Categories Other Industries, Retail

Dietary supplements market has great growth opportunities

Many investors stay away from pharma stocks as their research and products often tend to mirror rocket science. Also, growth is generally slow and some pharma companies tend to depend too much on a single product, making them highly susceptible to losing out. However, there is a small space in the pharmaceutical industry with minimal technicalities and robust growth opportunities- dietary supplements.

A majority of Americans reportedly use dietary supplements, a market that is ruled by Amway, Abbott Laboratories, GlaxoSmithKline, Bayer and Archer Daniels Midland Co. The market is set to double to $278.02 billion by 2024 from $133.1 billion in 2016, according to a report by Grand View Research. This spike is primarily driven by the sedentary lifestyle as well as obesity concerns prevalent in the country.

Picture for representation (Courtesy: Melanie Simon, Pixabay)

A slew of other researches back the growth of the market. According to another recent study by Zion Market Research, vitamin supplement accounted for around 42% of global market share of dietary supplements in 2016 and Asia-Pacific remained the largest market. Protein and sports supplements are other product areas with a lot of growth scope in the immediate term.

Meanwhile, these products are often brought under the scanner for their safety standards. The National Institutes of Health had recently raised doubts with regard to the safety and effectiveness of many products. FDA has issued a warning and recall of tablets containing kraton, a herb classified as an opioid with addictive properties. These tablets are prone to causing addiction and even death in some cases. However, in a survey conducted in 2015, 84% of the respondents who were taking dietary supplements said they were confident about its safety.

By learning from mistakes, the industry is apparently taking baby steps into an era of higher sales. While health is deteriorating on one side, let wealth prosper on the other!

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