Supplement market nears maturity, nutraceuticals report

By Lorraine Heller

- Last updated on GMT

Related tags: Dietary supplements, Nutrition

The US, Europe and Japan will continue to drive the global
nutraceuticals market, although growth in dietary supplements is
expected to slow, according to a new report.

Published by Global Industry Analysts (GIA), Nutraceuticals: A Global Strategic Business Report​ examines the leading markets for functional foods and dietary supplements, and the factors driving growth. The report, which analyzes the past, current and future market dynamics over the period 2000-2010, projects "healthy growth"​ for the nutraceuticals market over the next few years, with global sales expected to reach $187bn by 2010. Leading markets ​ According to GIA, the United States, Europe and Japan dominate the global market, with a combined share estimated at 86 percent last year. These regions will continue to hold top positions both in terms of nutraceuticals producers and consumers. Primary reasons for the strength of these markets are the high-income levels of consumers, greater awareness and widespread preferences for specialty nutritional and herbal products, and trends promoting preventive medicine and self-treatment. The US alone accounted for 37 percent of 2007 nutraceutical sales, but Asia Pacific is expected to emerge as the fastest growing market, boosted by the "robust"​ Chinese and Indian markets, and increasing economic prosperity, said the report. Growth drivers ​ According to the report, rising consumer desire for leading a healthy life continues to drive sales of nutraceutical products. Consumers today are increasingly aware of health and nutrition, and the growing availability of scientific evidence linking diet and health is a major contributor to market growth. Other factors include an expanding elderly population, as well as escalating costs associated with healthcare, which is pushing the demand for self-medication and healthy foods. Functional Foods ​ According to the report, functional foods constitute a fast moving segment in the nutraceuticals market, driven by the rising health awareness among consumers. "The demand for healthier foods or food ingredients is likely to intensify as baby boomers seek ways to keep themselves free from age-related chronic health problems,"​ said GIA. Supplements ​ Growth in the dietary supplements segment is expected to slow, as the category fast approaches maturity levels, said the report. This is particularly the case in developed regions. "The maturity is expected to reflect in the future performance of the dietary supplements segment in the form of relatively low growth, thereby adversely affecting the profit generation capabilities of market participants." Competition ​ As the global nutraceuticals industry continues to grow, competition will also increase. This will be driven by factors such as price, safety, efficacy, packaging and brand loyalty, said the report. "With growing similarity among products and formulations, maintaining consumer brand loyalty is emerging as a critical yet complex issue,"​ it said. "The global nutraceuticals market is characterized by intense competitive conditions, as a result of which consolidation activity has gathered momentum. Consequently, large pharmaceuticals companies are taking over smaller and regional players to boost their position in the intensely competitive market."

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