Today, health is not just a goal but a lifestyle choice. This shift in the preferences of the populace is driving the growth of the global supplement market. It is so evident that the sales of vitamins, minerals, nutritional, and herbal supplements have been on the rise in the last decade or so. Today, the global supplement market is worth billions of dollars and is growing about 5-6%, annually. So what is driving the growth of the global supplement market?
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Aging population
One trend that is worrying the world is the rise of aging population and the declining birth rate. In the developing parts of the world, especially Scandinavian countries, the birth rate has been declining higher than expected. This will bring about a shift in spending in the healthcare sector. As a result, drug manufacturers are focusing on dietary supplements whose purchases have been growing annually.
Consumer awareness
The advertisements of dietary supplement market have bombarded the media, be it TV commercials, magazine ads, or posters. The supplement companies have recruited celebrity doctors to endorse their products, making people believe that supplements are necessary to lead a healthy life. In addition to that, many online articles and forums like Livestrong, bodybuilding, Men’s Health, and Shape give diet and lifestyle advice demonstrating the importance of dietary supplements. Such an abundance of available information has been a key driver for consumer purchasing.
Self-care culture
“Ask your doctor to prescribe you x drug”. An advertising line that is popular across the American media has prompted consumers to be self-aware of the drugs. Today, supplement market consumers are no more relying on doctors for diagnosis, they are looking at alternative channels to identify health needs. This is also driven by the fact that insurers encourage customers to take preventive care measures. Also, many supplement market consumers validate the diagnosis of the doctor by cross-referencing the information available on the internet. This behavior has encouraged the manufacturers in the supplement market to educate customers of the product portfolio. This self-care culture is driving the demand in the global dietary supplement market.
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Channel proliferation
The manufacturers in the global supplement market are highly fragmented and serve a diverse set of customers across the world. The leading manufacturer Living Essentials holds less than 10% market share globally. Additionally, there are many private label brands which account for 10% of the sales. The lack of brand awareness amongst the customers is the reason for such market fragmentation. It comes as no wonder that a majority of the sales happen in supermarkets and hypermarkets, followed by online stores and specialty retailers. Such channel proliferation has significantly driven sales in the global supplement market.
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