OTC Vitamins & Minerals Dietary Supplements Market Overview
OTC Vitamins & Minerals Dietary Supplements Market size is $39.75Bn in 2019, growing at a CAGR of 7.5% during the forecast period 2020-2025. The requirement of consistent infusion of essential nutrients and vitamins in the bodies of children at a young age and growing concerns about the health of infants, fuels the usage of over-the-counter (OTC) vitamins and minerals as dietary supplements. Water-soluble vitamins, coneflower tablets, fish oil pills, fat-soluble vitamins, and others are some of the types of minerals and vitamins which are generally being consumed by the patients and made by dietary aide industries. The increases in the trend of self-directed consumers and self-medication for the treatment of primary health conditions have fueled the growth of the OTC vitamins and minerals dietary supplements market.
Key Takeaways
- Increasing publicity through media houses and e-commerce portals are set to promote the scope of OTC vitamins and minerals dietary supplements market size.
- Rising consumer awareness for proper weight management and improvement of muscular strength.
- APAC region is estimated to record the fastest growth rate during the forecast period 2020-2025.
By Type - Segment Analysis
In 2019, Vitamins segment dominated the OTC Vitamins & Minerals Dietary Supplements Market in terms of revenue. This is owing to the unhealthy diet followed by individuals as a result of their busy schedules. Vitamin supplements are beneficial to individuals who may not receive all the recommended daily vitamin intake. Vitamin supplements are also consumed by pregnant women and patients recovering from surgeries or injuries as their food intake would be limited. Rising health benefits of vitamin supplements such as increased bone health, neurological functions, high immunity, and other factors are likely to aid the growth of the market.
By Application - Segment Analysis
In 2019, Energy and Weight Management segment dominated the OTC Vitamins & Minerals Dietary Supplements Market in terms of revenue and is projected to grow at a CAGR of 6.75% during the forecast period. The intake of food that is low in calories but rich in nutrients reduces the body fat, these include omega-3 fatty acids in fish oil pills that extensively aids weight loss. Ingredients such as fiber, minerals, and herbs in different amounts and combinations are used as dietary supplements for 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 aid the demand for OTC vitamins and minerals dietary supplements.
Geography - Segment Analysis
In 2019, the North America region dominated OTC Vitamins & Minerals Dietary Supplements Market in terms of revenue with a market share of 38%. 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 is some of the supporting factors for the growth of the OTC vitamins and minerals market in North America.
Drivers – OTC Vitamins & Minerals Dietary Supplements Market
- Increase In Geriatric Population
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.
- Growing Awareness of Lifestyle
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 for OTC vitamins and minerals.
Challenges – OTC Vitamins & Minerals Dietary Supplements Market
The availability of supplements without a proper prescription is the major challenge restraining the growth of the market. Overdose of vitamins and minerals may cause severe side effects such as redness, weight loss and others which could severely affect the human body. Cancer and heart problems among the consumers are common which could affect the growth of the market.
OTC Vitamins & Minerals Dietary Supplements Industry Outlook
Product Launches was the key strategy of the players in the OTC Vitamins & Minerals Dietary Supplements Industry. OTC Vitamins & Minerals Dietary Supplements’ top 10 companies include Allergan, AstraZeneca PLC, Johnson & Johnson, Merck & Co Inc., GlaxoSmithKline plc., Pfizer Inc., Roche Holding AG, Abbott Laboratories, Novartis International AG, and Sanofi S.A.
Acquisitions/Product Launches
- In February 2019, Roche Holding AG acquired Spark Therapeutics. This acquisition helped the company in enhancing its product portfolio and market worldwide.
- In December 2019, Sanofi S.A. acquired Synthorx, Inc., a clinical-stage biotechnology company to bolster its immuno-oncology pipeline.
- In July 2018, Johnson & Johnson acquired Zarbee’s Naturals, an American-based dietary supplements manufacturer to expand their geographical boundaries.
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