According to a new report published by Allied Market Research, titled, “liquid dietary supplements market by ingredient, application, distribution channel and region: opportunity analysis and industry forecast, 2020–2027," the liquid dietary supplements market accounted for $21.68 billion in 2019, and is expected to reach $27.73 billion by 2027, registering a CAGR of 4.0% from 2020 to 2027.
Liquid dietary supplements have become increasingly popular among the worldwide population. This trend is growing, owing to the fact that people have become increasingly health conscious and are inclined toward buying these supplements. It has been observed that people usually do not like taking nutritional supplements in the form of capsules or pills, which has, in turn, laid a strong foundation for development liquid dietary supplements.
Liquid nutritional supplements are dietary supplements that are available in liquefied form. They are generally used to improve body metabolism and decrease incidents of lifestyle disorders. They are primarily used by consumers that are incapable or do not consuming dietary supplements in the form of capsules, thick gel, and solid tablets.
Growth in consumption of liquid dietary supplements and rise in incidences of chronic diseases propel the market growth. However, the market is expected to witness a slow growth during the forecast period, owing to unpredictable side effects of liquid dietary supplements.
As per the industry experts, long term effect of COVID-19 outbreak is expected to be witnessed in the coming years. The outbreak has led to a situation of financial crisis in many countries. During the first quarter of 2020, coronavirus spread led to country wide lockdowns. Initially, these lockdowns disrupted product supply chain and raw material collection. Manufacturing facilities were also shutdown with increase in spread of the coronavirus, which, in turn, hampered growth of many industries. However, the dietary supplements industry has shown a significant growth in, owing to nutritional benefits of these supplements and recommendations by healthcare authorities to incorporate them in day-to-day life as immunity boosters.
Increase in number of aging populations worldwide is also a major factor that propels the market growth. According to the WHO, around 125 million people were above 80 years in 2019, and the number is expected to reach 2 billion by 2050, which is estimated to constitute about 16% of the world population. Moreover, there is a positive correlation between elderly individuals and increase in incidences of disorders such as bone & joint and cardiovascular disease, which, in turn, increases demand for liquid dietary supplements.
RTD (ready-to-drink) dietary supplements have gained a huge popularity among people in recent years. It has presented highly lucrative business opportunities for the market players as it offers desired nutritional value along with the convenience of storage and consumption. This is thus expected to help fuel growth of the global liquid dietary supplements market.
On the basis of ingredient, the vitamins & mineral segment is expected to dominate the market throughout the forecast period. Research studies have found that these supplements can help to curb down levels of homocysteine. Moreover, they also help in enhancing levels of B12 and B6 vitamins in body, which play a critical role in brain development. Such health benefits also help in reducing risk of brain disorders such as Alzheimer syndrome. Hence, all these factors fuel growth of the global liquid dietary supplements market.
On the basis of application, the sports nutrition segment is expected to dominate the market throughout the forecast period. This attributed to increase in awareness regarding health and prevalence of chronic diseases.
On the basis of distribution channel, the hypermarkets/supermarkets segment dominated the global market in 2019, owing to presence of specialty stores including health clubs such as Amway (Nutralite) and Vitamin Shoppe across the globe.
North America accounted for a major share of the global market in 2019, and is expected to remain dominant throughout the forecast period. In addition, Asia-Pacific is projected to register the second highest CAGR of 4.1% during the forecast period, owing to increase in incidences diabetes, obesity, joint & muscle pain, and high blood pressure. Moreover, increase in healthcare expenditure and introduction of interventional products such as ready-to-drink supplements offer a lucrative opportunity for the market growth.
Key Findings Of The Study
- The study provides an in-depth analysis, current trends, and future estimations of the global liquid dietary supplements market to elucidate imminent investment pockets.
- By ingredient, the vitamins & minerals segment is anticipated to grow at a CAGR of 3.9% from 2020 to 2027.
- By application, the sports nutrition segment is anticipated to grow at a CAGR of 4.4% from 2020 to 2027.
- By distribution channel, the hypermarkets/supermarkets segment is anticipated to grow at a CAGR of 4.3% from 2020 to 2027.
- Extensive analysis of key segments of the industry help to understand the types of products used across various regions.