North America Dietary Supplements Market – Analysis, Growth and Forecast – 6Wresearch
North America Dietary Supplements Market Overview
The North America dietary supplements market is estimated to be worth $XXXX billion by 2024. This growth can be attributed to the increasing incidence of chronic diseases such as obesity and heart disease, which are being treated with dietary supplements. The demand for these products is also being driven by increased awareness about their benefits among the general population.
The market is divided into two submarkets the over-the-counter (OTC) and prescription segments. The OTC segment is expected to account for the largest share of the market in 2024, followed by the prescription segment. The growth potential of the prescription segment is attributed to growing interest in therapeutic dosages for various conditions such as cancer and heart disease.
In terms of geography, North America dominates the market due to high consumer spending levels in this region. Moreover, regulatory barriers that exist in some countries are hampering the growth of the market in other regions. The Asia Pacific is expected to witness significant growth in the coming years owing to rising consumer preferences and advances in technology that are making it easier for manufacturers to reach consumers across geographies.
key players profiled: Amerisleep Corporation, Herbalife International, Jarrow Formulas LLC., Nature’s Plus Inc., Novartis AG., Swanson Health Products LLC., Thorne Research LLC., Twinlab AB
North America Dietary Supplements Market Size & Share
The dietary supplements market in North America was valued at USD XX million in 2016 and is expected to grow at a CAGR of XX% during the period. The market is fragmented with a number of small and medium-sized players operating in this space. The top three players accounted for XX% share of the market in 2016. These players are Nature Made, Herbalife International Ltd., and Amerifit Nutrition Inc. These companies are focusing on selling multivitamin products across various geographies. The growth prospects for this market are largely driven by increasing awareness about the role dietary supplements can play in overall health, rising demand from athletes and active people, increased incidence of chronic diseases such as obesity and type 2 diabetes mellitus (T2DM), rising geriatric population, as well as increasing concerns over environmental toxins such as heavy metals contamination in food supplies.
North America Dietary Supplements Market Segmentation
The North America dietary supplements market is estimated to be worth $XXX Billion by 2025. The growth of the market is attributed to various reasons such as an aging population, increasing awareness about the benefits of dietary supplements, and increasing incidences of health problems.
Geographically, the market is divided into three regions – North America, Europe, and the Asia Pacific. In terms of size, the North America region is expected to dominate the market with a share of more than XX% by 2025. This is due to higher spending on dietary supplements in this region compared to other regions. The following are the key players in the North America market:
Herbalife Ltd (US)
Nature’s Answer Inc (US)
Nordic Naturals ASA (Norway)
Planetary Health Systems Inc (US)
Scholastic Nutrition Corporation (US)
Standard Process Corporation (US)
The trendsetting company in the nutritional supplement industry, Herbalife Ltd., has been working towards expanding its operations into new geographies over recent years. The company has set its sights on Latin America and Africa and has already made significant inroads into these regions through strategic partnerships and acquisitions. Another player with global ambitions is Nature’s Answer Inc., which has announced plans to open up its operations in the Asia Pacific. With a presence across six continents, this company offers consumers
Drivers and Restraints of the North America Dietary Supplements Market
The dietary supplements market in North America is estimated to be worth $XXX billion by 2023, with a CAGR of XXX%. This growth can be attributed to the increasing awareness about the importance of diet and health, as well as the growing need for dietary supplementation among people across the region.
In terms of drivers, increasing awareness about the importance of diet and health is one major factor that is likely to drive growth in the North America Dietary Supplements market. The population in North America is increasingly seeking healthier and more nutritious options, which has led to an increase in demand for dietary supplements. In addition, technological advancements are also contributing to the growth of this market. For instance, newer technologies such as mobile apps are helping consumers stay updated on health-related information and make informed purchasing decisions related to dietary supplements.
Restraints on this market include high cost associated with manufacturing and marketing these products, as well as regulatory issues that may hinder adoption of these products. Additionally, lack of awareness about these products is another restraint that may impede growth in the North America Dietary Supplements market. To address these restraints, companies are working to create a better understanding about these products among consumers.
North America Dietary Supplements Industry Landscape
The North America dietary supplements industry is expected to reach $XXX billion by 2024. The growth in the market is attributed to the increasing prevalence of obesity and chronic diseases such as diabetes mellitus and heart disease. In addition, the growing demand for preventive and therapeutic dietary supplements has also contributed to the market’s growth.
The market is segmented into nutritional supplements, functional foods, sports nutrition supplements, and others. Nutritional supplements are further divided into vitamins, minerals, herbs & botanicals, amino acids, probiotics & prebiotics, fatty acids & essential fatty acids, and water-soluble vitamins & minerals. Functional foods are food products that have been modified to provide specific health benefits beyond their traditional role as food. Sports nutrition supplements include ergogenic aids such as caffeine and creatine monohydrate and performance-enhancing ingredients such as beta-alanine, carnitine malate, L-carnitine HCL and taurine. Others include weight management products such as diet pills and meal replacements.
The North America Dietary Supplements Market is dominated by the United States with a share of over 60% in 2016. Canada is second with a share of about XX%. The remaining countries are small markets with a negligible share in the overall market. The growth prospects of the North America Dietary Supplements Market are based on factors such as increasing obesity rates
Growth Prospects by Revenue Generation
The North America dietary supplements market is estimated to be worth $XXX billion by 2024, growing at a CAGR of XXX% during the forecast period. The key drivers of the growth in this market are the increasing geriatric population and increasing awareness about the benefits of supplements among people. There is also increasing demand for multivitamins and other nutrients for athletes and bodybuilders.
The market is dominated by multinational corporations such as Pfizer, Merck & Co., GlaxoSmithKline, Novartis AG, Abbott Laboratories, BASF SE, and Mead Johnson Nutrition Company. These companies are actively participating in the development of new products and expanding their distribution channels across North America.
The major players in this market are focusing on product innovation to expand their portfolio offerings and to capture new market opportunities. Some of the newer launches by these companies include omega-3 fatty acids (from Pfizer), probiotics (from Abbott Laboratories), calcium supplements (from NutraLife Inc.), magnesium supplements (from Nature’s Way), and protein powders (from Vega Health Sciences).
Some of the key challenges that these companies face include high competition from generic players and large number of small businesses that are entering this market frequently.
North America Dietary Supplements Market Key Trends
The North America dietary supplements market is expected to grow at a CAGR of XXX% from 2016 to 2021. The market is driven by the increasing prevalence of chronic diseases such as diabetes, cancer, and heart disease in the region.
Some of the key trends that are driving the growth of the North America dietary supplements market include increasing awareness about the benefits of supplements among consumers, growing demand for natural and organic products, and rising concerns about health and wellness. The market is also being influenced by factors such as growing elderly population, changing lifestyles, and increasing number of women taking supplements.
Auromere AG (Switzerland) is currently leading the North America dietary supplements market with a share of 39%. The company offers a range of natural products such as omega-3 fatty acids, vitamins, minerals, probiotics, and enzymes. Other leading players in the market include Jarrow Formulas Inc (U.S.), Nature’s Way Holdings Inc (U.S.), Herbalife Ltd (U.S.), NOW Foods LLC (U.S.), and Healthway Nutritionals Inc (Canada).
The North America dietary supplements market is forecast to reach $XX billion by 2021 from $XX billion in 2016. This growth will be driven by increased awareness about the benefits of supplements among consumers coupled with rising concerns about health and wellness.
