Global Dietary Supplements Market

1
GLOBAL DIETARY SUPPLEMENTS MARKET
Segmented by Product Type, End User, and Geography Analysis of

Growth, Trends, and Forecast (2019-2024)
Report
Report Global Dietary Supplements Market

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TABLE OF CONTENTS
2
1. INTRODUCTION
3.2 Restraints
1.1 Research Phases
3.2.1 Regulatory Issues
1.2 Study Deliverables
3.2.2 Safety, Efficacy, and Labelling Challenges
1.3 Scope of the Market
3.3 Opportunities
2. MARKET INSIGHTS
3.3.1 Growing E-commerce and Product Penetration
2.1 Market Overview
2.2 Market Trends 3.3.2 Herbal Supplements and Botanicals
2.3 Industry Attractiveness – Porter’s Five Forces Analysis 4. MARKET SEGMENTATION
2.3.1 Bargaining Power of Suppliers 4.1 By Type
2.3.2 Bargaining Power of Buyers 4.1.1 Introduction
2.3.3 Threat of New Entrants 4.1.2 Vitamin

2.3.4 Threat of Substitute Products and Services 4.1.3 Mineral
2.3.5 Degree of Competition
4.1.4 Botanical
3. MARKET DYNAMICS
4.1.5 Enzyme
3.1 Drivers
4.1.6 Fatty Acid
3.1.1 Increasing Healthcare Cost and Focus on Preventive
4.1.7 Protein
Health Management
4.1.8 Others
3.1.2 Personalized Healthcare and Self-diagnostic Approach

TABLE OF CONTENTS
3
4.2 By End User
4.2.1 Introduction 5.3 Asia-Pacific
4.2.2 Adult 5.3.1 China
4.2.3 Infant 5.3.2 Japan
4.2.4 Children 5.3.3 Rest of Asia-Pacific
4.2.5 Pregnant Women 5.4 South America
4.2.6 Elderly 5.4.1 Brazil
5. BY GEOGRAPHY 5.4.2 Argentina
5.1 North America 5.4.3 Rest of South America
5.1.1 United States 5.5 Middle East & Africa
5.1.2 Canada 5.5.1 Introduction
5.1.3 Mexico 5.5.2 South Africa
5.1.4 Rest of North America 5.5.3 Saudi Arabia
5.2 Europe 5.5.4 Rest of Middle East and Africa
5.2.1 United Kingdom 6. COMPETITIVE LANDSCAPE
5.2.2 Germany 6.1 Most Active Companies
5.2.3 Spain 6.2 Market Share Analysis
5.2.4 Russia 6.3 Strategies Adopted by Leading Players
5.2.5 Rest of Europe

TABLE OF CONTENTS
4
7. COMPANY PROFILES
7.1 Pfizer Inc.
7.2 Amway
7.3 Suntory Holdings Ltd
7.4 Glanbia PLC
7.5 Glaxosmithkline PLC
7.6 Abbott
7.7 Herbalife Limited
7.8 Reckitt Benckiser Group PLC
7.9 Bayer AG
7.10 Blackmores Limited
7.11 Otsuka Holdings Co. Ltd
7.12 Gnc Holdings Inc.
7.13 Sanofi
7.14 Merck Kgaa
7.15 Nature’s Bounty
7.16 Miki Corporation

5
1.1 Research Phases
1. INTRODUCTION 1.2 Study Deliverables
1.3 Scope of the Market

1.1 RESEARCH PHASES 6
• Plant Managers
• Company Annual Reports • Sales Managers • Industry Experts
• Insights from Data and
• Journals • Surveys • Consultants
Forecasts, Compiled into
• Government Publications • Manager, Purchasing and • Subject-matter Experts
One Report
Logistics • In-house Experts
SECONDARY DISCUSSION PRIMARY ECONOMETRIC EXPERT DATA REPORT

RESEARCH GUIDE RESEARCH MODELLING VALIDATION TRIANGULATION WRITING
• Company-related Queries
• Forecasting Model • Revalidation of Numbers from
• Market-related Queries
• Monte Carlo Simulation Secondary through Primaries
• Company Financials
• Combination of Top-down and
Bottom-up Approaches
Primary Interviews Primary Interviews - Along Value Chain
6% CEOs/CFOs
6%
Board Members 32% 35%
31%
Research Heads Manufacturers
20%
Strategic Decision Makers Service Providers
Financial Advisors End Users

11%
55%
26% Investors

7
The global dietary supplements market is classified by product type, application,

and region in this study. The industry is studied in terms of its growth over the
past few years and the fundamental challenges it faces.
Each segment is further studied in terms of its attractiveness to investors in the

RESEARCH
financial analysis section, in order to understand the interest evinced by IPO
METHODOLOGY investors, venture capitalists, asset management firms, and the likelihood of
mergers and acquisitions. The conclusion to this study includes opinions and
recommendations to retail investors, fund managers, CEOs, and other members
of the investor community.
This research is supported by in-depth interviews with top-level management of

the global dietary supplements market. Additionally, vast secondary research on
market trends has been performed to support the analysis.

8
Market Definitions Segmentation

STUDY STRUCTURE Technology / Market
Identification
Key Countries Mapping of Key
and Regions players
Data Extraction Process
ANALYSIS Data Corroboration

Process
METHODOLOGY Value / Supply Chain Validation of Market
Top-down
Approach
Analysis Size
Analysis
S Forecast
Econometric Consumer Behaviour Bottom-up Approach
Modelling, Secondary Identification of Analysis
Research, and Expert Exogenous factors
Verification Market Dynamics Segment- and
Recent Market Region-wise market
Inference Developments / Market Structure size forecasting
Data Generation Process (DGP) Competitive Landscaping Analysis
and Forecast
Infographical and
comprehensive presentation of
inferences and estimates
Competitive
Market Share Market Sizing
Landscape
Porter’s Five
Market Structure Company Profiles
Forces Analysis

1.2 STUDY DELIVERABLES 9
AIM AND OBJECTIVE OF THE STUDY
Global, regional, and country-level analysis, along with forecast of the global dietary supplement market
FORECAST PERIOD BASE YEAR COMPANIES PROFILED
2018 - 2023 2018 15+
GEOGRAPHICAL SCOPE SEGMENTS COVERED
DROs
PORTER’S FIVE FORCES ANALYSIS
SEGMENT AND SUB-SEGMENT

ANALYSIS
KEY PLAYERS
COMPETITIVE LANDSCAPE

STUDY ASSUMPTIONS 10
 The base currency considered was the United States Dollar (USD). The conversion of other currencies to USD was considered based on the average exchange
rate for the respective review period years. The exchange rate conversion for forecast period was determined according to the base year’s conversion rates.
 The base year was identified based on the availability of annual reports and secondary information. The base year considered for this study is 2018.
 The review period considered for this study is from 2016 to 2018. The forecast period and CAGR are from 2019 - 2024.
 Market size estimations for the forecast years were in real terms. Inflation is not part of the pricing and the average selling price (ASP) was kept constant through
the forecast period for each country.
 Distribution of primary interviews conducted was based on the regional share of the market and the presence of key players in each region.
 As a result of data-triangulation through multiple methodologies and approaches, the weighted averages of resulting estimates were considered to be the final
values.

1.3 SCOPE OF THE STUDY 11
Vitamin
Mineral
Botanical
By Product Type Enzyme
Fatty Acid
Protein
Others
Infant
Children
GLOBAL DIETARY By Application Pregnant Women
SUPPLEMENT MARKET Elderly
Adult
North America
Europe
By Geography Asia-Pacific
South America
Middle East & Africa

12
2.1 Market Overview
2.2 Market Trends
2.3 Industry Attractiveness – Porter’s Five Forces Analysis
2.3.1 Bargaining Power of Suppliers

2. MARKET INSIGHTS
2.3.2 Bargaining Power of Consumers
2.3.3 Threat of New Entrants
2.3.4 Threat of Substitute Products and Services
2.3.5 Degree of Competition

2.1 MARKET OVERVIEW 13
• The global dietary supplement market (henceforth referred to as market studied) was
valued at USD 101.38 billion in 2018 and is expected to attain a value of USD 151.57 billion
in 2024, registering a CAGR of 6.9%, during the forecast period (2019-2024).
• The dietary supplements market is preliminarily driven by the paradigm shift toward Dietary Supplement Market: Revenue in USD billion,
preventive health management practices amid rising healthcare costs and increasing Global, 2016-2024
burden of lifestyle diseases.

160.00 151.57
• Digitization in retail is expected to boost the future growth of dietary supplements. 141.52
140.00 131.89
Moreover, the popularity of herbal supplements is also expected to drive the market growth 123.03
120.00 115.85
Revenue in USD billion

in the future. 108.37
100.90 101.38
100.00 96.00
• Based on product type, the vitamin segment is a steadily growing whereas the fatty acid
80.00
segment represents the fastest growing supplement segment due to popularity of omega-3-
based supplements. 60.00
• In the end user segment, the infant and children sub-segments are the fastest growing end- 40.00
user segments as companies have increased their supplement portfolio based on the high 20.00
demand for infant formulae.
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
• Asia-Pacific is the fastest growing region in the dietary supplements market driven by major
Year
investment opportunities especially for herbal and Ayurveda extract-based products.
• The key players in dietary supplements market, such as Pfizer, Amway, Glanbia Plc., Abbott
etc., are using product innovation and base expansion as their preferred strategies.

2.2 MARKET TRENDS 14
PROBIOTICS GAINING POPULARITY
• Consumers are becoming more familiar with probiotics and their potential benefits, leading to
emergence of innovative probiotic products in various delivery formats, from gummies to functional
foods.
• For instance: In May 2018, Deerland Enzymes & Probiotics launched a new water-soluble form of
its Bacillus subtilis spore-forming probiotic strain which is not only heat-tolerant but can also be more
easily incorporated into hot beverages, gummies, and functional drinks.
• Similarly, in May 2018, Activ Nutritional LLC launched Viactiv Digestive Health Soft Chews,
expanding the iconic Viactiv supplement brand into the expanding digestive health category.
MICRONUTRIENTS HAVE MAINTAINED ITS RELEVANCE
• The market studied has witnessed substantial innovations and product launches in the vitamin and
mineral segments in order to tackle deficiency issues targeting children and women consumers.
• For instance: In May 2018, Good Day Chocolate created a category of on-the-go chocolate
supplements for adults including Sleep, Energy and Calm, Multivitamin, and Probiotic that support
daily health and digestion wellness while Sleep and Calm provide sleep and anxiety relief.

PLANT PROTEIN SUPPLMENTS ON THE RISE
• Veganism is a rising supplement trend. Consumers are now actively seeking plant-based protein sources. The
most common is soy protein as it is the closest resembling amino acid profile to that of milk based proteins. Soy
protein is considered a complete protein as it provides all of the essential amino acids and can contain up to
90% protein.
• There are many different plant-based protein supplements now available, and although each type has its own
unique benefits, soy protein is considered to be the best quality plant based protein supplement available.\
BRAIN BOOSTER SUPPLEMENTS
• Supplements to aid the brain health, are making waves in the dietary supplements industry and will be one of the
key t trends in 2018.
• Many millenials are adding “smart supplements” to their daily routine. These supplements contain caffeine to
boost focus and banish fatigue. They may help support normal memory functions with supplements such as
creatine and choline commonly used as memory promoters.
• Curcumin is becoming increasingly popular for its health benefits. The nutritional compound sourced from the
Indian spice turmeric protects the brain in an impressive number of ways. Studies show significant
improvements in working memory, energy, mood and stress after taking curcumin for one month.

MULTI-FUNCTIONAL SUPPLEMENTS
• This type of supplement aims to provide daily nutrients easier for consumers in a natural way using fruits,
herbals and cosmeceutical ingredients. With multiple whole foods in one capsule, they help promote good
health and prevent disease.
• Capsules designed specifically to boost immunity or improve energy are great for consumers looking for a
wholesome way to give the body nutrients in an on-the-go lifestyle. These types of supplements are becoming
increasingly popular with baby boomers.
BEAUTY FROM WITHIN
• Consumers have become increasingly aware that applying topical products to the skin is not as efficient as
consuming supplements as part of a balanced diet directed specifically to improve and maintain beauty from the
inside out. These products are becoming increasingly visible in the form of tablets, pills, gummies and capsules.
• For instance, Jane Iredale Skin Accumaxf ormula features a healthy dose of antioxidants in vitamins A, C,
and E as well as the phytonutrient to help promote a glowing complexion.
• Dope Naturally Melonaid taps the powers of an innovative ingredient. It is derived from watermelon
seeds. The brand’s signature Melonaid is the first plant-based protein powder made from watermelon.
Watermelon seeds are full of anti-aging amino acids. The formula also contains beet extract, which adds
a pretty pink hue and a solid boost of natural energy.

2.3 INDUSTRY ATTRACTIVENESS – PORTER’S FIVE FORCES ANALYSIS 17
• The dietary supplement market encompasses a wide variety of processes

and products.
• The product penetration in different distribution channels has intensified the

THREAT OF NEW ENTRANTS THREAT OF SUBSTITUTES
competition among different market players.
HIGH HIGH
• There are many dietary supplement manufacturers in the market.
• The market is heavily influenced by digital channels that may shape the
COMPETITIVE RIVARLY
future of industry.
• The strong demand for dietary supplements from the emerging markets has
HIGH
prompted suppliers to increase the supply of raw materials, which may
intensify the competitiveness in the market.
• Dietary supplement manufacturers are fragmented and the key global MODERATE MODERATE
players are seeking consolidation. Nonetheless, lucrative market BARGAINING BARGAINING
opportunities attract large number of new players in the global marketplace. POWER OF POWER OF
CONSUMERS SUPPLIERS
• Modern consumers are equipped with sufficient information and knowledge
about the effects of supplement products. This helps them in their
purchasing decision creating a substantial bargaining power.

2.3.1 BARGAINING POWER OF SUPPLIERS 18
BARGAINING POWER OF SUPPLIERS - MODERATE
Supplier switching
costs relative to firm
• Supplier switching costs that are relative to firm switching costs is moderate and
switching costs
10 the impact of product differentiation on the purchase-ability is also not significant.
Supplier competition:
Degree of
the ability to forward 8
differentiation of
vertically integrate
inputs
• Suppliers can exhibit differential advantage by offering distinct inputs that have
and cut out the buyer 6
4
high quality and are duly certified.
2 • Raw material costs for herbal extracts, carotenoids, vitamins, minerals, etc., are
Employee solidarity Impact of inputs on
0 high. The number of suppliers is high when compared to manufacturers.
(e.g. labor unions) cost or differentiation
• Technological costs for suppliers are high, which provide less bargaining power in
the hands of supplier.
Supplier
Presence of
concentration to firm
concentration ratio
substitute inputs • The strength of distribution channel has a profound impact on the purchase-ability
of raw materials – companies are seeking logistic efficiency in order to have
Strength of
distribution channel adequate monitoring and quality control over the supply chain.
The bargaining power of suppliers is moderate.

