What’s Driving the OTC Vitamins and Dietary Supplements Market Through 2023?

The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the OTC Vitamins and Dietary Supplements Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the OTC Vitamins and Dietary Supplements Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the OTC Vitamins and Dietary Supplements Market are thoroughly studied in the presented market study.

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According to the recently conducted study by Fact.MR, the global OTC vitamins and dietary supplements market is set to expand at 6.7% CAGR during the forecast period (2017-2022) to surpass a valuation of US$ 97,688 Mn. OTC vitamin and dietary supplement products. Over-the-counter (OTC) vitamins and dietary supplements are sold directly to consumers without any medical prescription.

In many countries, OTC vitamins and dietary supplement products are regulated to ensure that they are effective and safe when used. Drug regulatory bodies allow manufacturers to formulate vitamin ingredients or combination of ingredients that are well tolerated and do not pose any risk of side effects or reactions.  In recent years, the healthcare sector has witness exponential growth, which has reflected positively on the global market for OTC vitamins and dietary supplements. Sales of such products have also increased in emerging countries such as China, India and Brazil primarily owing to the growing consumer awareness regarding the health benefits of such products.

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Convenience of direct purchase, cost-efficiency and growing trends of self-treatment are additional factors expected fuel the growth of the market. Moreover, manufacturers are also concentrating on developing advanced product formulations in order to improve their functionalities.

Following insights from Fact.MR’s report on the global OTC vitamins and dietary supplements market will be crucial for market’s future growth

  • Among regions, North America is expected to remain one of the most lucrative market for OTC vitamins and dietary supplements between 2017 and 2023. The region currently commands for the highest value share of the global market as demand for various OTC drugs is on the rise particularly in the U.S. Asia Pacific excluding Japan (APEJ) is also projected to emerge as an attractive market for OTC vitamins and dietary supplements over 2023. In terms of revenue, the market in Europe is anticipated to command for over 31% share of the global market, by 2017-end.

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  • On the basis of functions, OTC vitamins and dietary supplements are being used majorly for maintaining general well-being of the body. The general well-being segment accounts for a large percentage of the overall market revenue.
  • In 2017 and beyond, pharmacies will continue to be the top OCT channel for sales of OTC vitamin products including capsules and tablets. Over one-fourth revenue share of the global market is currently captured by the pharmacy OTC channel segment. Though, this OTC channel segment is expected to lose a small fraction of its revenue share over 2023, mainly due to emergence of new OCT channels such online retail and modern trade.
  • Sales of capsule based OTC vitamins and dietary supplements will continue to remain strong during the forecast period. By 2023-end, nearly US$ 32,891 Mn worth capsules are estimated to be sold across the globe.

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Competition Tracking

Key players profiled in the Fact.MR’s report include Dil Limited., Bactolac Pharmaceutical, Inc., Otsuka Holdings Co. Ltd., CSPC Pharmaceutical Group Limited., Reckitt Benckiser LLC, Sanofi S.A., Pfizer, Inc. Atrium Innovations, Inc., Lonza Group Ltd, Jubilant Life Sciences Limited, Archer Daniels Midland Company, Koninklijke DSM N.V., BASF SE, GlaxoSmithKline plc and DuPont.

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