Food Supplements

The demand for the food supplement industry is expected to witness a transition in the coming years which is majorly attributed to the rising awareness about preventive healthcare among the consumers. Further, rising geriatric population, and evolving channel sales are some of the key factors that are influencing the demand for food supplements at the global level at present. The sale of vitamins, nutritional supplements, and minerals have surged over the past decade, which is majorly attributed to the emergence of several new manufacturers in this industry. The U.S is a prominent country for food supplements, and has accounted for more than 32% of the market in 2017. The country is also expected to maintain a healthy growth rate of more than 5% till 2025. According to Insights and Reports, the geriatric population the U.S. was estimated at close to 50 million in 2016, thereby accounting for more than 16% of the total population of the country. This, coupled with high spending on healthcare products is a key factor boosting the demand for food supplement products in the country.

Asia Pacific is expected to gain prominence in the food supplements industry in the coming years on account of rising geriatric population and increasing spending on healthcare. According to the Economic and Social Commission for the Asia and the Pacific (UNESCAP), the geriatric population in North and North-East Asia was recorded at 17.2% in 2016, which is expected to escalate to 36.8% by 2050. The Pacific recorded geriatric population of 16.8% in 2016, which is expected to rise to 23.3% by 2050. South-East Asia recorded geriatric population of 9.6% in 2016, which his anticipated to reach 21.1% by the end of 2050. Further, the region is also expected to witness an increased spending on healthcare. The healthcare industry in Asia Pacific was valued at an excess of US$ 500 billion in 2017, which is equivalent to 34% of the global revenue. Further, the region is also anticipated to witness a growth of more than 8% annually, in the coming years.

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