2.3.2 BARGAINING POWER OF CONSUMERS 19
BARGAINING POWER OF CONSUMERS- MODERATE
Buyer
concentration to
• The buyer concentration to firm concentration ratio is substantially high due to the firm concentration
ratio
high demand from the developing markets. Differential 10 Degree of
advantage dependency upon
8
• The degree of dependency upon existing channels of distribution is high as (uniqueness) of existing channels
industry products 6 of distribution
consumers have increasingly utilized different channels that offer higher degree of 4 Bargaining
convenience and customization. Buyer price 2 leverage,
sensitivity particularly in
0 industries with…
• Buyer switching costs relative to firm switching costs are insignificant as the
marketplace is flooded with plethora of supplement products that provide bargaining
Availability of Buyer switching
edge to consumers. existing substitute costs relative to
products firm switching costs
• Increase in the distribution channel provides great opportunity to buyers. Buyer information
Force down prices
• There is a large number of small and large manufacturers. Product quality is highly availability
important for consumers to switch brand.

The bargaining power of buyers is moderate.

2.3.3 THREAT OF NEW ENTRANTS 20
THREAT OF NEW ENTRANTS – MODERATE
Government policy • There is a large concentration of dietary supplement manufacturers in the

10
market. There is a significant dominance of global players seeking industry
Industry profitability 8
Capital requirements
(Market CAGR) consolidation with strategies, such as mergers and expansions.
6
4
• Strict regulatory environment in developed regions is a major barrier for
2
new players. The impact of government policies is significant for the ease
Access to distribution 0 Economies of scale
of doing business.
• Profit margin is high compared to input cost. Market demand for
Switching costs or sunk Economies of product supplements is also high. Similarly, capital requirements are also high.
costs differences
• New entrants with innovative technology can pose a high threat to the
Product differentiation
existing players. Thus, product differentiation is crucial to gain a
competitive edge.
The threat of new entrants is moderate.

2.3.4 THREAT OF SUBSTITUTE PRODUCTS AND SERVICES 21
THREAT OF SUBSTITUTE PRODUCTS/SERVICES – HIGH
• Buyer propensity to substitute is quite high amid the rising popularity of

functional and fortified foods, this trend is particularly evident in western markets Buyer propensity to
substitute
where consumers have shifted their choice of super foods. 10
Relative price
Availability of close
8 performance of
• The global marketplace has witnessed high levels of fortification for foods substitute
substitute
6
ranging from dairy products to functional beverages.
4
• The relative price performance of substitute is also high, in terms of providing Buyer switching
Quality depreciation 2
costs
holistic health benefits, when compared to isolated nutrients whose efficiency is 0
dependent on other variable factors.
• The perceived level of product differentiation is significant as consumers have Substandard
Perceived level of
product
product
realized the importance of functional foods. The level of perceived benefits is differentiation
Number of
also high. substitute products
Ease of substitution
• The marketplace has now an abundance of substitutes – functional foods and available in the
market
fortified products have gradually gained greater acceptance among consumers.
• Although there are no close substitutes to dietary supplements, in terms of
preventive health management, the popularity of substitutes, especially in the
matured markets, poses a high threat to the sales of dietary supplements.
The threat of substitutes is high.

2.3.5 DEGREE OF COMPETITION 22
INTENSITY OF COMPETITIVE RIVALRY - HIGH
• Key players in the market studied are Glanbia and Herbalife Ltd, Bayer AG, Reckitt
Sustainable
competitive Benckiser, etc.
advantage through
innovation • These players are embarking on expansion, especially in the developing markets,
10
to gain a stronghold amid robust product demands.
8
Competition between • Competition is very high among players as many start-ups are emerging in the
Degree of 6
online and offline
transparency market with innovative products and technologies.
4 companies
2 • Increased online sale and lucrative business/marketing provides great opportunities

0 for new companies.
• Sustainable competitive advantage through innovation is high as companies have
Firm concentration Level of advertising witnessed a significant growth in sales by offering innovative products, coupled with
ratio expense
effective marketing and distribution strategies.
• Competition between online and offline companies is very high as the future growth
Powerful competitive of dietary supplements depends heavily on the growth of online retail sales
strategy
channels.
• The level of advertising expense and the impact of powerful competitive strategy is
high as it helps in generating higher profit margins and increases the brand
recognition.
The intensity of competitive rivalry is high.

23
3.1 Drivers
3.1.1 Rising Healthcare Cost and Focus on Preventive Health Management

3.1.2 Personalized Healthcare Concept and Self-diagnostic Approach
3.2 Restraints
3. MARKET DYNAMICS 3.2.1 Regulatory Issues
3.2.2 Safety, Efficacy, and Labelling Challenges
3.3 Opportunities
3.3.1 Growing E-commerce and Product Penetration
3.3.2 Herbal Supplements and Botanicals

3. MARKET DYNAMICS 24
High RISING HEALTHCARE COST AND

PERSONALISED HEALTHCARE
Market Drivers FOCUS ON PREVENTIVE HEALTH
CONCEPT AND SELF-
MANAGEMENT
DIAGNOSTIC APPROACH
Impact
Low
Low
Impact
Market Restraints
REGULATORY ISSUES
SAFETY, EFFICACY AND

LABELLING CHALLENGES
High

3.1 DRIVERS 25
3.1.1 RISING HEALTHCARE COST AND FOCUS ON PREVENTIVE HEALTH MANAGEMENT
• The global marketplace has witnessed a paradigm shift from curative practices to Health Care Expenditure in USD billion, 2015 - 2020
preventive management in healthcare, making it a prime growth factor for the market
Transition economies 246.1
studied. 170.9
• Healthcare as an industry contributes extensively to the overall economy. Emphasis on

Middle East & Africa 138.9
care management, focus on paying for value, and rising general inflation are major 112.7
factors influencing the healthcare cost.

Latin America 400.5
355.7
• Population in the United States, Europe, and Japan is aging, prompting consumers to
seek a variety of dietary supplements for maintaining and enhancing the overall health 1,964.90
Asia & Australasia
1,537.50
and well being.
• The healthcare cost is substantially high in emerging economies due to higher per-capita Western Europe 2,006.60
1,645.70
out-of-pocket spending on healthcare amid the burden of communicable and non-
communicable diseases. Such trends have prompted consumers to opt for dietary North America 4,083.60
3,306.20
supplements.
• The growing importance of health as a lifestyle choice has attracted many companies to 2020 (P) 2015
enter into vitamins, minerals, and botanicals segments of the market studied. • According to the World Industry Outlook report 2017, the combined
• Thus, the intense focus on preventive healthcare system, coupled with robust healthcare spending in major regions is expected to reach USD 8.7
endorsements and marketing efforts of lifestyle enhancement products, is driving the trillion by 2020. This out-of-pocket expenditure, thus, may serve as a
market studied. major driving factor for the market studied.

3.1 DRIVERS 26
3.1.2 PERSONALISED HEALTHCARE CONCEPT AND SELF-DIAGNOSTIC APPROACH Sales of Probiotic Supplements in the United States
• Consumers, especially from the developed countries, have adopted a personalized 2500
approach of healthcare by investing on preventive products and services to deal with 2154
gut and other simpler metabolic disorders. 2000 1880
• The time-pressed work schedules have elevated the incidences of stress, hypertension 1645
Sales in USD million

and low-energy levels. Consumers have increasingly turned to alternative healthcare
1500
channels to allopathic practices by educating themselves about the herbal products
and other such supplements.
1000
• The companies operating in the market studied have increased their product portfolio
by aligning with this on-going trend –advertising efforts are more focused on
500
strengthening the self-directed behavior of consumers by enlightening them on benefits
of such products.
• The sales of probiotic supplements, for instance, have increased by informing 0

2015 2016 2017
consumers about symbiotic effects of micro biota and utilizing clinical studies with Year
conclusive findings. • Health conscious consumers have become increasing reliant on self-
• Incentives for preventive healthcare solutions have encouraged consumers to take diagnosis for targeted health needs. For instance: high sales of
health into their own hands, equipping themselves with health information, and taking probiotic supplements in the United States is an indication of
well-informed purchasing decisions on dietary supplements. consumer’s preference toward such products for maintaining the gut
health, instead of opting for allopathic medicines.

3.2 RESTRAINTS 27
3.2.1 REGULATORY ISSUES
• A major hurdle for the growth of the market studied is its undefined scope and the regulatory inefficiencies.
• There is no global consensus on the universal definition of different types of supplements. For instance, a product considered to be a dietary supplement and
regulated as a food in the United States, may be treated as a complementary or prescription medicine in another jurisdiction. It can even be regulated as a controlled
substance, coming under the purview of drugs regulatory authorities.
• Emerging economies, such as China and India, have an existing regulatory framework for traditional medicine that also includes crude botanicals. Moreover, the
haphazardly evolving regulations have overlooked the safety aspects of these products.
• The increase in the regulatory oversight amid the increasing incidences of mislabeling, especially with the botanicals, have exerted undue pressure on
manufacturers. The customized approach on a case-by-case basis is expected to further affect the growth of market.
• Strict regulations, even on the manufacturing processes and practices, have a dampening effect on product innovations with a wide variety of health claims.
• The increase in regulatory issue is also attributed to the lack of sufficient R&D, especially on the efficacy factor of dietary supplements, in comparison to its high
demands and the launch of such products. The supply of ingredients used in supplements has outpaced the availability of methods and trained personnel to analyze
them.
• The inconsistency in the global approach of regulation and limited scope of regional frameworks have restrained the growth of the market studied.
• The regulatory oversight for dietary supplements needs to be comprehensive, covering the substance itself – its inherent composition, the claims that are made, and
the intended use of the products.

3.2 RESTRAINTS 28
3.2.1 SAFETY, EFFICACY, AND LABELLING CHALLENGES
• The efficacy of dietary supplements is another pressing issue. Although herbal supplements exhibits wide range of historical evidences, the efficacy of these products
depend on large number of variable factors ranging from genetic makeup to the dosage administration.
• The efficacy of bioactives or active principles in supplements differ substantially when present in isolated forms when compared to combinations and within different
food matrices. Analytical techniques for identification of such analytes further complicates the process as the active compounds are often unknown in many instances,
or the validated analytical methods may not exist for determining their content.
• The recent recalls of branded dietary supplements have brought the category in the regulatory scanner – the market studied has witnessed surge in the private label
brands. However, the overall product safety has become increasingly important.
• Identification of the ingredients is a first step in assessing the safety profiles of dietary supplements. However, plant identification is one of the prominent challenges.
This is further complicated by the processing techniques and manufacturing process that varies greatly across different processors.
• The origin of ingredients is other major challenge that directly impacts the safety perception of supplements. Many seafood based supplements have been found to
contain unacceptably high level of contaminants.
• The issue of safety is further heightened by conflicting or contradicting evidences regarding the ingredients of dietary supplements. Such instances delay the
introduction of new products and companies incur heavy losses.
• The mislabeling of dietary supplements, in particular, the botanicals have drastically impacted the industry and alarmed the regulatory agencies – there have been
instances in which potentially active principles in botanical products were diluted and/or replaced by cheap fillers like soybean, wheat, and rice. Many of these fillers
might have harmful side effects and possibly deadly risks for people with allergies.

3.3 OPPORTUNITIES 29
3.3.1 GROWING E-COMMERCE AND PRODUCT PENETRATION

Global E-commerce Retail Sales in USD billion
• The robust expansion of E-commerce and proliferation of other retail channels carries a 2500
2310
significant opportunity for the sustainable development of dietary supplements market.
• The dietary supplements companies are investing on developing and accessing new sales 2000
1850
channel in order to reach a diverse and broad set of customers.
1550
Sales (in USD billion)

• The major chunk of sales growth of dietary supplements has been largely concentrated to 1500
mass merchandisers such as super/hyper markets and certain specialty retailers. The
increasing popularity of online retail has expanded the scope of dietary supplements sales,
1000
particularly the ones targeting the aging baby boomers.
• The convenience of online purchase is expected to aid the growth in the sales of dietary
supplements in the emerging markets that have witness an exponential rise in the e- 500
commerce shopping in the last five years.
• The condition-specific customized offerings have also effectively penetrated to the retail 0
2015 2016 2017
channels like convenience stores and medical shops. The dietary supplements are
Year
increasingly deigned to a particular consumer profile (gender, age, medical history, etc.). • The e-commerce share in the global retail sales is expected to
• The personalization of dietary supplements, coupled with effectiveness of sales channels in be around 16% by 2021 –major contributors for the future
delivering the desired products more conveniently, is expected to drive the market studied growth of dietary supplements are e-commerce and m-
during the forecast period. commerce platforms.

3.3 OPPORTUNITIES 30
3.3.2 HERBAL SUPPLEMENTS AND BOTANICALS

Retail Sales Of Herbal In Europe
• Asia-Pacific is touted as one of the fastest growing regions in the market studied due to 7.6
the popularity of plant-based supplements ,particularly in the markets of China, Japan, 7.5
7.5
and other South-East Asian countries.
7.4
• The Indian market has also been a significant contributor to the sales of herbal
7.3
Sales (in USD billion)

supplements due to increased interest in the traditional system of Ayurvedic medicines 7.2
7.2
and practices.
7.1
• The rise in general acceptance of herbal formulations, especially among the western
7
countries, is expected to shape the future growth of dietary supplements in the favor of
6.9
botanicals. 6.9
6.8
• The greater push for organic and non-GMO products has driven the sales of herbal
supplements in the global marketplace. 6.7
6.6
• The awareness of perceived health benefits of herbal supplements has been very well- 2015 2016 2017
established among the millennials. The category is target population segment for key Year
herbal supplements companies.

• The high growth of herbal products in the European markets is an
• The market studied has witnessed a phenomenal growth in the herbal supplements indication of surge in the popularity of the botanicals – the eastern
containing turmeric, garlic, ginseng, gingko biloba, etc. Keeping the issues of safety system of medicine have gained a stronghold in western markets,
and labelling in check, this category is expected to provide lucrative growth the sales of herbal supplements is expected to drive the growth of
opportunities in the future. the market studied during the forecast period.

