Analysts at US-based Persistence Market Research forecast that the global dietary supplements market was worth US$61.84bn in 2014, and is expected to reach US$84.8bn by 2020, with annual growth of 5.3%.
Vitamins and omega 3-6-9 growth
Over the previewed period, the vitamin supplements segment is expected to increase its revenue share to 38% by 2020, driven by Asia-Pacific, which accounts for 30.7% of the global vitamin market share.
This followed by fish oils/omega 3-6-9 in second place, with 16% of global revenue and growth of 13.2%.
By application type, the dietary health supplements segment is expected to account for the most revenue by 2020 after seeing annual growth of 13.3% over the next five years.
Supplements consumed to improve immune power, heart health, digestion system, bone and joint health are also expected to demonstrate a significant growth rate during the forecast period.
Ageing having an impact
Carl Gibson, chief executive of Complementary Medicines Australia, welcomed the report, calling the current US$61bn market “incredible”.
He said Asia-Pacific’s ageing demographics will be central to the continued growth of dietary supplements, not least through an increase in demand for vitamin D.
“The findings of this study can be attributed to several factors driving growth in the complementary medicines industry,” said Gibson.
“In Asia-Pacific, an ageing population is one of these key factors. With increasing age it is more difficult for the body to absorb the required nutrients from food, and people are turning to supplements to bridge the gap.
“Ensuring optimal levels of vitamin D is of particular concern to the elderly, as they generally have a lower exposure to sunlight and many suffer from loss of appetite. As a result, the report predicts that vitamin D will lead the growth in the industry.”