Of late, consumers who are in search of nutrition in different food products, have showed immense interest in dietary supplements. With a fast-paced life, following a meal plan and establishing a balance between intakes of several nutrients have become tough for consumers.
This has consequently swelled the demand for dietary supplements in various formats. Unlike powder or liquid variants, softgel dietary supplements can be consumed without any preparation, due to which, they account for over half of the overall dietary supplements market.
As per a revised report published by Fact.MR, the global softgel dietary supplements market is anticipated to exceed a valuation of US$ 75.8 Bn by 2021, and expand at an impressive CAGR of more than 7% over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
- In 2020, North America and Europe together generated over 60% of the global market for softgel dietary supplements.
- Vitamin and mineral-basedsoftgel dietary supplements accounted for over half of the globalmarket share in 2020. These supplements are also expected to remain the most attractive, with an absolute dollar opportunity of around US$ 15 Bnfrom 2021 to 2031.
- Based on application, softgel dietary supplements for bone and joint health is anticipated to be the most sought-after with a BPS of 279.1.
- Based on end user, the children segment is expected to grow 2.1X during the projection period, which is the highest among others
- Tier-1 companies such as BASF, Du Pont, Abbott, Bayer, and Glaxo SmithKline together accounted for around 37% of global revenue in 2020.
“With increasing intake of dietary supplements, competitors have been formulating targeted strategies for different variants of their offerings. With concern regarding nutrition coupled with affordability of supplements, millennials are the most sought-after customers of softgel dietary supplements,”says a Fact.MR analyst.
The Dietary Supplement Health and Education Act (DSHEA) has placed dietary supplements under the ‘food’ category instead of ‘drugs’. Therefore, vitamin supplements are regulated differently from other drugs. With these regulations in place, a synchronization between consumers’ nutritional needs and safety is required. To address this, Nutraveris launched an integrated platform in 2020 that uses artificial intelligence to assess and monitor U.S. dietary supplement data and compliance. While this development will boost consumer confidence towards the safety of dietary supplements, it will also clear the competition clutter for tier-1 players for whom adulterated supplements has been emerging as threat.
What are the Key Opportunities for Softgel Dietary Supplement Manufacturers?
Governments are supporting manufacturers of dietary supplements by promoting the health benefits of these products. Government support towards fiber ingredients in food products has induced an inclination in manufacturers towards fiber food supplements. Also, various governments and private companies worldwide are promoting dietary supplements in order to control and prevent diseases and reduce the prevalence of certain health conditions.
Dietary supplements are natural ingredients promoted by many regulatory bodies such as the FDA in North America and EFSA in Europe, who are becoming more stringent regarding the ingredients used in food products and their proper labeling, so as to promote organic/natural foods for better consumer health.
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