31
4.1 By Type
4. MARKET SEGMENTATION
4.2 By End User

32
4.1.1 Introduction
4.1.2 Vitamin
4.1.3 Mineral
4.1 SEGMENTATION - BY TYPE 4.1.4 Botanical
4.1.5 Enzyme
4.1.6 Fatty Acid
4.1.7 Protein
4.1.8 Others

33
Dietary Supplement Market: Revenue in USD billion, by Type, Global, 2016-2024
Type 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR % (2019-2024)
Vitamin 36.26 34.39 36.19 38.55 41.08 43.48 46.45 49.77 53.22 6.6
Mineral 8.56 8.17 8.66 9.28 9.95 10.60 11.40 12.28 13.21 7.3
Botanical 14.52 13.90 14.77 15.89 17.09 18.26 19.70 21.19 22.76 7.5
Enzyme 2.38 2.27 2.40 2.57 2.75 2.93 3.15 3.51 3.90 7.9
Fatty Acid 4.98 4.80 5.13 5.56 6.01 6.46 7.01 7.63 8.31 8.2
Protein 13.44 12.83 13.59 14.57 15.63 16.65 17.90 19.20 20.56 7.2
Others 20.75 19.64 20.64 21.95 23.34 24.65 26.29 27.94 29.60 6.2
Total 100.90 96.00 101.38 108.37 115.85 123.03 131.89 141.52 151.57 6.9

4.1.1 INTRODUCTION 34
• A dietary supplement is a product intended for ingestion that contains a "dietary

Dietary Supplement Market: Market Share (% ),
ingredient" intended to add further nutritional value in order to supplement diets.
by Type, Global, 2018
• Dietary supplements, such as vitamins, minerals, botanicals, enzymes, fatty acids,
and proteins, help promote general health and well-being, by preventing nutritional
deficiency diseases.
25.46%
• The preferences for dietary supplements is growing tremendously due to the global
demographic trend with rising aging population, increasing lifestyle-related diseases, 32.09%
and increasing costs of healthcare.
• Increasing sales of sports nutrition on account of growing fitness trends and sports
7.05%
activity, with new product launches is likely to have a significant impact on the
industry. 8.48%
10.34%
• Regulatory agencies are paying more attention to the dietary supplement health 14.25%
claims and hence, the industry is becoming more regulated.

2.33%
• Pharmacy chains claim that demand for vitamins and supplements has increased
Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others
over the past five years, with popular products, including probiotics for the gut and
fish oil, which is said to be good for the heart and brain.

4.1.2 VITAMIN 35
• The vitamin segment of the global dietary supplement market was valued at USD 36.19 Dietary Supplement Market: Revenue in USD billion, Vitamin,
billion in 2018, and is projected to reach USD 53.22 billion by 2024, registering a CAGR of Global, 2016-2024
6.6% during the forecast period.
60.00
• The preventive healthcare practices that are in vogue nowadays, coupled with 53.22
49.77
multivitamins deficiency that is commonly observed owing to inadequate intake, are driving 50.00 46.45
43.48

41.08
the demand for vitamin supplements. 38.55
40.00 36.26 36.19
34.39
• Additionally, the increasing number of personalized online systems available to consumers
30.00
free of charge are driving the demand for dietary supplements. Both manufacturers and
retailers are beginning to offer free access to “wellness tools” that create a customized 20.00
vitamin list based on a consumer’s specific conditions and need.

10.00
• Elderly people usually suffer from vitamin D deficiency, as they have low exposure to
0.00
sunlight. Therefore, there is a growing dependency on vitamin D supplements among the 2016 2017 2018 2019 2020 2021 2022 2023 2024
geriatric population. Year
• Usage of vitamin was highest among supplement users, 78% were reported taking a • Vitamins represent a steadily growing segment driven by improved
multivitamin, 32% opted for vitamin D, 27% took vitamin C, and 18% had vitamin B intake. economic growth of developing countries, growing discretionary
Increasing popularity of water-soluble vitamins is due to its easy availability, affordability, spending, and consumers emphasis on improving their quality of
and a wide array of functional roles. life. Asia-Pacific was the largest market for vitamin supplements in
• Regular usage of vitamins seems to increase with age, and women tend to take more 2017.
supplements than men.

4.1.3 MINERAL 36
• Mineral-based dietary supplement is a well-established segment of the overall
Dietary Supplement Market: Revenue in USD billion, nutraceutical market, owing to its longstanding tradition of use and years of clinical
Mineral, Global, 2016-2024 research.

• Human health can greatly benefit from a combination of eight specific minerals that are
14.00 13.21
12.28 depleted in the modern diet, including iron, magnesium, zinc, selenium, copper,
12.00 11.40
10.60 manganese, chromium, and boron.
9.95
10.00 9.28
8.56 8.66 • Calcium, iron, magnesium, and zinc supplements remain some of the popular products,
8.17
8.00 but with the advent of emerging and ongoing research, lesser known minerals, such as
6.00
copper, chromium, manganese, and selenium are attracting consumers’ attention due to
their health benefits.
4.00
• Pregnant women are recommended iron and calcium consumption throughout the
2.00
pregnancy period. As a result, the demand from pregnant women is also continuously on
0.00 the rise.
2016 2017 2018 2019 2020 2021 2022 2023 2024
Year • Despite calcium being the leading category, its sales have taken a hit in 2016, owing to
emerging studies suggesting a potential link to plaque buildup in arteries.
• Calcium is the most important mineral for bone health. However, there are other minerals
• The mineral segment of the global dietary supplement market
that play an important role, as well. Copper is involved in collagen maturation and this
was valued at USD 8.66 billion in 2018, and is projected to
helps provide the “infrastructure” that holds bone together.
reach USD 13.21 billion by 2024, registering a CAGR of
• Vegan supplements are formulated without animal ingredients or derivatives for vegans
7.3% during the forecast period.
and vegetarians, an example of which is Deva, which introduced vegan multivitamin and
mineral supplements.

4.1.4 BOTANICAL 37
• Herbal or botanical supplements are used for oral medicinal purposes, and have
Dietary Supplement Market: Revenue in USD billion,
emerged as a popular complementary and alternative medicine (CAM) or supplement
Botanical, Global, 2016-2024
to modern medicine.
• The consumers’ confidence in those botanicals are preferably higher because of the 25.00
22.76
established clinical evidences, long history of use, and various health benefits. 21.19
19.70
20.00 18.26
• Rising prevalence of chronic diseases and advantages associated with botanical drugs

17.09
15.89
over synthetic drugs, such as being safer with no adverse side-effects and affordability, 15.00
14.52
13.90
14.77
are driving the growth of this segment.

10.00
• Many consider herbs and botanicals to be natural and therefore, healthier and gentler
than conventional drugs, even though 30% of all prescription drugs are of herbal origin.
5.00
Many use herbs and botanicals for a variety of medical conditions, as well as for overall
health and well-being. For others, herbal use is grounded in traditions passed down 0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
from generation to generation or recommended by folk healers. Year
• Technological advancements and the launch of innovative products are expected to

uptick the growth of the botanical segment. • The botanical segment of the global dietary supplement market was
valued at USD 14.77 billion in 2018, and is projected to reach USD
• Regional variations exist in product sales, but the global trends influencing new product
22.76 billion by 2024, registering a CAGR of 7.5% during the
development include demand for high value products to treat or prevent diseases,
forecast period.
aging and high stress populations, as well as performance-enhancing products for
active lifestyles and sports.
4.1.5 ENZYME 38
• Rising consumer awareness regarding the severity of digestive disorders, coupled with
Dietary Supplement Market: Revenue in USD billion, Enzyme,
the need for good health is expected to stimulate the growth of the enzymes segment.
Global, 2016-2024
4.50 • The high prevalence of gastrointestinal tract diseases, such as irritable bowel syndrome,
4.00
3.90 inflammatory bowel disease, constipation, and gastroesophageal reflux disease, has
3.51 raised concerns toward stomach health, which in turn is anticipated to fuel the market
3.50
3.15
2.93 growth.
3.00 2.75
2.57
2.38 2.40
2.50 2.27 • Carbohydrates are widely used enzymes, which include amylase, cellulose, pectinase,
2.00 lactase, and some other enzymes that are extensively used in food and beverages
1.50 consumed daily.
1.00
• Enzyme fortified food is in greater demand, since it enhances the nutritional value of
0.50
fortifying vehicles, by supporting digestion and maintaining the optimal rate of
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 metabolism.
Year
• Technological advancement in enzyme engineering is expected to benefit this segment,
by introducing specific enzyme systems catering to various health disorders.
• The enzyme segment of the global dietary supplement market
was valued at USD 2.40 billion in 2018, and is projected to • Vox Nutrition recently launched a new digestive enzyme supplement, Digestion Enzyme
reach USD 3.90 billion by 2024, registering a CAGR of 7.9% Pro Blend. It aims to enhance nutrition absorption, assist the body in breaking down
during the forecast period. difficult proteins, supports healthy digestion, and helps in relieving reactions of common
food intolerances.

4.1.6 FATTY ACID 39
• The fatty acid segment of the global dietary supplement market was valued at USD 5.13 billion
in 2018, and is projected to reach USD 8.31 billion by 2024, registering a CAGR of 8.2% during
the forecast period. Fatty Acid, Global, 2016-2024
• The fatty acid segment is expected to register the fastest growth, owing to the growing geriatric
population, rising prevalence of lifestyle-related diseases, favorable government conditions
9.00
encouraging production of essential fatty acids, and easy availability of raw materials. 8.31
8.00 7.63
• Rising baby boomers population is expected to drive the segment. 7.01
7.00 6.46

6.01
• Fatty acids provide a wide range of medicinal benefits, especially omega-3 fatty acids that play 6.00 5.56
4.98 5.13
a key role in regulating metabolic activities, apart from maintaining the optimum cholesterol 5.00
4.80
level in the body.

4.00
• Infant formula is a growing trend in the market, which is expected to boost the growth of this 3.00
segment in the near future. 2.00
• The increased use of omega-3 fatty acid supplements in Europe is caused due to the increasing 1.00
level of awareness about the ingredient. Asia-Pacific is the fastest growing and emerging 0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
market for omega-3. Countries, like India and China, have high birth rates, which is expected to Year
boost the demand for omega-3 ingredients in the infant supplements category.
• The fatty acid segment is consolidated. The top five companies hold around 75% of the market
share. DSM leads the market, followed by Epax AS and Croda Health Care.

4.1.7 PROTEIN 40
Dietary Supplement Market: Revenue in USD billion, Protein, • Protein powder is the trending dietary supplement as it targets muscle building and fulfills the
Global, 2016-2024 body’s protein requirement.
• Protein supplements help to build and repair skin, muscles, and hair in the body. It also helps to
25.00
lower cholesterol, reduce weight, strengthen immunity, and prevent cardiovascular diseases.
20.56 • These products majorly contain certain key ingredients, such as whey, leucine, digestive
20.00 19.20
17.90 enzymes, and 21 amino acids, including branched chain amino acids (BCAA), which stimulate
16.65
15.63 muscle protein synthesis.
14.57
15.00 13.44
12.83
13.59 • Currently, plant-based proteins are gaining popularity due to the shifting preference to vegan
diets.
10.00 • Nowadays, these protein supplements are not only used by body builders and elite athletes, but
also by fitness freak individuals. “Sportification” of non-athletes is the new fad.
5.00 • Currently, plant-based proteins are gaining popularity due to the shifting preference to vegan
diets. For example, water lentil, which grows sustainably and quickly on aqua farms, has shown
0.00 the closest amino acid profile, when compared to whey, which is animal protein.
2016 2017 2018 2019 2020 2021 2022 2023 2024
Year • However, presence of cheaper supplements, side-effects of few protein supplements, and
negative publicity and false claims pose a challenge to the growth of the market studied.
• The protein segment of global dietary supplement market • On April 26, 2018, Glanbia Nutritionals, launched two new performance nutrition ingredients for
was valued at USD 13.59 billion in 2018, and is projected formulation in functional beverages in Europe, the Middle East and Africa. IGNITOR and
to reach USD 20.56 billion by 2024, registering a CAGR of WheyXR have been developed to enhance amino acid release, which would reportedly allow
7.2% during the forecast period. manufacturers to maximize the health benefits of protein supplementation.

4.1.8 OTHERS 41
• Probiotic supplements represent the largest condition-specific category for mass-market retail
Dietary Supplements Market: Revenue in USD billion,
sales in the United States, and the second-fastest growing condition-specific supplement
Others, Global, 2016-2024
category. This shows the importance and awareness among people about probiotic
35.00
supplements.
29.60
30.00 27.94
• Moreover, the benefits of probiotics for other health conditions, like immunity, women’s health, 26.29

24.65
25.00 23.34
sports nutrition, and mood, are becoming more well-known, as clinical research continues to 21.95
20.75 20.64
19.64
disclose the ways in which these bacterial strains support overall health and wellness. 20.00
• Due to the recent scientific developments in prebiotic and probiotics, in terms of human gut 15.00
micro flora, the dietary supplement market is coming up with new innovative products. 10.00
• Some prebiotic supplements in the market include galacto-oligosaccharides (GOS), xylo- 5.00
oligosaccharide (XOS), and maltosyl-iso-malto-oligosaccharides (MIMO). 0.00

2016 2017 2018 2019 2020 2021 2022 2023 2024
• Carotenoids have high nutritious properties, which help prevent fatal diseases, such as cancer, Year
diabetes, cataract, and tumor. Major innovation is being carried out in this segment.
• The others segment of the global dietary supplements market was
• There is growing usage of natural antioxidants based supplements, such as rosemary extracts valued at USD 20.64 billion in 2017, and is projected to reach
and synthetic antioxidants, such as butylated hydroxy anisole (BHA), and butylated hydroxy USD 29.60 billion by 2024, registering a CAGR of 6.2% during the
toluene (BHT). The key players for antioxidant supplement developments are Jarrow forecast period.
Formulas, Vibrant Health, Life Extension, and GNC. • Other ingredients of dietary supplements include prebiotic-,
probiotic-, and antioxidant-based supplements, including
• The global probiotics market is highly competitive, with the dominant presence of key global
flavonoids, flavones, carotenoids, beta carotene, etc.
brands, such as Yakult Honsha, Groupe Danone, Nestle, Morinaga, and PepsiCo-KeVita.

42
4.2.1 Introduction
4.2.2 Adult
4.2.3 Infant
4.2 BY END USER
4.2.4 Children
4.2.5 Pregnant Women
4.2.6 Elderly

43
Dietary Supplement Market: Revenue in USD billion, by End User, Global, 2016-2024
End User 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR % (2019-2024)
Adult 55.36 52.37 54.98 58.44 62.11 65.58 69.90 75.15 80.63 5.9
Children 18.89 18.08 19.21 20.65 22.21 23.73 25.59 27.38 29.25 7.2
Pregnant women 8.15 7.79 8.26 8.87 9.53 10.16 10.95 11.80 12.70 7.0
Elderly 12.18 11.63 12.32 13.21 14.16 15.09 16.22 17.48 18.79 6.9
Infant 6.32 6.14 6.61 7.20 7.84 8.47 9.23 9.71 10.19 8.5
Total 100.90 96.00 101.38 108.37 115.85 123.03 131.89 141.52 151.57 6.6

• Dietary supplements are consumed according to the health conditions of an individual, Dietary Supplement Market: Market Share (% ),
depending on age and special body requirements. These parameters offer a large by End User, Global, 2018
scope for product diversification, and thus, leading to larger market shares.
• Dietary supplements are available in several forms, such as tablets, pills, powders,
6.52%
capsules, gel caps, and liquids. People consume these supplements either with the
12.15%
doctor’s recommendation or as a diet supplement to balance nutrients.
8.15%
• The increasing cost of healthcare is one of the major factors responsible for this
54.24%
switch pattern among consumers from medicines to prior incorporation of diet
supplements as preventive measures.
18.94%
• Personalized nutrition adds potential products, including brain and memory boosters,
or supplements that prevent or reduce the risk of diseases common among older
people, such as heart disease, hypertension, arthrosis, diabetes, cancer, as well as
Adult Children Pregnant women Old-age Infant
problems with eyesight and hearing.
• Supplement use is also higher in people who adopt healthier lifestyle behaviors, such
as being more physically active, not smoking, consuming more fruit and vegetables, Parents tend to buy probiotics, as well as brain and immunity boosting
and less alcohol. supplements for their children. In comparison, working adults typically
spend on both immunity and energy boosters, while seniors buy
• Dietary supplements tailored to meet the special needs of elderly have been a
supplements, such as glucosamine for joints or eye care products.
strategic development from the manufactures’ end to further increase the scope of the
supplement market.

