OTC Vitamins and Dietary Supplements Market Gaining Impetus from Changing Nutrition Requirements and Self-Medication Practices: Fact.MR
OTC vitamins and dietary supplements manufacturers are pushing for new flavor and nutrient formulations to bolster appeal among a wider demographic for product offerings.
Fact.MR, New York: Market research firm Fact.MR’s ongoing report on the OTC vitamins and dietary supplements market has projected impressive growth prospects for 2021. Increased levels of health awareness among consumers continuing post the covid-19 pandemic will support the consumption of vitamin supplements. Further, the large number of geriatrics affected by the virus and the changes to nutritional requirements has resulted in improved diets, which also created opportunities for OTC vitamins and dietary supplement manufacturers in the near future.
According to the Consumer Healthcare Products Association (CHPA), over 2.9 billion retail visits occur annually, which can be attributed to OTC product sales, with average U.S. households spending more than US$ 300 for the same. Also, more than 80% of adults make use of OTC medications as the primary response to minor medical conditions. These are key factors that are supporting a conductive environment for the sales and consumption of OTC vitamin and dietary supplements.
The CHPA has also stated that the United States alone is home to over 54,000 pharmacies. However, more than 750,000 retail outlets sell vitamins and other dietary supplements. This easy access to consumers will play a major role in sales and revenues. Further, these products are comparatively affordable in comparison to prescription alternatives, while also accounting for better overall economic productivity, which drives government incentives that will support market growth in the long-term.
“Rising levels of consumer awareness in terms of personal health fuels demand for OTC vitamins and dietary supplements. Hectic lifestyles of working populations often result in inadequate nutrient intakes. This in turn is boosting consumer dependency on supplements to meet dietary recommendations owing to convenience, which, will drive sales through the projection period,” comments a Fact.MR analyst.
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Key Takeaways from Fact.MR’s OTC Vitamins and Dietary Supplements Market
- Vitamin supplements account for major market share, driven by strong demand from multiple consumer demographics.
- Immunity boosting applications are reflecting faster growth, owing to the covid-19 impact in 2020.
- United States accounts for high demand on account for evolving, balanced dietary patterns.
- France and Germany display rapid growth owing to higher disposable incomes and health awareness.
OTC Vitamins and Dietary Supplements Market – Prominent Drivers
- Lack of requirement for prescriptions and wide scope of healthcare applications drive sales.
- Vast geriatric population and hectic lifestyles of working people supports adoption.
- The rapidly growing trend of self-medication is a major factor positively influencing OTC purchases.
OTC Vitamins and Dietary Supplements – Key Restraints
- Concerns over counterfeits and contamination is a key problem affecting market players.
- Strict regulations associated with product standards limits growth prospects.
Discover more about the OTC vitamins and dietary supplements market with figures data tables and table of contents. You can also find detailed market segmentation at https://www.factmr.com/report/61/otc-vitamins-dietary-supplements-market
Leading players in the OTC vitamins and dietary supplements market include but are not limited to Archer Daniels Midland Company, Jubilant Life Sciences, Sanofi, BASF SE, Koninklijke DSM N.V., Lonza Group Ltd., Reckitt Benckiser LLC, Pfizer Inc., Otsuka Holdings Co. Ltd., GlaxoSmithKline plc, CSPC Pharmaceutical Group Ltd., Dil Limited, Atrium Innovations Inc., Bactolac Pharmaceutical Inc., and E. I. du Pont de Nemours and Co.
Top players in the OTC vitamins and dietary supplements market have been investing in strategies involving product development and launches in addition to key mergers and acquisitions to consolidate market position.
In April 2021, Pharmavite announced an initiative to provide investments or partnerships to companies developing OTC mental wellness and supplement alternatives, for development and commercialization objectives.
Also, BioFit revealed its new probiotic weight loss supplement which includes numerous strains of lactobacillus bacteria, which is aimed towards treating metabolic imbalances for detoxification and inflammation reduction.
Procter & Gamble announced plans to acquire consumer healthcare leader Merck KgaA for a valuation of US$ 4.2 billion, which will include the transition of OTC dietary supplement brands such as Femibion, Seven Seas, and Bion.
More Insights on the OTC vitamins and dietary supplements Market
In its latest report, Fact.MR offers unbiased analysis of the global OTC vitamins and dietary supplements market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of function (immune health, digestive health, heart health, nutrition, bone & joint health, general wellbeing, weight loss, and others) OTC channel (pharmacy, drug store, modern trade, online store, and others), and product form (liquid, capsule, tablet, and powder) across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East & Africa)
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