Europe Dietary Supplements Market Size, Share, Growth and Trends to 2032
The Europe dietary supplements market was valued at USD 14.95 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 9.3%, reaching USD 33.80 billion by 2027.
Dietary supplements are formulated to provide additional nutrients to the body. The market’s growth is primarily fueled by the rapidly expanding geriatric population across European countries and increasing consumer awareness about preventive healthcare practices. The rising preference for natural, vegan, and clean-label supplements is also driving demand, as consumers increasingly opt for products made with fewer chemical ingredients and a focus on natural formulations.
As per the report, the market value stood at USD 14.95 billion in 2019. It also provides the following:
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- Microscopic analysis of the various market segments;
- Tangible insights into the drivers and trends shaping the market’s growth trajectory;
- Detailed evaluation of the challenges facing the market; and
- Exhaustive study of the regional dynamics and competitive milieu of the market.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/europe-dietary-supplements-market-101918
List of Key Players Covered in the Europe Dietary Supplements Market Report:
- Suntory Holdings Ltd. (Tokyo, Japan)
- Danone S.A. (Paris, France)
- Herbalife Nutrition Ltd. (California, United States)
- GlaxoSmithKline plc (Brentford, United Kingdom)
- Amway Corp (Michigan, United States)
- Pfizer Inc. (New York, United States)
- Nestle S.A. (Vevey, Switzerland)
- Glanbia Nutritionals (Chicago, United States)
- Archer Daniels Midland Company (Chicago, United States)
- Abbott Laboratories (Chicago, United States)
Market Driver
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Changing Demographics in Europe to Feed Market Growth
Europe, according to the UN’s Population Division, was the first region to enter the period of demographic transition, characterized by lower fertility and improved longevity. The UN states that in 2017, nearly 20% of Europe’s population was aged 60 and above and by 2050, this is expected to reach 35%. This presents attractive opportunities for players in the dietary supplements market of Europe as older people need to consume supplementary food items to maintain their health and energy. For example, the National Institute of Aging in the US recommends sufficient intake of calcium for people over the age of 50 for maintaining bone density as bone loss can lead to fractures in older persons. Similarly, physicians commonly recommend old people to increase intake of vitamin B6, which is present in bananas, potatoes, fortified cereals, and chicken breast, as it is necessary to form red blood cells. Thus, the Europe dietary supplements market growth is anticipated to gain impetus as the continent’s geriatric population rises.
Regional Insights
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Improving Adoption Rate of Food Supplements to Surge the Regional Market
Rising awareness about the multiple benefits of dietary supplements is improving the adoption rate of these products across Europe. To a large extent, this is attributable to the changing perception of food supplement products among consumers in countries such as Belgium, Austria, Denmark, and Greece. The demand for specialized supplements is also growing in the continent, and companies in the region are extensively utilizing e-commerce platforms to broaden their reach regionally as well as internationally.
Among countries, Italy is expected to dominate the Europe dietary supplements market share during the forecast period on account of supportive policy framework for herbal food supplements in the country. In 2019, the region’s market size was at USD 2.99 billion. On the other hand, the UK is anticipated to display a remarkable CAGR of 9.69% in the forthcoming years.
Competitive Landscape
Research-based Collaborations to Emerge as Hallmark Feature of Competition
Leading players in the Europe dietary supplements market are actively collaborating with diverse organizations, institutions, and companies to enhance their research capacities. This is allowing them to widen their offerings and develop products for specific consumers. Additionally, companies are leveraging digital platforms to boost sales and strengthen distribution networks.
Industry Developments:
- February 2020: Nestle Health Science signed a long-term agreement with VALBIOTIS, a French health R&D company, to develop and commercialize TOTUM-63. Conceived to lower the risk of development of Type 2 Diabetes in pre-diabetic persons, the product features an innovative combination of five plant extracts.
- November 2019: Royal DSM completed its takeover of AVA, a US-based nutrition platform, strengthening its portfolio of health and wellness products and services. AVA is an AI-based digital health platform that provides adaptive nutrition recommendations and delivers live coaching to customers.