4.2.2 ADULT 45
• The adult segment of the global dietary supplement market was valued at USD 54.98
Dietary Supplement Market: Revenue in USD billion, Adult,
billion in 2018, and is projected to reach USD 80.63 billion by 2024, registering a CAGR
Global, 2016-2024
of 5.9% during the forecast period.
90.00
80.63
80.00
• Faced with the pressures of a busy lifestyle, more people are popping pills, as a quick
75.15
69.90 fix. There is an increased usage of supplements among adults between ages 18-34,
70.00 65.58
62.11
58.44 and this trend is expected to continue over the coming five years.
60.00 55.36 54.98
52.37
50.00 • Overall health and wellness, energy intake, and meeting nutritional gap through dietary
40.00 supplements are the major driving factors among adult consumers.
30.00
• In the adult segment, Americans led the market with about 71% of US adults
20.00
consuming dietary supplements.
10.00
• About 85% of adults in the United States have confidence in the quality, safety, and
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 effectiveness of dietary supplements. This confidence level has increased from 83% in
Year
2014 to 85% in 2016 among adult consumers.
• In Asian countries the increasing middle class population and economic • Vitamin, mineral, and protein supplements are primarily consumed by adults. About
growth has led to an increase in the consumption of health drinks. 97% of adults consume vitamin and mineral supplements, while 30% of adults
• The increase in the number of muscle and fitness enthusiasts has consume sports nutrition/weight management supplements.
prompted a rising consumer demand for protein sports beverages, • The concept of healthy living and increasing consciousness among the consumers,
specialized nutritional drinks, nutritional snack bars, and other products, regarding the need to be fit and to enhance immunity, also leads to increase in the
designed to optimize athletic performance. demand for whey protein in the urban area.

4.2.3 INFANT 46
• The infant segment of the global dietary supplement market was valued at USD 19.21 billion in
Dietary Supplement Market: Revenue in
2018, and is projected to reach USD 29.25 billion by 2024, registering a CAGR of 7.2% during the
USD billion, Infant, Global, 2016-2024
forecast period.
35.00
• The nutritional product types for infants include dried baby food, milk formula, prepared baby food,
29.25
30.00
and other baby food. 27.38
25.59
23.73

25.00
• The rising population of mothers, who are choosing not to breastfeed, and few who cannot 22.21
20.65
breastfeed, are driving the dietary supplement market for infants. 20.00 18.89 19.21
18.08
• Because of their changing dietary needs over the transition, it is important that infants get the 15.00
nutrition they need to grow and develop. In some cases, nutritional gaps may have to be filled with
10.00
carefully chosen supplements.
5.00
• These supplements offer a variety of health benefits, such as growth and development, eye health,
immunity, and healthy bones. These products are also provided as supportive products, along with 0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
mothers’ feed to child, for additional nutritional benefits, such as vitamin deficiency by birth, etc. Year
• Children, born premature or with a low birth weight, may have reduced iron stores. If so, the baby’s
healthcare provider may recommend iron supplements until the baby is at least six to 12 months
• Preterm infants may require supplements of vitamin E, iron,
old. This may be needed even for formula-fed babies.
and folic acid because of their rapid rate of growth and less
• Today, American consumers believe that they need more and better nutrients than their diets complete, intestinal absorption.
provide. Consequently, consumers spend approximately three billion dollars each year on vitamin
and nutrition products.
4.2.4 CHILDREN 47

• The children segment of the global dietary supplements market was valued at USD 8.26
USD billion, Children, Global, 2016-2024
billion in 2018, and is projected to reach USD 12.70 billion by 2024, registering a CAGR
14.00
12.70 of 7.0% during the forecast period.
11.80
12.00 10.95
10.16 • In order to maintain a healthy lifestyle with hectic schedules, parents are choosing
10.00 9.53
8.87
8.15 8.26 dietary supplements for their children with specific interest in claims, such as organic, no
7.79
8.00
additive or preservative, GMO- and hormone-free, and low and light products.
6.00
• The children segment has witnessed sharp growth across all the regions, owing to the
4.00
health benefits it claims, in terms of immunity boosting and cognitive development.
2.00
• Childhood is a critical time for growth and brain development, hence, particular vitamins
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 and supplements may be recommended. Rickets, for example, is a disease in which the
Year
bones soften, and is associated with inadequate vitamin D intake and decreased
exposure to sunlight; although uncommon in the United States, it continues to be
• For some children, supplementation may be important. Children
may need some vitamin and/or mineral supplementation if the reported, especially in children with darker-pigmented skin.
family's dietary practices limit the food groups available to him or • Multi-vitamin and mineral formulations continue to gain popularity in the children
her. For example, if the household is vegan, the American Academy segment.
of Pediatrics (AAP) recommends that the child only be on this diet
• These supplements are also available in special types, such as DHA/omega-3 fatty
after consultation with the pediatrician or healthcare provider.
acids, calcium and calcium with vitamin D, probiotics, and fiber. For instance, Kids First
• There are critical vitamins and minerals, which can be deficient in a
Fiber from Nature Made, Solgar’s U Cubes Calcium with vitamin D3, and Olly’s Lil Ollys
vegan diet, particularly vitamin B12, vitamin D, iron, vitamin A,
Kid’s Multivitamins plus Probiotics.
calcium, zinc, and riboflavin.
4.2.5 PREGNANT WOMEN 48

• The pregnant women segment is also influenced by manipulative marketing of multivitamin USD billion, Pregnant Women, Global, 2016-2024
and other mineral supplements. With the increase in income levels and promotional initiatives
by market vendors, the sale of prenatal vitamin supplements has increased, considerably. 20.00 18.79
18.00 17.48
• The recommendation of dietary supplements for pregnant women varies with region and 16.22
16.00 15.09
country, depending on the demographic conditions. For example, the national guidelines in 14.16

14.00 13.21
12.18 12.32
China recommend pregnant women to use folic acid supplements, and iron supplement for 12.00
11.63
women suffering from anemia, on doctor’s prescription. 10.00
8.00
• Nutrient requirements increase during periods of growth and development, such as
6.00
pregnancy and lactation. A daily dose of 10ug of vitamin D is recommended throughout
4.00
pregnancy and breastfeeding. However, UK guidelines recommend women to consume
2.00
400ug of folic acid daily from before conception, until 12 weeks of pregnancy.
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
• Pregnant women need more iron to support the growth and development of their baby. Eating Year
foods high in iron and taking 16 to 20 mg of iron per day from a supplement is recommended.
• The pregnant women segment was valued at USD 12.32 billion in
Prenatal supplements often contain iron and folate in recommended amounts.
2018, and is projected to reach USD 18.79 billion by 2024,
• A new study says that the consumption of vitamin C supplements can reduce the baby's risk registering a CAGR of 6.9% during the forecast period.
of developing a wheeze. The results showed an improvement in the lung function of the
• Although there exist some recommendations concerning the need
babies, three months of age, born to women who consumed vitamin C supplements, instead
for a limited number of nutrients in supplemental form, like iron,
of a placebo.
folic acid, and iodine, there is a relative paucity of data concerning
the use of dietary supplements during pregnancy and lactation.
4.2.6 ELDERLY 49
• The elderly segment of the global dietary supplements market was valued at USD 6.61
billion in 2018, and is projected to reach USD 10.19 billion by 2024, registering a
CAGR of 8.5% during the forecast period.
• Over the last few years, the risk of chronic diseases and maintenance of health in the
Dietary Supplement Market: Revenue in USD billion, Elderly,
elderly population have been the major health concerns leading to the increased
Global, 2016-2024
spending on dietary supplement products.
12.00
10.19 • Dietary supplements are often recommended to elderly people in order to compliment
9.71
10.00 9.23
the nutrients missing in their diet, as this age group’s appetite is very small and they
8.47
7.84 consume less calories.

8.00 7.20
6.61
6.32 6.14
• Some of the most common dietary supplements recommended for this age group
6.00
include vitamin supplements, such as D, B6, B12, calcium, and omega-3 fatty acids.
4.00
• With health changes and challenges, anyone who is 50 or older, seeks for a probiotic
2.00 supplement that contains probiotic strains that can do more than simply help
with constipation, diarrhea, bloating and gas, and other digestive complaints.
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 • A custom probiotic supplement for those over the age of 50 should also include the
Year
strain B. infantis, which helps ease inflammation linked to everything from pain and
cardiovascular disease to cancer.
• Another probiotic strain, B. longum BB-536, has been shown to boost immune function
in older adults for as long as 20 weeks, even after they stopped taking the supplement.

50
5.1 North America
5.2 Europe
5. REGIONAL SEGMENTATION AND ANALYSIS 5.3 Asia-Pacific
5.4 South America
5.5 Middle East & Africa

5. REGIONAL MARKET ANALYSIS 51
Dietary Supplement Market: Revenue in USD billion, by Region, Global, 2016-2024
CAGR %
Region 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019 - 2024)
North America 28.83 26.77 27.58 28.77 30.02 31.11 32.55 34.08 35.62 4.4
Europe 19.04 18.06 19.01 20.25 21.58 22.84 24.40 25.97 27.58 6.4
Asia-Pacific 43.54 41.99 44.95 48.71 52.78 56.82 61.74 67.15 72.90 8.4
South America 6.13 5.87 6.23 6.70 7.21 7.70 8.31 8.99 9.70 7.7
Middle East & Africa 3.36 3.32 3.60 3.93 4.26 4.56 4.89 5.33 5.76 7.9
Total 100.90 96.00 101.38 108.37 115.85 123.03 131.89 141.52 151.57 6.9

52
5.1.1 Introduction
5.1.2 United States
5.1 NORTH AMERICA 5.1.3 Canada
5.1.4 Mexico
5.1.5 Rest of North America

MARKET SEGMENTATION BY TYPE
53
Dietary Supplement Market: Revenue in USD billion, by Country, North America, 2016-2024
CAGR%
Country 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
US 23.34 21.64 22.28 23.21 24.18 25.02 26.14 27.33 28.53 4.2
Canada 2.51 2.32 2.38 2.47 2.57 2.65 2.76 2.88 2.99 3.9
Mexico 1.44 1.37 1.44 1.54 1.64 1.73 1.86 1.98 2.10 6.5
Rest of North America 1.53 1.43 1.49 1.56 1.64 1.71 1.79 1.89 1.99 5.0
Total 28.83 26.77 27.58 28.77 30.02 31.11 32.55 34.08 35.62 4.4

• In 2018, the North American dietary supplement market was valued at around
USD 27.58 billion, which is projected to reach USD 35.62 billion by 2028, Dietary Supplement Market: Market Share (% ),
by Country, North America, 2018
registering a CAGR of 4.4% during the forecast period.
• Currently, consumers are looking for other alternatives, such as herbal dietary
supplements, because of the rising market availability of counterfeit products. The
demand for alternative products is growing among the elder population.
5.39%
5.22%
• Dietary supplements were used by 31% of children in the United States; many United States
8.62%
different reasons were found as follows: to “improve overall health” (41%), to
“maintain health” (37%), for “supplementing the diet” (23%), to “prevent health Canada
problems” (20%), and to “boost immunity” (14%). Most children (~90%) who use
dietary supplements use a multivitamin-mineral or multivitamin product. Mexico
• Supplement users tend to be non-Hispanic white, have higher family incomes,

report more physical activities, and have health insurance. Rest of North
80.76% America
• Only a small group of supplements used by children (15%) were based on the
recommendation of a physician or other health care provider.
• The major key players in the region include Amway, Herbalife, Living Essentials
LLC, and Pfizer.

5.1.2 UNITED STATES 55
Dietary Supplement Market: Revenue in USD billion, • In 2018, the US dietary supplement market was valued at USD 22.28 billion, which is
by Type, United States, 2016-2024 projected to reach USD 28.53 billion by 2024, registering a CAGR of 4.2% during the
30.00 forecast period.
• Increasing use among millennial adds to the US market growth. Several distribution
25.00 7.79 channels are available in the US market, which include mail order, TV channels, internet,
7.44
7.10 natural therapy institutes, medical stores, and other channels.
6.79
6.56
20.00 6.30 6.29 • The healthcare expenditure pattern in the country is rising everyday, with growing aged
6.03 3.59
5.85
3.47 population, advanced technology, better medical facilities, and rise in the number of insured
3.35
3.21 1.42
3.02 2.99
3.11 1.35 0.60
people. These factors are driving the dietary supplement market in the country.
15.00 2.87 1.28 0.57
2.80 1.20 0.54
1.13 0.51
0.98 1.05
0.47 0.93 0.99 0.47
0.49 4.37 • Calcium is one of the most on-demand supplements among women, growing aged
0.45 4.17
0.44 3.97
3.76
3.34 3.42 3.60 population, arthritis cases, and other bone and joint diseases.
10.00 3.13 3.25
2.09 2.20
1.90 1.99
1.76
1.63 1.68 1.75 1.83 • Multivitamins continue to gain popularity in the vitamins segment, and with growing
demand, multivitamins are anticipated to make a separate segment altogether. The five
5.00
7.92 8.24 8.56 most popular supplements are multivitamin (taken by 75% of supplement users), vitamin D
7.47 6.87 7.00 7.23 7.46 7.65
(37%), vitamin C (34%), calcium (29%), and vitamin B/B complex (24%).
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 • In 2017, the dietary supplement market remained highly fragmented in the United States.
Year NBTY was the leading brand manufacturer, as it offers a wide range of products under its
Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others Nature’s Bounty, Puritan’s Pride, Ester-C, Osteo Bi-Flex, and Sundown Naturals and Solgar
ranges.

