Japan
  • China
  • India
  • Malaysia
  • Thailand
  • Australia
  • GCC Countries
  • South Africa
  • Turkey
Key Market Segments Covered
  • Form
  • Function
  • OTC Channel
  • Region
Key Companies Profiled
  • Koninklijke DSM N.V.
  • Reckitt Benckiser LLC
  • Otsuka Holdings Co. Ltd.
  • CSPC Pharmaceutical Group Limited
  • Sanofi S.A.
  • Atrium Innovations Inc.
  • E. I. du Pont de Nemours and Co.
  • Bactolac Pharmaceutical Inc.
  • Dil Limited.
  • GlaxoSmithKline plc.
  • Pfizer Inc.
  • Lonza Group Ltd.
Pricing Available upon Request

Key Segments in OTC Vitamins and Dietary Supplements Industry Research

  • Form

    • OTC Vitamins & Dietary Liquid Supplements
    • OTC Vitamins & Dietary Powder Supplements
    • OTC Vitamins & Dietary Tablet Supplements
    • OTC Vitamins & Dietary Capsule Supplements
  • Function

    • OTC Vitamins and Dietary Supplements for Immune health
    • OTC Vitamins and Dietary Supplements for Digestive Health
    • OTC Vitamins and Dietary Supplements for Heart Health
    • OTC Vitamins and Dietary Supplements for Bone & Joint Health
  • OTC Channel

    • Sales of OTC Vitamins and Dietary Supplements at Pharmacies
    • Online Sales of OTC Vitamins and Dietary Supplements
    • Modern Trade Sales of OTC Vitamins and Dietary Supplements

- FAQs -

The global OTC vitamins and dietary supplements market is currently worth more than US$ 90 Bn.

From 2016-2020, sales of OTC vitamins and dietary supplements registered a CAGR of 3%.

Rising healthcare awareness among consumers and increased healthcare spending are factors driving demand for OTC vitamins and dietary supplements.

Koninklijke DSM N.V., Reckitt Benckiser LLC, Otsuka Holdings Co. Ltd., CSPC Pharmaceutical Group Limited, and Sanofi S.A. are some renowned suppliers of OTC vitamins and dietary supplements.

With 50% share, North America will largely contribute to the growth of OTC vitamins and dietary supplements revenue.

Sales of OTC vitamins and dietary supplements in the U.K will most likely flourish at a CAGR of 4% over the next ten years.

Capsules continue to be the highest revenue-generating segment accounting for 40% of global revenue.

Sales of OTC vitamins and dietary supplements in Canada are forecasted to reach over US$ 40 Bn by 2031.

The U.S., China, Germany, Canada, and Russia are expected to drive most of the demand for OTC vitamins and dietary supplements.

The market is expected to top a value of US$ 160 Bn by the end of 2031, with sales revenue expected to register a CAGR of around 6%.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

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