Food is an immense source of nutrients that nourish our body. Interestingly, the food is not the only one! It is a well-known fact that nutritional needs change with aging, pregnancy and lactation, acute and chronic illnesses, and other medical conditions. In such cases, the diet is essentially supplemented with products that satisfy specific nutritional needs. These products are called food/dietary supplements.
The 20th century recorded unprecedented progress in elucidating the biochemical structures and physiological functions of vitamins and other nutrients. Today, many nutrients can be produced abundantly and cheaply. The current dynamics and lifestyle patterns require adding value at a nutritional level. Therefore, dietary supplements are an important part of the preventive approach, of the health and wellness trend that has been in vogue.
Dietary supplements are defined as foods intended to complement the normal diet, and which are concentrated sources of nutrients or other substances, with nutritional or physiological effects, alone or in combination, marketed in solid form (capsules, pills, tablets, pills and forms). similar), liquids (ampoules, dropper bottles, and similar forms), and powder sachets, designed to be taken in measured amounts, where the nutrients can be vitamins, minerals, herbal extracts, and other ingredients.
Dietary supplements are products that are taken orally and contain one or more of the following ingredients: vitamins, minerals, herbs or other botanicals, amino acids, enzymes, fatty acids, and/or other associated metabolites.
A food or dietary supplement differs from a drug, medication, or food additive in that it is a drug that is used to diagnose, cure, mitigate, treat, or prevent disease, whereas a dietary supplement is intended to supplement the diet by increasing dietary intake. total. of a nutrient. A food additive can be both direct and indirect. A direct additive is the intentional addition of a substance to a food to improve its shelf life, texture, nutrition, or other quality aspects. An indirect additive is one that unintentionally contaminates food, including packaging materials or machine waste. Dietary supplement ingredients are exempt from food additive regulations applicable to conventional foods.
What are the market sentiments towards this category of nutritional supplements?
A report by a market research company estimated that the global dietary supplements market was valued at USD 115 billion in 2016 and is expected to register a CAGR of 8.6% during the forecast period of 2017-2022.
According to the World Economic Forum (WEF), healthcare spending as a percentage of GDP has risen dramatically, with low- and middle-income economies experiencing huge out-of-pocket spending on healthcare. These expenses can be attributed to the increasing burden of communicable and noncommunicable diseases in these regions. On the other hand, developed countries have also increased their healthcare spending, due to mandatory health targets, increasing the occurrence of lifestyle-related diseases and expanding the geriatric population.
Around the world, the burden of non-communicable diseases is increasing at an alarming rate, with chronic diseases such as heart disease and diabetes accounting for around 85% of total health expenditures. This increase in spending has motivated the adoption of preventive measures by consumers. This trend is a key driver of the global dietary supplement market.
The Global Demographic Profile highlights another major driver of this market: the 25-54 age group accounts for nearly 42% of the global population, and this end-user segment is the largest consumer of dietary supplements. The popularity of dietary supplements among adults is in line with the general health and wellness trend. This segment mainly consumes vitamin, mineral and protein supplements. The growing popularity of probiotics, for improving immune health requirements in general and gut health in particular, is also a major contributor to the growing demand for dietary supplements.
Based on geography, due to lifestyle changes and lack of balanced diets, Asia-Pacific and North America represent two major segments for dietary supplements. Furthermore, Asia-Pacific is poised to record the highest growth rate, due to rapidly aging demographic profiles in countries such as Japan, Australia, and China. The region is also expected to attract significant investment in dietary supplements, especially herbal products and Ayurveda extract-based products, due to the wide availability of raw materials in India and other Southeast Asian countries.
The main obstacles to the market –
Strict regulatory environment, particularly in developed economies such as the United States, where the Food and Drug Administration (FDA) requires manufacturers to strictly adhere to testing, quality control, distribution practices, label claims , etc. It is a limitation for the growth of the market. In the European Union, the European Food Safety Authority (EFSA) has defined a particular set of health claims that can only be made with respect to food supplements. Companies are also required to prove their claims, otherwise a product recall is their only option left. Such regulatory burdens are restricting the prerequisites of manufacturing, product safety, and labeling claims, reducing the demand for dietary supplements.
The low efficacy of dietary supplements, compared to medicinal products, is also one of the hurdles for the global dietary supplement market, as dietary supplements take longer to show results than drugs.
The way to follow –
Dietary supplements are poised to post healthy growth during the forecast period, as over-the-counter (OTC) drugs are currently the only substitute available on the market. However, with growing concerns about antibiotic resistance, the indiscriminate use of over-the-counter drugs will drop dramatically over the forecast period, with food supplements adequately filling the gap.