TOP 4 EMERGING TRENDS IMPACTING THE GLOBAL DIETARY SUPPLEMENTS MARKET FROM 2017-2021: TECHNAVIO
Technavio's latest report on the global dietary supplements marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global dietary supplements market is primarily driven by the aging population base and the growing health consciousness among consumers. Other driving forces include the need for preventive measures against sedentary lifestyle-related diseases, lack of nutrition-rich food intake, expensive healthcare costs, adherence to government dietary guidelines, and expansion in the retail space.
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The top three emerging trends driving the global dietary supplements market according to Technavio food and beverage research analysts are:
- Demand for the customized dietary supplements
- Growing focus on age-related dietary supplements
- New product type formulations
- Increase in strategic alliances and partnerships
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Demand for the customized dietary supplements
"Personalized wellness at its heart revolves around the consumer empowerment. Consumers now not only have access to more data about themselves than ever but with this data, they are empowered to take an active role in the management of their health and wellness," says Manjunath Reddy, a lead analyst at Technavio for research on food.
Providing consumers with personalized nutritional supplement recommendations based on their own goals and dietary needs will further aid in market growth. For instance, in place of buying the same multivitamin off the shelf that is sold to people with radically diverse needs, there will now be the ability to provide a highly customized vitamin, one that has been formulated to address the specific needs of the individual.
Growing focus on age-related dietary supplements
"A new trend has developed wherein the dietary supplements required at each stage of the life are formulated and marketed. The categories designed according to the age are infants, toddlers and teenagers, adults, middle, and old age people. Most of the offerings are in the category of adults and old aged consumers. The adults' section is now further categorized based on the gender and other purposes such as fitness training, pregnant women, and other types," adds Manjunath.
Most of the dietary supplement manufacturers for the adult consumers of the age group 20-40 years offers mainly probiotics and multi-vitamin supplements. While the supplements for 40 years and above often offers dietary supplements that are good for heart health and bone health.
New product type formulations
Innovative products such as gummy bears for adults, launched by various dietary supplements manufacturers, contribute to the consumption of the dietary supplements with attractive features of taste and the ease of consumption.
The conventional product forms such as tablets and capsules are available with new formulations in terms of chewable, which negate the need for water for intake of supplements. The chewable tablets are offered majorly as combination supplements and in flavors for maximum assimilation and absorption.
Increase in strategic alliances and partnerships
Strategic alliances and partnerships characterize the global dietary supplements market. Manufacturers, on one hand, collaborate with raw material suppliers to facilitate uninterrupted supply, while on the other hand, they partner with distributors of the food and beverage companies to ensure a steady market for dietary supplements. New product launches and expansions have also increased prominently.
There has been an emergence of events which has caused the strong competitor base in the dietary supplements industry in the last few years. The companies looking for the worldwide presence to increase their market share and acquire a large and strong consumer base have taken measures and initiatives in this regard. The major strategic alliances were acquisitions, investments, and collaborations.
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