5.1.3 CANADA 56
• In 2018, the Canadian dietary supplement market was valued at USD 2.38 billion, which is projected Dietary Supplement Market: Revenue in USD billion,
to reach USD 2.99 billion by 2024, registering a CAGR of 3.9 % during the forecast period. by Type, Canada, 2016-2024
• The Canadian national health regulations are one of the most stringent ones when it comes to
3.50
nutritional supplements. They ensure that the people have access to quality products. Major drivers
for the Canadian dietary supplement market include rising baby-boom population and health
3.00
awareness among adults.
• Vitality and anti-aging supplements, such as antioxidants, omega-3 fish & krill oils, and joint health 0.77
2.50 0.74
supplements, like glucosamine, and chondroitin, are likely to be in high demand. 0.72
0.69

• In 2015, over 45.6% of Canadians aged 1 year or above were fed with at least one nutritional 0.64 0.64
0.66
0.61
2.00 0.59 0.44
supplement. About 45% of children aged 1 to 3 years and 4 to 8 years old were fed with nutritional 0.42
0.40
0.38 0.09
supplements. Supplements were fed the least to the children aged 9-13 years (36.8%). The use of 0.36 0.36
0.37
0.09 0.06
0.33 0.34 0.08 0.06
0.08 0.06
nutritional supplement was more common among Canadian adults aged 19 and over (47.3%) than 1.50 0.07
0.05 0.07
0.07
0.05 0.06
0.06 0.07 0.05 0.46
0.05 0.05 0.44
among children and youth (38.5%). 0.41 0.42
0.38 0.38 0.39
0.35 0.36
0.21
• Women were more likely to take nutritional supplements than men, with the most notable difference 1.00
0.18 0.19 0.20
0.17 0.17 0.18
0.16 0.16
among those aged 51 to 70 years, where almost two-thirds (65.1%) of women used supplements
compared with 42.5% of men. 0.50 0.96
0.84 0.84 0.86 0.89 0.92
0.77 0.79 0.81
• The C.E. Jamieson brand of dietary supplements has outpaced the majority of the market in Canada
for several years and continues to be the largest Canadian brand, closely followed by Valeant 0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
Pharmaceuticals. Some other companies of the market include Quest/Boehringer Ingelheim, Swiss
Year
Herbal, Webber Naturals (a mainstream brand by the popular health food manufacturer Natural
Factors), NatureMade, Holista, and Rexall/Sundown.

5.1.4 MEXICO 57
Dietary Supplement Market: Revenue in USD billion, • The Mexican dietary supplement market was valued at USD 1.44 billion in 2018. It is
by Type, Mexico, 2016-2024 projected to reach a value of USD 2.10 billion by 2024, registering a CAGR of 6.5% during
2.50 the forecast period.
• Mexico has the highest obese population after the United States, owing to higher
consumption of fatty food and sugar-heavy drinks. Thus, people seek weight loss products
2.00 0.21
and other products, which might assist in the prevention of obesity-related disorders.
0.19
0.18
• Some of the most popular dietary supplements products include meal replacement/
0.17 0.52
0.16 0.49 slimming products, and herbal & traditional products. A vast majority of the omega-3 oils in
1.50
0.15 0.46
0.14 0.14 0.43 0.06 Mexico go into dietary supplements, followed by infant formula, and food and beverage.
0.13 0.41 0.04
0.06
0.38 0.05 0.04
0.36 0.36 0.05 0.04
0.18
0.20 • In Mexico, people also consume vitamin and mineral supplements for general health.
0.34 0.04 0.04 0.17
1.00 0.04 0.03 0.15 Among the whole Mexican populations, women use specialty supplements at higher rate
0.03 0.16 0.14
0.04 0.04 0.15
0.03 0.04 0.03 0.14 0.13
0.03 0.12 than men.
0.13 0.13 0.11
0.12 0.11
0.10 0.10
0.09
• Key players in Mexican dietary supplement market include Herbalife, Farmacias Similares,
0.50
0.87 0.92 and Boehringer Ingelheim. Big retail players, like GNC, in Mexico, along with big multilevel
0.77 0.82
0.68 0.73
0.65 0.61 0.64
marketing companies, like Herbalife, impact the vitamins and supplements distribution.
0.00
• GNC is a good example because retail locations in Mexico are bringing in all the
2016 2017 2018 2019 2020 2021 2022 2023 2024
innovations of the United States, especially the vitamin and supplement markets. There are
Year
a lot of imported supplements from the United States in Mexico.

5.1.5 REST OF NORTH AMERICA 58
• The rest of North American dietary supplement market was valued at USD 1.49 Dietary Supplement Market: Revenue in USD billion,
billion in 2018 and is projected to reach USD 1.99 billion by 2024, registering a by Type, Rest of North America, 2016-2024
CAGR of 5.0 % during the forecast period.
2.50
• Increasing consumer awareness, regarding proper weight management and
muscular strength improvement, is likely to fuel the demand for dietary
supplement products, such as vitamins, minerals, and enzymes in other North
2.00
American market in the coming years. 0.25
0.24
• The dietary supplement maker Transfer Point has obtained a commercial
0.23

0.22
license from the US Treasury to sell its products to Cuba. The company sells 0.21 0.44
1.50
0.19 0.20 0.41
beta 1,3-D glucan, glucosamine, astaxanthin and other dietary supplement 0.19 0.39
0.18 0.06
0.37
ingredients and will join 70 companies and 15 state departments of agriculture 0.36 0.06 0.04
0.34 0.34 0.05 0.04
0.33 0.05 0.17
0.31 0.05 0.04
and commerce. It is expected to sell up to USD 100 million of products in this 0.04 0.04 0.03 0.16
1.00 0.04 0.03 0.15
0.03 0.04 0.03 0.14 0.14
round of negotiations. 0.03 0.14 0.13
0.12 0.03 0.13 0.13
0.12 0.12 0.12
0.12
0.11
• In Guatemala, chemist shop/pharmacy is the most common channel in dietary 0.11
0.10 0.10
supplements. Chemist shop has a strong market penetration in both rural and
0.50
0.85 0.90
urban areas of the country and consumers trust the advice they receive from 0.74 0.77 0.81
0.70 0.65 0.68 0.71
pharmacists in purchasing supplements. Direct selling company, Omnilife
Guatemala SA leads sales of dietary supplements.
0.00
• There is an increased rate of concern regarding heart disease being the number 2016 2017 2018 2019 2020 2021 2022 2023 2024
Year
one killer in Jamaica today, moreover, people are purchasing mega-doses of
omega-3 and omega-6 supplements.

59
5.2.1 Introduction
5.2.2 United Kingdom
5.2.3 Germany
5.2.4 France
5.2 EUROPE
5.2.5 Russia
5.2.6 Italy
5.2.7 Spain
5.2.8 Rest of Europe

BY TYPE
60
Dietary Supplement Market: Revenue in USD billion, by Country, Europe, 2016-2024
CAGR %
Country 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
Germany 2.53 2.36 2.45 2.57 2.69 2.81 2.95 3.13 3.31 5.2
United Kingdom 1.97 1.89 2.00 2.14 2.30 2.45 2.64 2.82 3.01 7.0
Italy 3.75 3.53 3.69 3.90 4.13 4.34 4.61 4.92 5.24 6.1
Russia 2.38 2.27 2.41 2.59 2.78 2.97 3.20 3.41 3.64 7.0
Spain 2.36 2.23 2.35 2.50 2.66 2.81 3.00 3.19 3.39 6.3
France 1.82 1.75 1.85 1.99 2.14 2.29 2.46 2.64 2.81 7.1
Rest of Europe 4.23 4.03 4.26 4.55 4.87 5.17 5.54 5.86 6.18 6.3
Total 19.04 18.06 19.01 20.25 21.58 22.84 24.40 25.97 27.58 6.4

Dietary Supplement Market:

• The European dietary supplement market was valued at USD 19.01 billion in 2018. It is
Revenue Share (% ), by Country, Europe, 2018
projected to reach USD 27.58 billion by 2024, at a CAGR of 6.4% during the forecast
period.
• Europeans perceive dietary supplements as products that improve health and wellness.
The purchase of such products are, thus, considered as a preventive measure to health 22.40%
disorders. 12.88%
• Health professionals across the region recommend dietary supplements to their patients,
to combat health challenges. 10.51%
• In the EU, food supplements are regulated as food, moreover, the legislation focuses on
vitamins and minerals used as ingredients of food supplements. The region has
9.75%
witnessed higher demands for food supplement products containing vitamins and
minerals and thus, regulations and laws have given due preference for such products. 19.41%
• The harmonization of regulations, governing supplements undertaken by the European 12.35%
Union, has strengthened the growth of the overall market, the diverging regulations
12.70%
among member states are increasingly synchronized.
• The regional growth is dominated by Western European countries, such as Italy and
Germany U.K. Italy Russia Spain France Others
Germany; however, Eastern markets, like Belarus, Hungary, and Russia have shown
promising potential.

5.2.2 UK 62
• The UK dietary supplement market was valued at USD 2.00 billion in 2018. It is
projected to reach USD 3.01 billion by 2024, at a CAGR of 7.0% during the
by Type, United Kingdom, 2016-2024
forecast period.
3.50
• The UK dietary supplement market is driven by growing acceptance of such
products among the aging population and increasing incidences of lifestyle
3.00
disorders.
0.38
• The overall dietary supplement market in the United Kingdom is witnessing 0.36
2.50 0.35
growth, due to the recent trend of personalized nutrition and technology, which is 0.48
0.33

0.45
a way individuals take proactive part in dealing their own health needs. 0.32
0.42
2.00 0.30
0.39
• Now, consumers in the country have better access to knowledge about health 0.29 0.28
0.36 0.60
0.27 0.56
0.34
and nutrition, due to active media telecast, lifestyle blogs, and social media. 0.31 0.53
1.50 0.30 0.06
0.29 0.48
0.45 0.06
• Multivitamin supplements are gaining popularity among all adult consumers. The 0.41 0.05 0.41
0.36 0.38 0.05 0.38
0.35 0.05
UK market for dietary supplements has also witnessed an increase in the launch 0.04 0.33
0.35
1.00 0.04 0.04 0.31 0.19
0.04 0.28 0.18
of demographic-specific supplements by companies that are building on the 0.26 0.25 0.26
0.15
0.17
0.13 0.14
personalization trends resonating among health conscious consumers. 0.12 0.12 0.12
0.50
0.82 0.88
0.76
• The launching efforts, increasing expenses in advertising and new product 0.60 0.57 0.60 0.64 0.68 0.72
development are driving the sales of micronutrients category of supplements.

0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
• The food and pharmaceutical companies have shown significant interest in
Year
acquiring emerging private label brands that are developing a variety of
supplements.
5.2.3 GERMANY 63
Dietary Supplement Market: Revenue in USD billion, • In 2018, the German dietary supplement market was valued at USD 2.45
by Type, Germany, 2016-2024 billion. It is projected to reach USD 3.31 billion by 2024, at a CAGR of 5.0%
3.50
during the forecast period.
• The German dietary supplement market is driven by rise in the awareness

3.00
0.75
regarding the health benefits of supplements and health consciousness
0.71
0.67 among Germans.
2.50 0.65
0.63 0.30 • The growth of the market is also driven, due to rise in online sales platform as
0.61 0.28
0.62
0.58 0.27 0.21 it not only offers easy price comparisons, but also facilitates consumers’
0.57 0.20
2.00 0.25 0.10
0.24 0.19 0.10 research of products’ ingredient and benefit prior to purchase.
0.23 0.18
0.23 0.22 0.09
0.21 0.16
0.17
0.09 0.59 • The country has witnessed an increased trend toward dietary supplements
0.15 0.15 0.08
0.08 0.56
1.50 0.08 0.14 0.52 among women, to subsidize cosmetic expenses with the adoption of less
0.07
0.07 0.49
0.47
0.43 0.45 costly vitamins and mineral supplements, which rejuvenate the skin without
0.42 0.28
0.41 0.26
0.25
1.00 0.22 0.23 any involvement of chemicals.
0.20 0.20 0.21
0.19
• The German market has also witnessed robust sales growth of botanicals
0.50 1.02 1.08 and homeopathic formulations, owing to its natural profile and associated
0.88 0.92 0.97
0.81 0.76 0.79 0.83
label claims.
• Companies are focusing on product positioning as an important tool to gain
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 sustainable advantage – certain consumer groups are considered as target
Year
segments and products are offered based on their health needs and
preferences.

5.2.4 FRANCE 64
• In 2018, the French dietary supplement market was valued at USD 1.85 billion, Dietary Supplement Market: Revenue in USD billion,
which is projected to reach USD 2.81 billion by 2024, registering a CAGR of 7.1% by Type, France, 2016-2024
during the forecast period. 3.00
• The French dietary supplement market is growing, due to consumer knowledge on

healthier ingredients and increase in demands for vitamins and minerals
2.50 0.63
supplements from health conscious population.
0.60
• The French market for dietary supplement has received a substantial boost from 0.56
the evolving EU regulations around the health claims that provided considerable 2.00 0.52 0.34

0.49 0.32
innovative space to supplement manufacturers. 0.06
0.46 0.30
0.06 0.09
• The EU nutrition and health claim regulations (NHCR) have prompted supplement 0.42 0.42 0.28
0.40 0.05 0.08
1.50 0.26
manufacturers to incorporate micronutrients in their offerings for substantiating the 0.24
0.05 0.08
0.05 0.07 0.71
0.22 0.22
health claims. This has also led to the proliferation of products fortified with vitamins 0.21 0.04 0.07 0.66
0.04 0.04 0.06 0.62
0.04 0.57
and minerals. 0.06
0.05
0.06
0.53
1.00
0.49
• The sales of organic supplements, coupled with strengthening of distribution 0.44 0.43
0.45
0.19
0.20
0.17
0.16
channels, have offered accessibility and convenience to the French consumers – 0.14
0.15
0.13 0.12 0.13
the sales of herbal products have also witnessed significant increase in last three 0.50
0.73 0.78
0.64 0.68
years. 0.52 0.50 0.53 0.56 0.60
• The market for vitamins supplement has approached maturity in France – the
0.00
market is also concentrated within the country, few players dominate the market 2016 2017 2018 2019 2020 2021 2022 2023 2024
Year
scenario.
• Mass merchandisers have maintained a stronghold in the retail sales of vitamins
and minerals in the French market.
5.2.5 RUSSIA 65
Dietary Supplement Market: Revenue in USD billion, • The Russian dietary supplement market was valued at USD 2.41 billion in 2018. It is
by Type, Russia, 2016-2024 projected to reach USD 3.64 billion by 2024, registering a CAGR of 7.0% during the
4.00 forecast period.
• The Russian dietary supplement market is driven by increased emphasis on the

3.50
overall health and wellbeing. Russian consumers have substantially increased their
0.59
0.55 spendings on dietary supplements, especially in the last five year.

