As per Fact.MR, a market research and competitive intelligence provider, the global OTC vitamins and dietary supplements market is anticipated to top US$ 160 Bn by 2031, progressing at a CAGR over 6% over the next ten years.
OTC vitamins and dietary supplements contain ingredients that are used to provide nutrients to fulfill the nutrient balance of the body. Rising awareness about general health issues and developments in healthcare and pharmaceutical sectors are expected to drive market growth.
Growing mindfulness about a healthy lifestyle among consumers and constant introduction of innovative products by manufacturers are likely to have a significant impact on the market’s performance. Weight-loss products and dietary supplements, such as vitamins, minerals, and supplements, are increasingly popular due to improving living standards among individuals. Consumers now have easy access to OTC vitamins and dietary supplements at affordable prices due to increased Internet exposure.
Manufacturers are focusing on new flavor and nutrient formulations to appeal to a wider demographic. Changing consumer preferences, growing aging population, and rising adoption of a healthy diet are all driving the market for OTC vitamins and dietary supplements.
Key Takeaways from Market Study
- Global OTC vitamins and dietary supplements market to top US$ 160 Bn by 2031.
- Capsules projected to reach around US$ 65 Bn by 2031.
- Tablets projected to record above 4% CAGR over next 10 years.
- Market in North America holds share of more than 50%.
- Market in South Korea expected to reach valuation of US$ 35 Bn by 2031.
- Market in Russia to record 3% CAGR over forecast period of 2021- 2031.
“Quick and smooth adoption of technology for healthcare and wellness, rising consumer concerns about lifestyle diseases, and government health awareness initiatives are all driving demand for OTC vitamins and dietary supplements,” says a Fact.MR analyst.
Key players are collaborating with the World Health Organization (WHO) to conduct various research & development activities to develop innovative and more beneficial OTC vitamins and dietary supplements.
- Procter & Gamble has revealed plans to buy consumer healthcare leader Merck KgaA for US$ 4.2 Bn, including the transition of OTC dietary supplement brands like Femibion, Seven Seas, and Bion.
- 24hr, a supplement brand, recently released a new supplement designed to promote joint health. ‘Joint Support’ is a new product that aims to improve health of the knees, ankles, hips, shoulders, wrists, and elbows.