3.00
0.52 0.26
0.24 0.06 • Russian consumers have shown greater inclination toward micronutrients, especially
0.48
0.15
0.45 0.22 0.06 the vitamins, to maintain balanced intake of nutrients amidst hectic work schedules.
2.50 0.19
0.20 0.05 0.14
0.42
0.05 0.13 0.18
0.39 0.40 0.19
0.05 0.17 0.43 • Russia requires biologically active supplements (BAS) to be registered before they
0.37 0.17 0.12
2.00 0.15 0.40
0.04 0.11
0.15 0.16
0.04 0.14 0.38 enter the market, the procedural delay and the associated complexities act as a
0.04 0.14 0.11 0.35
0.04 0.10 0.13
0.10 0.33 market dampening factor for the growth of overall supplement industry in Russia.
0.12 0.09 0.12 0.31
1.50 0.12 0.29
0.28
0.27
• Supplements, which focus on enhancing the immune system, improving overall health
1.00 1.96 and preventing disease, have witnessed greater demands from Russian consumers.
1.84
1.72
1.51 1.60
1.30 1.24 1.31 1.41 • The distribution channels that have maintained their stronghold in the sales of
0.50
supplement are: pharmacies, retail stores, and specialty outlets.
0.00 • The Russian regulatory framework of supplements is approaching transparency, to

2016 2017 2018 2019 2020 2021 2022 2023 2024
promote the sales of high-quality, safe, and efficacious dietary supplements.
Year

• Key global giants have maintained their strong position in the Russian market, with
higher financial resources allocated to branding and marketing activities.

5.2.6 ITALY 66
• The Italian dietary supplement market was valued at USD 3.69 billion in 2018. It is
projected to reach USD 5.24 billion by 2024, registering a CAGR of 6.1% during the Dietary Supplement Market: Revenue in USD billion,
forecast period. by Type, Italy, 2016-2024
• Italian dietary supplement market is driven by increasing preference of consumers toward 6.00
preventive health management practices.
• Encouragements from nutritionists and other health experts have also boosted the market 5.00
sentiments for dietary supplement in Italy. 1.16
1.09
• Growing aging population is fueling the demand for the dietary supplement, as they can 4.00
1.03

0.98
0.67
prevent or overcome health conditions. 0.93
0.88 0.62
0.86 0.84 0.58 0.13
0.12
• The awareness and market penetration level for dietary supplement in Italy are high, 3.00
0.80
0.51
0.54
0.11
0.17
0.15
0.48 0.10 0.14
especially among the health conscious millennials, thus the market share is increasing 0.45 0.45 0.09
0.43 0.09 0.13 1.32
0.08 0.08 0.13
0.08 0.12 1.24
rapidly. 0.11 0.11 1.16
2.00 0.11 1.08
1.03
0.91 0.96
0.86 0.91
• There are several distribution channels in the country, such as pharmacies, hypermarkets, 0.35
0.38
0.31 0.33
0.28 0.29
and supermarkets. This is one of key attributes for the Italian dietary supplement market to 0.26 0.25 0.26
1.00
grow from niche consumer market to matured sector. 1.26 1.34 1.43
1.07 1.04 1.09 1.15 1.20
1.00
• Vitamins and minerals salts are a few of the rapidly evolving categories, owing to their 0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
robust popularity. Italian consumers have shown greater inclination toward supplement
Year
products that aid in the wellbeing of the gut health. Probiotics have, thus, witnessed a
substantial growth over the past few years.

5.2.7 SPAIN 67
• The Spain dietary supplement market was valued at USD 2.35 billion in 2018. It Dietary Supplement Market: Revenue in USD
projected to reach USD 3.39 billion by 2024, with a CAGR of 6.3% during the forecast billion, by Type, Spain, 2016-2024
period. 4.00
• The growing importance of beauty and wellness, which include being slim and young, as
3.50
a social value among Spanish consumers is set to be a key factor driving the sales of
dietary supplements over the forecast period. 0.44
3.00 0.42
• Spain is set to have the oldest population in Europe in the near future. Almost 18% of the 0.40
0.37 0.66

population is currently over 65 years old, and this is expected to increase by 25% in 2029 2.50 0.36 0.62
0.34 0.58
and 39% in 2064, one of the highest rates in Europe. The aging Spanish population is 0.33 0.32 0.54 0.25
0.31 0.51 0.24
expected to drive the performance for bone and joint health, digestive health, and 2.00 0.08
0.48 0.22 0.07
0.45 0.45 0.21 0.07 0.32
collagen-based dietary supplements. 0.43 0.19 0.06 0.30
0.18 0.06 0.28
1.50 0.17 0.17 0.05 0.26
0.42
• Spain continued its economic recovery in 2017, this helped in consolidating the retail 0.05 0.16
0.05
0.05 0.23
0.25
0.39
0.21 0.22 0.37
0.20 0.34
sector in the country. This, in turn, has helped the distribution of the dietary supplements. 0.32
0.28 0.30
1.00 0.27 0.28
• Spanish consumers see herbal medicinal products and, above all, food supplements as
1.16 1.23
1.09
low-cost alternatives to conventional drugs, especially when looking at prevention. This is 0.50
0.87 0.86 0.91 0.97 1.02
0.82
becoming more pertinent as low disposable incomes have affected millions of Spanish
households during the recession . 0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
Year
• Arkopharma holds the leading position in the dietary supplement market. The company
was active in terms of new product launches, with the launch of the new Arkoflex Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others
Balsamo chino and Arkovital Acerola, among other.

5.2.8 REST OF EUROPE 68
Dietary Supplement Market: Revenue in USD billion, • The Rest of Europe dietary supplement market was valued at USD 4.26
by Type, Rest of Europe, 2016-2024 billion in 2018. It is projected to reach USD 6.18 billion by 2024, registering a
7.00
• The dietary supplement market in other European countries, like Turkey,
6.00 Romania, Belgium, and the Netherlands, are also witnessing steady growth
1.41 rates, owing to increasing interest among individuals to adopt healthy
1.34
5.00
1.28
lifestyle.
1.19
1.12 0.80 • The dietary supplement market in western Europe market is saturated and
0.75
4.00 1.05
0.98
0.71 0.15 continues to lead while anticipated to witness growth in eastern Europe.
0.97 0.14 0.19
0.93 0.66
0.13 0.18
0.61
0.17
0.57 0.12
0.16
• The market growth can be attributed to increased focus on health, increased
3.00 0.52 0.53 0.11
0.10 0.15 1.48
0.50 0.14 education level, and rising number of chronic health issues.
0.09 0.09 1.39
0.13 0.08 0.13 1.31
0.12 1.23
1.16
2.00 1.01 1.02
1.08 • The functional food and beverages are still in the nascent stage of growth in
0.96 0.42 0.44
0.39
0.34 0.37 Eastern European markets, providing greater scope for supplements-
0.30 0.30 0.32
0.28
consumers are acquainted and even prefer traditional delivery formats for
1.00
1.64 1.72
1.22 1.21 1.29 1.37 1.45 1.55 supplements, in capsules and tablets.
1.15
• Purchasing decisions of dietary supplements as a preventive approach to
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 health and wellness is expected to remain strong during the forecast period,
Year however, the emergence of functional food in the market can cause certain
Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others degree of distortions affecting the sales of supplement.

69
5.3.1 Introduction
5.3.2 China
5.3.3 Japan
5.3 ASIA-PACIFIC
5.3.4 India
5.3.4 Australia
5.3.5 Rest of Asia-Pacific

BY TYPE
70
Dietary Supplement Market: Revenue in USD billion, by Country, Asia-Pacific, 2016-2024
CAGR %
Country 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
China 19.42 18.64 19.86 21.43 23.11 24.77 26.79 29.01 31.35 7.9
India 1.39 1.39 1.54 1.72 1.93 2.14 2.41 2.65 2.92 11.1
Japan 13.70 13.10 13.90 14.94 16.05 17.13 18.46 20.11 21.87 7.9
Australia 4.98 4.84 5.21 5.69 6.20 6.72 7.35 8.02 8.75 9.0
Rest of Asia-Pacific 4.05 4.02 4.43 4.94 5.49 6.06 6.73 7.36 8.02 10.2
Total 43.54 41.99 44.95 48.7 52.8 56.8 61.7 67.2 72.9 8.4

Dietary Supplement Market : Market Share (% ),

by Country, Asia-Pacific, 2018
• The Asia-Pacific dietary supplement market was valued at USD 44.95
billion in 2018 and is expected to reach USD 72.9 billion by 2024, at a
CAGR of 8.4% during the forecast period. 9.9
• The Asia-Pacific dietary supplement market has witnessed rapid growth

11.6 China
in both developed and developing countries.
India
44.2
• Demand for supplements in countries like India, China, and Japan has
Japan
increased in the recent years, owing to the considerable presence of the
aging population in such developing countries. Supplements are mostly Australia
in demand, owing to their various health benefits.
30.9 Rest of Asia-Pacific
• The dietary supplement market in the region is anticipated to offer major
investment opportunities, especially for herbal and Ayurveda extract-
based products. This is because of the ample availability of raw 3.4
materials in India and Southeast Asian countries.

Source: Mordor Intelligence Analysis

5.3.2 CHINA 72
• The Chinese dietary supplement market was valued at USD 19.86 billion in Dietary Supplement Market: Revenue in USD billion,
by Type, China, 2016-2024
2018 and is expected to reach the value of USD 31.3 billion by 2024, at a
35.00
• The growing awareness about health supplements, along with the growing
30.00
population and increasing disposable incomes, is driving the dietary
6.16
supplement market in the country. 5.73
25.00
5.30 3.04

• The key players operating in the country include pharmaceutical companies 4.90 2.83
4.57 2.01
20.00 2.63
like By-Health, Amway, and Herbalife. 4.24 1.82 0.66
2.43 0.60
3.85 3.93 1.66
2.28 0.54 4.76
3.69 1.53
• In the Chinese dietary supplement market, the vitamin segment accounted 15.00 1.97
2.12
1.42 0.50 4.39
1.93 1.31 0.47 4.05
1.85 0.43 3.71
for the maximum share in 2017, 37.62%, and is expected to record a CAGR 1.17 1.21 3.18
0.39 1.13 0.40 3.44 2.94
0.37 3.16 2.71
2.80 2.91 2.50
of 7.5% during the forecast period. 10.00 2.71 2.33
2.16
1.95 1.87 2.00
• The rapidly growing demand for dietary supplements in China is attracting 10.70 11.54
5.00 9.19 9.91
8.01 8.61
many MNCs to expand their business in the Chinese market. 7.33 7.01 7.45
0.00
• The shifting consumer trend toward preventive healthcare in China, which 2016 2017 2018 2019 2020 2021 2022 2023 2024
further reduces healthcare expenses, has also contributed to the demand Year
for nutrition products. Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others

5.3.3 JAPAN 73
Dietary Supplement Market: Revenue in USD billion, • The Japanese dietary supplement market was valued at USD 13.90 billion in 2018,
by Type, Japan, 2016-2024 and is expected to reach the value of USD 21.9 billion by 2024, at a CAGR of 7.9 %
25.00
• Japan is among the most developed countries in the Asia-Pacific region, and the
disposable income of consumers is also high in the country.
20.00 4.31 • Japan has been undergoing major demographic and cultural transformations. Also,
4.00 the aging population and declining birth rate are likely to continue boosting the
3.72 2.36 demand for dietary supplements.

15.00 3.47 2.16
3.27 1.73
3.06 1.98 • The dietary supplement market in Japan is well-established. However, there is still
1.82 1.55 0.63
2.85 2.86 1.38 0.59
2.71 1.69
3.00
huge potential for introduction of new products, with more health benefits at low
1.56 1.27 0.54
1.39 1.44 1.18 0.50 2.75
10.00 1.34 1.09 0.47 2.51 costs.
0.98 1.01 0.44 2.32 1.55
0.41 0.94 0.41 2.16 1.42
1.80
0.39
1.85
2.00
1.21
1.30 • In Japan, there are three basic regulatory terminologies used for the market:
1.73 1.13
1.05
0.96 0.92 0.98 • Foods for Specified Health Uses (FOSHU)
5.00
8.29
6.15 6.55 7.03 7.64 • Foods with Nutrient Function Claims (FNFC)
5.31 5.06 5.36 5.74
• Foods for Special Dietary Use (FOSDU)
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 • The recently launched food with functional claims undergo less stringent norms and
Year are likely to provide new opportunities for the dietary supplement market.
Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others • In the Japanese dietary supplement market, the vitamin segment accounted for the
maximum share in 2017, 38.66%, and is expected to register a CAGR of 6.98%

5.3.4 INDIA 74

• The Indian dietary supplement market was valued at USD 1.54 billion in 2018 and is
by Type, India, 2016-2024
expected to reach the value of USD 2.92 billion by 2024, at a CAGR of 11.1%
3.50
• OmniActive Health Technology, an Indian company, has recently received an 3.00

investment amounting to USD 35 million from a privately held equity firm, called the 0.37
Everstone Group. These partnerships between old and new players are likely to 2.50 0.34
strengthen market growth in the country. 0.31

0.50
2.00 0.28 0.45 0.13
0.06
• The Indian Ministry of Health and Family Welfare has launched several programs to 0.25 0.41 0.12
0.11 0.05
0.22 0.36
handle the malnutrition issue in the country. For instance, it is offering vitamin A 1.50 0.32 0.10 0.05 0.48
0.20 0.09 0.04
0.29 0.43
supplements to children of different age groups to overcome the deficiency. 0.18 0.18
0.25 0.08 0.04 0.39 0.29
0.23 0.23 0.07 0.03 0.35 0.27
1.00 0.07 0.07 0.03 0.31 0.24
0.28
• The National Health Policy (2017) targets to deal micronutrient deficiency by 0.03 0.03 0.25 0.19
0.21
0.22 0.22 0.17
extending initiatives like micro-nutrient supplementation, food fortification, 0.15
0.14 0.14 1.09
0.50 0.90 0.99
0.72 0.80
screening for anemia, and public awareness. These initiatives are anticipated to fuel 0.53 0.53 0.58 0.65
the demand for dietary supplements in the country. 0.00

2016 2017 2018 2019 2020 2021 2022 2023 2024
• In the Indian dietary supplement market, the vitamin segment accounted for the Year
maximum share in 2017, 37.77%, at a CAGR of 11.3% during the forecast period. Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others

5.3.5 AUSTRALIA 75

by Type, Australia, 2016-2024 • The Australian dietary supplement market was valued at USD 5.21 billion in 2018
and is expected to reach USD 8.7 billion by 2024, with a CAGR of 9.0 % during
10.00
the forecast period.
9.00
• The major drivers for the market growth in the country include the increasing
8.00
2.01 awareness on health issues and growing aging population.

7.00 1.96
• The consumers in the country majorly consume supplements for vitamin, calcium,
1.87
1.02
6.00 1.71 fish oil, glucosamine, and herbal medicines derived from plants.
0.93
1.59 0.55
5.00 1.46 0.85 0.47
0.77
0.50 • Vitamins are the most frequently consumed supplement in Australia; however,
1.34 0.46 0.33
1.29 1.25 0.71
4.00 0.41 0.23 1.12 botanicals or herbal medicines derived from plants are also becoming popular in
0.65 1.02
0.59 0.38 0.21
0.56 0.54 0.35 0.19 0.93
3.00 0.32 0.17 0.85 0.71 the country.
0.30 0.29 0.16 0.78 0.65
0.15 0.15 0.71 0.59
0.61 0.64 0.54
0.59 0.50
2.00 0.40 0.42
0.46 • There is an increasing demand for supplements containing ingredients like
0.39
2.63 2.86 ginseng, chia seeds, turmeric, and probiotics.
2.22 2.42
1.00 1.74 1.89 2.06
1.68 1.62
0.00
• In the Australian dietary supplement market, the vitamin segment accounted for
2016 2017 2018 2019 2020 2021 2022 2023 2024
the maximum share in 2017, 33.58%, at a CAGR of 8.6% during the forecast
Year
period.

5.3.6 REST OF ASIA-PACIFIC 76
• The rest of Asia-Pacific dietary supplement market was valued at USD 4.43 Dietary Supplement Market: Revenue in USD billion,
billion in 2018 and is expected to reach the value of USD 8 billion by 2024, at by Type, Rest of Asia-Pacific, 2016-2024
a CAGR of 10.2% during the forecast period.
9.00
• The consumers are now more educated in these regions, especially the
8.00
youth, who are eager to try new food trends prevalent around the world. 1.02

7.00 0.95
Additionally, the millennials are proactively incorporating dietary supplements
0.87 1.36
into their daily meals. 6.00
0.78 1.25
1.14 0.41
0.71 0.17
• Several other Asia- Pacific countries, such as Vietnam, Thailand, and 5.00
1.02
0.37
0.64 0.15
0.34
0.92 0.14 1.32
Malaysia, are experiencing transformation in their lifestyle pattern, owing to 4.00 0.58 0.31 1.20
0.53 0.52 0.82 0.12
0.28 1.10
improved economic conditions and increased spending habits. 0.73 0.25
0.11
0.98 0.81
0.66 0.66 0.10 0.74
3.00 0.22 0.89
0.20 0.20 0.09 0.80 0.68
0.08 0.08 0.61
• Consumers are price-conscious, and the purchasing power is still low in 0.65 0.65
0.72 0.55
2.00 0.50
0.44
some developing countries of the region, which is a major challenge for the 0.41 0.40
2.93
2.47 2.69
1.00 2.03 2.23
dietary supplement market. 1.52 1.51 1.66 1.84
0.00
• There is still need for better policy guidelines and consumer awareness 2016 2017 2018 2019 2020 2021 2022 2023 2024
programs, as these countries have some home-grown products that can be Year
exported to other countries. Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others

77
5.4.1 Introduction
5.4.2 Brazil
5.4 SOUTH AMERICA
5.4.3 Argentina
5.4.4 Rest of South America

78
Dietary Supplement Market: Revenue in USD billion, by Country, South America, 2016-2024
CAGR%
Country 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
Brazil 1.76 1.68 1.77 1.90 2.03 2.16 2.32 2.50 2.69 7.2
Argentina 0.86 0.83 0.88 0.96 1.03 1.11 1.20 1.30 1.41 8.0
Rest of South America 3.50 3.36 3.57 3.85 4.15 4.44 4.79 5.19 5.61 7.8
Total 6.13 5.87 6.23 6.70 7.21 7.70 8.31 8.99 9.70 7.7

• The South American dietary supplement market was valued at USD 6.23 billion in 2018
and is expected to reach a value of USD 9.70 billion in 2024, at a CAGR of 7.7% over the
Dietary Supplement Market: Market Share (% ),
forecast period.
by Country, South America, 2018
• Brazil is leading the dietary supplement market in South America. Countries like Brazil,
Chile, and Peru are expected to experience potential market growth, while the other
countries of the region, including Argentina, Venezuela, and Columbia in particular, have
become more aware of health benefits of dietary supplements, which is likely to fuel the
28.4
overall regional demand.
• The major challenge for market growth in the region is varying regulations. For example,
Brazil has more developed dietary supplement regulations, as compared to countries like
Peru or Ecuador. 57.4
• The companies embarking on direct selling of dietary supplements have acquired

14.2
substantially higher market share. The effectiveness of the distribution channel is a
deciding factor for the overall growth of the South American dietary supplement industry.
• Calcium supplements, probiotics, and digestive fibers are some of the popularly preferred
products in the South American markets.
Brazil Argentina Rest of South America
• The local players are emerging as strong competitors to global brands. However, they are
restricted to one or a few categories.

5.4.1 BRAZIL 80
Dietary Supplement Market: Revenue in USD billion, • The Brazilian dietary supplement market was valued at USD 1.77 billion in 2018 and is
by Type, Brazil, 2016-2024 expected to reach USD 2.7 billion by 2024, registering a CAGR of 7.2%.
3.00 • Brazil has a young and growing population and has diverse economic base. The
growing middle class, with increasing disposable income, and enhanced technology
0.28 are some of the contributing factors to the growth of the dietary supplement market.
2.50
0.26 • The country has rich sources of natural local ingredients, such as guaraná or yerba
0.24
mate, which can offer huge investment opportunities for companies.
0.23 0.67
2.00
0.22 0.62 • The increase presence of supplement products is further spurred by a better-educated
0.21 0.58 0.06
0.21 0.20 0.54 0.06 0.05 middle class that is willing to spend on dietary supplements, as it perceives them as
0.20 0.51 0.05 0.04 0.26
1.50
0.47 0.05 0.04
both lifestyle accessories and aid to healthier, longer lives.
0.25
0.44 0.44 0.04 0.04 0.23
0.42 0.04 0.03 0.21 0.26 • Government efforts and health awareness campaigns targeted toward obesity and
0.04 0.04 0.03 0.24
0.03 0.20
0.03 0.03 0.18 0.23 diabetes have prompted consumers to opt for weight-management and blood-sugar-
1.00 0.03 0.21
0.16 0.17 0.20
0.16 0.19
0.18 0.18 regulating supplements.
0.17
1.11
• The regulation that the ANVISA (Agência Nacional de Vigilância Sanitária, or the
0.50 0.95 1.03
0.83 0.88
0.71 0.68 0.72 0.77 National Health Surveillance Agency) is considering to implement by the year-end is
expected to improve market access for dietary ingredients and finished dietary
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
supplements.
Year • The major dietary supplement market leaders in Brazil are Bayer, Pfizer, Herbalife,
Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others Amway, and GNC.

5.4.2 ARGENTINA 81
• The Argentine dietary supplement market was valued at USD 0.88 billion in 2018 Dietary Supplement Market: Revenue in USD billion,
and is expected to reach USD 1.4 billion by 2024, registering a CAGR of 8%. by Type, Argentina, 2016-2024
• Argentinian consumers, despite the economic crisis, are increasingly demanding 1.60
health and wellness products. The consumers are more influenced by strong
1.40
0.10
advertising and promotional initiatives conducted by the companies, as well as
0.10
the retail distributors. 1.20
0.09
0.40

• The regulations surrounding dietary supplements in the country are flexible and 0.08
0.37
1.00 0.08
less stringent, which allows for greater market growth. 0.07 0.34 0.03
0.07 0.31 0.03 0.02
0.06 0.29
0.80 0.06 0.03 0.02
• Argentina requires registration of dietary supplements prior to marketing; 0.26 0.02
0.17
0.02 0.15
0.24 0.24 0.02 0.02
therapeutic claims not scientifically supported are not allowed. 0.23 0.02 0.02 0.14
0.13
0.60 0.02 0.02 0.01 0.13
0.02 0.12 0.12
0.01 0.01 0.11 0.11
0.01
• The regulatory framework has encouraged the growth of private-label brands, 0.10 0.09
0.10
0.09
0.10
0.09
0.40 0.08 0.08
thereby intensifying the competition and infusing greater dynamism within the 0.07
0.56
dietary supplement industry. 0.44 0.48 0.52
0.20 0.39 0.42
0.36 0.34 0.36
• The vitamin and mineral delivery systems in the form of capsules are very much
0.00
prevalent in Argentina. The overall growth of the dietary supplement market 2016 2017 2018 2019 2020 2021 2022 2023 2024
depends heavily on the advertising and promotional activities. Year

5.4.3 REST OF SOUTH AMERICA 82
• The rest of South America dietary supplement market was valued at USD 3.57
Dietary Supplement Market: Revenue in USD billion, billion in 2018 and is expected to reach USD 5.6 billion by 2024, registering a CAGR
by Type, Rest of South America, 2016-2024 of 7.8%.
6.00
• The other South American countries are witnessing growing urbanization and
0.50 changing lifestyles due to globalization. Consumers are ready to pay for health and
5.00 0.47 wellness products, which is driving the growth of vitamins and other supplements.
0.44
1.44
0.41 • Consumers in South America have a greater understanding of the relationship
4.00 0.38 1.33
0.36 1.23 0.13 between diet and health, which is fueling the growth in the industry. Besides, the
0.33 1.13 0.12 0.10
0.33
0.31 1.06 0.11 0.09 increased purchasing power of the middle class in the recent years is triggering
3.00 0.98 0.10 0.08 0.71
0.88 0.90 0.09 0.07 0.66 market growth.
0.85 0.08 0.07 0.60
0.07 0.08 0.06 0.56 0.59
0.07 0.52 0.54
0.06
2.00
0.06 0.05 0.48 0.50 • The other countries in the region, such as Peru, Chile, and Colombia, provide
0.43 0.44 0.46
0.41 0.43
0.39 greater scope of growth for dietary supplements, due to their highly untapped
0.35 0.34 0.36
2.13
markets.
1.00 1.83 1.98
1.60 1.71
1.39 1.32 1.40 1.50
• Supplements derived from marine sources and the ones promoting healthy skin are
0.00 popular in Argentina, Chile, and Colombia. Heart health products (fish oils) perform
2016 2017 2018 2019 2020 2021 2022 2023 2024
Year strongly in Venezuela, Peru, and Bolivia.
• The multinational players have maintained their stronghold in these countries;
however, local players are also emerging rapidly.

83
5.5.1 Introduction
5.5.2 South Africa

5.5 MIDDLE EAST & AFRICA
5.5.3 UAE
5.5.4 Rest of Middle East & Africa

84
Dietary Supplement Market: Revenue in USD billion, by Country, Middle East & Africa, 2016-2024
CAGR%
Country 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
Saudi Arabia 0.19 0.19 0.21 0.23 0.25 0.26 0.29 0.31 0.34 8.5
South Africa 0.95 0.95 1.04 1.14 1.24 1.34 1.44 1.58 1.70 8.4
Rest of MEA 2.22 2.18 2.36 2.57 2.78 2.96 3.16 3.44 3.71 7.7
Total 3.36 3.32 3.60 3.93 4.26 4.56 4.89 5.33 5.76 7.9

• The Middle East & African dietary supplement market was valued at USD 3.60 billion Dietary Supplement Market: Market Share (% ),
in 2018 and expected to reach USD 5.76 billion by 2024, with a CAGR of 7.9% by Country, Middle East & Africa, 2018
• Majority of consumers in the region are looking for immunity boosting products such 5.7
as reduction in the risk of cold or flu. As disease outbreaks are very common in
Africa, people are gradually adopting preventive healthcare in terms of dietary
supplements. 28.7
• Growth within the African market has mainly been fuelled by increased consumer
awareness about well-being and preventative healthcare and growth within the
senior population. 65.5
• The supplements market has been flourishing as the sports nutrition market has
become more mainstream, fuelled by protein usage for sports and weight
management.
• Sales of herbal supplements is growing, and weight-loss supplements like Garcinia Saudi Arabia South Africa Rest of MEA
Cambogia has gained huge popularity.


5.5.2 SOUTH AFRICA 86
• The South African dietary supplement market was valued at USD 1.04 billion in Dietary Supplement Market: Revenue in USD billion,
2018 and expected to reach USD 1.7 billion by 2024, at a CAGR of 8.4% during the by Type, South Africa, 2016-2024
forecast period.
1.80
• Dietary supplements are primarily purchased by mid- and high-income groups in
1.60 0.20
South Africa. 0.18

1.40 0.44
0.17
0.40
• Consumers are increasingly researching their symptoms online and choosing to 1.20
0.16
0.37
0.15 0.04
0.14 0.34 0.03
self-medication. 1.00 0.12 0.32 0.03 0.03
0.29 0.03 0.03 0.17
0.12 0.11 0.03 0.02 0.16
• Probiotic supplements have performed well in 2017, with the category benefiting 0.80
0.24
0.26 0.02 0.02
0.02 0.14 0.17
0.24 0.02 0.13 0.15
0.02 0.02 0.02 0.12 0.14
0.60 0.02 0.11
from increased media attention. 0.02
0.09
0.02
0.09
0.10 0.12 0.13
0.10 0.11
0.40 0.09 0.09
• New product launches at different price points have helped to drive the supplements 0.62 0.67
0.49 0.53 0.57
0.20 0.38 0.38 0.41 0.45
growth, appealing to those in higher income brackets, who tend to be more aware
0.00
about the benefits of supplements and are better informed about product availability. 2016 2017 2018 2019 2020 2021 2022 2023 2024
Year
• Manufacturers of South Africa are constantly embracing open innovation to gain
cost-leadership and fixed suppliers in early development stage. Vitamins Minerals Botanicals Enzymes Fatty Acids Protein Others
• Adcock Ingram, a local company, is the leading manufacturer of dietary supplement in the country.
• The tough economic climate and tightening regulatory requirements are making it harder for smaller players to remain in the marketplace. Dropping disposable
incomes and a struggling retail network are impacting demand for dietary supplements, with manufacturers thus having to become more price-competitive in order to
maintain their market share.
• In the South African dietary supplement market, the vitamin segment accounted for the maximum share in 2017, 39.7%, and is expected to register a CAGR of 8.6%

5.5.3 SAUDI ARABIA 87
• Retail sales of dietary supplement products in Saudi Arabia are advancing from increasing Dietary Supplements Market: Revenue in USD billion,
interest from consumers who are enthusiastic to improve the healthiness of the foods and by Type, Saudi Arabia, 2016-2024
beverages that they consume.
0.40
• The Saudi Arabia dietary supplement market was valued at USD 0.21 billion in 2018 and
expected to reach USD 0.34 billion by 2024, at a CAGR of 8.5% during the forecast period. 0.35
• Increased health-awareness due to governmental activities, doctors and pharmacists, as well as 0.04

0.30 0.03
the growing number of entrants in the category, continues to support sales for supplements.
0.03 0.06
• Jamjoom Pharma’s launch of JP Co-Q10 has boosted the growth of co-enzyme Q10 in the 0.25 0.03 0.05
0.03 0.05
country. Previously, co-enzyme Q10 was previously mainly sold through other healthcare 0.04
0.03 0.04 0.03
0.20 0.00
specialist retailers, such as GNC Armal and online retailers, whereas JP Co-Q10 is available in 0.02 0.04
0.03 0.00 0.03
0.02 0.02 0.04 0.03 0.03
0.00
most chemists/pharmacies and drugstores/parapharmacies across the country. 0.03 0.03 0.00 0.02
0.15 0.03 0.03 0.02 0.00 0.04
0.02 0.04
0.00 0.02
• Bayer AG brands like Priorin N and Cal-C-Vita has helped the company to lead dietary 0.02 0.02
0.02
0.00 0.02 0.03
0.03
0.00 0.00 0.02 0.03
0.02
supplements in 2018. Priorin N is benefiting from the company’s aggressive advertising 0.10 0.02
0.02
0.03
0.02 0.02
campaign, including POS activity in leading distribution channels, especially 0.13 0.14
0.11 0.11
0.05 0.09 0.10
chemists/pharmacies, across Saudi Arabia and from endorsements by doctors and 0.08 0.08 0.08
pharmacists. 0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024
• In the forecast period, dietary supplements will witness an increasing number of entrants, new
Year
products developments, especially those containing natural ingredients – targeting specific
consumers and new formats.

5.5.4 REST OF MIDDLE EAST & AFRICA 88
Dietary Supplement Market: Revenue in USD billion, • The dietary supplement market in the Rest of Middle East & Africa region was
by Type, Rest of Middle East & Africa, 2016-2024 valued at USD 2.36 billion in 2018 and is expected to reach USD 3.71 billion by
2024, registering a CAGR of 7.7% during the forecast period.
4.00
• An increasing number of health-conscious people, looking for healthy alternatives
0.25
3.50 to soft drinks and other carbonated beverages, is expected to also fuel the
0.23
growth of the African dietary supplement market.
0.22 0.78
3.00
0.21 0.72
0.08
0.20 0.66 0.07
• The policies, regarding the nutritional supplements, need to be revised, in order
2.50 0.12
0.19 0.62
0.07 0.11 to protect the consumer and safeguard the manufacturer, distributor, and retailer.
0.18 0.57 0.06 0.53
0.17 0.53 0.10
0.17 0.06 0.09 0.49
2.00 0.48 0.05 0.08 0.44
0.45 0.44 0.05 0.08 0.41 0.45
• The amendment in policy guidelines is anticipated to ensure accurate labeling
0.04 0.04 0.38
0.07 0.35 0.42
1.50 0.07 0.07 0.38 practices and, further, tackle the counterfeit products available in the market.
0.32 0.36
0.29 0.29 0.34
0.31
0.27 0.28
1.00 0.26 • Brands of dietary supplements in the countries such as Algeria face tough
1.41 1.52
1.15 1.22 1.30 competition from wholesale products sold via herbal shops and markets, that
0.50 0.92 0.98 1.06
0.91
offers all range of supplements.
0.00
2016 2017 2018 2019 2020 2021 2022 2023 2024 • In the Rest of Middle East & African dietary supplement market, the vitamin
Year
segment accounted for the maximum share in 2018, 41.5%, and is expected to
register a CAGR of 7.4 % during the forecast period.

89
6.1 Market Share Analysis
6. COMPETITIVE LANDSCAPE 6.2 Most Active Companies
6.3 Most Adopted Strategies

6.1 MARKET SHARE ANALYSIS 90
• The global dietary supplement market faces high competition; 36.96% share is held by the leading players, Market Share Analysis, 2018
including Pfizer, Sanofi, Herbalife, Glanbia Nutritionals, Abbott, Bayer AG, GlaxoSmithKline, Reckitt
1.75
Benckiser, and Merck. 0.13
7.21
• The supplement market has wide scope, considering the existing companies. With prevalent FDA
4.27 3.09
regulations, the leading players have an upper edge and continue to dominate the market. Also, the major 0.50
global players have geographical reach and also high brand awareness among consumers, which gives 4.26
them an upper hand.
5.57
• The North American dietary supplement market is fragmented and consequently witnesses high
1.49
competition; Herbalife, Amway, and Farmacias Similares SA de CV are the leading players. 4.25
63.04
• Key players, like Arkopharma, hold 34% within the European dietary supplement market and none of the
1.46
major shareholders account for more than 5% of the market, which depicts the competition prevalent in the 1.60
1.31
market.
0.08
• The Asia-Pacific dietary supplement market is fragmented, and the major shareholding players include
Herbalife, Amway, Nature’s Bounty Inc., Reckitt Benckiser, Ranbaxy, Dabur, and Blackmore. Herbalife, and
Glanbia Nutritionals Abbott
Bayer top the chart, accounting for around 15% of the market, among high competition. Amway Herbalife Ltd.
• Various countries in Asia-Pacific have regulations for supplements. A certain set of guidelines have to be Bayer AG Blackmore Ltd.
complied by the companies, failing which, the supplements cannot be marketed. Reckitt Benckiser Pfizer
GNC Sanofi
• The South American dietary supplement market is majorly involved in raw materials, especially botanicals,
GSK Merck
used traditionally by indigenous peoples. Otsuka Pharmaceuticals Suntory
• Bioplus is one of Adcock Ingram’s market-leading brands and was ranked top, in both volume and value, in Others
the energy segment. Adcock Ingram is a domestic player holding a major share in the Middle East & African Source: Mordor Intelligence Analysis
supplement market.
6.2 MOST ACTIVE COMPANIES 91
• Globally, Amway, Blackmores Limited, and Glanbia PLC are the most active among
all the key players in the dietary supplement market. Most Active Companies, 2017
• NBTY, Herbalife Limited, Abbott, and Miki Corporation are other active companies in
8
the global dietary supplement market. The companies are increasing their product
7
line and also expanding their presence, worldwide.
• Companies employ diverse retail channels (pharmacies, par pharmacies, 6
supermarkets, drug stores, herb stores, health stores, etc.) and other sales channels 5
(example, direct sales, mail order), to market their products. 4 Partnership
• In Germany, the free-sale medicines may be alongside food supplement 3

Expansion
products in drug stores and supermarkets. Moreover, food supplements may 2
be alongside registered products in pharmacies, sometimes containing similar 1 Product Innovation
ingredients.
0
• The prime factors determining the market players and their position in the concerned Mergers & Acquisitions
market are the ingredients used, target consumer, and the target market segment.
• Companies are considerably active in investing within the target segments.
• In the dietary supplement market, the products are according to age group, sex, and
health-benefits. Yogurisimo 3 in 1 is an innovative proposal developed to satisfy the Source: Mordor Intelligence Analysis
need of a complete breakfast. It is the perfect combination of three key elements, • Sports nutrition in South Africa is a growing area for investment. A
yogurt, fruits, and cereals, for a healthy start to the day. The objective of the company number of leading producers were acquired by major pharmaceutical or
was to increase market penetration, especially among adult consumers. After four ingredient companies, and more chained retailers invested in private
months, the product reached 60% of new households. labels.

6.3 MOST ADOPTED STRATEGIES 92
• Consumers prefer innovation in dietary supplements, an example of which is the flavors and unique Most Adopted Strategies (% ), 2017
packaging. The major players are focusing on introducing new products in the market to cater to the
interests of the consumers. 6.98%
13.95%
• Herbsea’s flagship product, Fucosea, is derived from marine plants for overall balanced
health. The active ingredients help support energy recovery, weight management, and
cardiovascular health. 30.23%
• The companies are introducing supplements pertaining to different health areas, like eye health,
bone health, and weight management.
48.84%
• An example is Amway, which offers the Bodykey by Nutrilite™ program, a customized weight
management plan. With scientifically formulated meal replacement shakes, meal plans based
on nutrition guidelines, endorsed by the Nutrilite Health Institute, and exercise strategies, the
BodyKey program is a personalized path toward achieving ones weight goals. Mergers & Acquisitions Product Innovation
• A few companies use strategies, like forming new agreements and partnerships with local players, to Expansion Partnership
increase their foot print in various countries and release new products according to the consumers’
changing preferences.
• Herbalife’s Protein Bites Variety Pack allows consumers in making good snack choices
• Constant innovations are being made by the companies
during Halloween and forgo the guilt of overindulgence. The product helps keep up with
to strengthen their position in the market.
today's busy lifestyles and for those who prefer choice and a convenient source of protein.
• A family-owned herbal health-care company, Herb
• Acquisition is another strategy preferred by companies to strengthen their market dominance.
Pharm, offers its supplements as liquid herbal
• Boehringer Ingelheim's Consumer Healthcare business has integrated into Sanofi's new
extracts for maximum absorption.
Global Business Unit (GBU).
93
7.1 Pfizer
7.2 Amway
7.3 Suntory Holdings Ltd
7.4 Glanbia PLC
7.5 Glaxosmithkline PLC
7.6 Abbott
7. COMPANY PROFILES 7.7 Herbalife Limited
7.8 Reckitt Benckiser Group PLC
7.9 Bayer AG
7.10 Blackmores Limited
7.11 Otsuka Holdings Co. Ltd
7.12 Gnc Holdings Inc.
7.13 Sanofi
7.14 Merck KGaA
7.15 Nature’s Bounty
7.16 Miki Corporation

7.1 PFIZER – OVERVIEW 94
• Pfizer discovers, develops, manufactures, and sells healthcare products worldwide. The company operates in two
segments, namely, Pfizer Innovative Health (IH) and Pfizer Essential Health (EH).
• It strives to set the standard for quality, safety, and value in the discovery, development, and manufacturing of
medicines for people and animals. Founded in 1849
• Its diversified global healthcare portfolio includes human and animal biologic, small molecule medicines and vaccines, 235 East 42nd Street, New
HQ
as well as nutritional products and many of the world's best-known consumer products. York, United States
• Consistent with its responsibility as the world's leading biopharmaceutical company, it is also collaborating with (212) 733-2323
healthcare providers, governments, and local communities to support and expand access to reliable, affordable
www.pfizer.com
healthcare around the world.
• For more than 150 years, it has worked to make a difference for every consumer relying on the company.
PFIZER INC.
USD 52,546 million 90,200

Revenue (2017) Employees
USD 7.7billion
2017 R&D Expense
58 Production Sites
125+
Countries

FINANCIAL ANALYSIS – PFIZER 95
Net Sales (% ), by Operating Segment, 2017 Net Sales (% ), by Geography, 2017
21.7%
40.2%
49.5%
12.6%
59.8%
16.2%
Innovative Health Essential Health United States Developed Europe Developed Rest of World Emerging Markets
• There was an approximately USD 278 million negative revenue impact, due to the loss of exclusivity of certain brands and the divestment of Hospira Infusion Systems.
The company reported flat revenues in 2017, owing to the growth in many big-selling medicines in its portfolio, including Ibrance, Eliquis, and Xeljanz, all of which
currently have market-leading positions.
• The company experienced continued growth in the emerging markets, in 2017, witnessing an increase of 11%, operationally, compared to the previous year.
• The United States had contributed more than 10% of the total revenue, in 2017.
• The R&D expenses decreased by 3%, in 2017, compared to 2016, primarily due to lower expenses of approximately USD 743 million, owing to the discontinuation of
the global clinical development program for bococizumab, in the fourth quarter of 2016, and the non-recurrence of its associated close-out costs.
PRODUCTS AND SERVICES – PFIZER 96
Brand Product Description
• Caltrate® 600+D3
• Caltrate® 600+D3 Soft Chews
Caltrate contains minerals, like calcium and vitamin D3, plus extra minerals, to
• Caltrate® Gummy Bites
Caltrate help stimulate collagen production and deliver bone health. Caltrate is available in
• Caltrate® 600+D3 Plus Minerals
four formulas and in many forms, to suit individual consumer needs.
• Caltrate® 600+D3 Plus Minerals Chewables
• Caltrate® 600+D3 Plus Minerals Minis

PFIZER - STRATEGIES 97
• Pfizer announced plans to move forward to internally separate its commercial operations into three business Organization Growth
segments, in 2013, two include Innovative business lines and a third includes the Value business line. Each of the
three segments include developed markets and emerging markets.
• The company has acquired many healthcare companies to boost the growth of its dietary supplement sector.
Some of the companies acquired by Pfizer are Alacer, Ferrosan, and Sirio Pharma.
• The company is looking for ways to fuel business development within its innovative product portfolio.
• It is focusing on investing and allocating its resources in ways that create the greatest long-term returns for its
shareholders.
• The company also aims to develop biosimilars medicines, which may help transform the treatment of difficult-to-
treat diseases, by helping healthcare systems manage them more cost-effectively. The company continues to
work within the current legal and pricing structures, as well as continue to review their pricing arrangements and
contracting methods with payers, to maximize patient access and minimize any adverse impact on their Product Development
revenues.
• The company seeks to adopt various strategies, to provide options that can be more affordable for healthcare
systems, which allow the reallocation of resources to other areas of patient care, while delivering similar quality,
efficacy, and safety. To develop novel approaches to treat and prevent diseases is one of the integral pillars of the
company’s strategies.
• The company aims to focus on R&D activities, as well as collaborations with civil society and global institutions, to
provide information and novel solutions to tackle various health issues

PFIZER – RECENT DEVELOPMENTS 98
GlaxoSmithKline PLC and Pfizer Inc. formed a new, world-leading

Consumer Healthcare joint venture. This joint venture is expected to M
be a category leader in pain relief, respiratory, vitamin and mineral
supplements, digestive health, skin health, and therapeutic oral
health.
Dec 2018
Pfizer acquired Shanghai-based Sirio Pharma Co. Ltd’s wholly-owned

M
subsidiary of Treerly Health Co. Ltd. Treerly is a leading healthcare brand in
China, comprised of an extensive portfolio of nutritional products for women.
Jan 2016
Pfizer acquired Alacer Corp., a leading vitamin supplements

company.
Feb 2012 M
M I E P
Merger and Product Expansion Partnership

Acquisition Innovation

PFIZER - SWOT 99
STRENGTHS WEAKNESSES
• Strong brand name – robust consumer trust.

• Competition from other major pharmaceuticals
• Mergers and acquisitions with big pharmaceutical brands are
companies.
enhancing the brand reputation.
• Legal issues related to healthcare fraud of illegal
• Efficient R&D, resulting in wide innovative product portfolio.
marketing of its drugs.
OPPORTUNITIES THREATS
• Increasing awareness about healthcare needs. • Stringent regulatory environment in the healthcare industry.
• Global penetration through mergers and acquisitions. • The biopharmaceutical industry is highly competitive and
highly regulated.

7.2 NATURE’S BOUNTY INC. – OVERVIEW 100
• Nature's Bounty Inc. is an US-based manufacturer of vitamins and nutritional supplements. The company has a
significant presence in virtually every major vitamin, mineral, herb, sports, active nutrition, and supplement product
category, and in multiple key distribution channels.
• In addition to its Long Island corporate headquarters, it has manufacturing, packaging, warehouse, distribution, and Founded in 1971
administration facilities throughout the United States and Canada. It also maintains overseas offices in the United
110 Orville Drive
Kingdom, the Netherlands, Spain, South Africa, and New Zealand. HQ
Bohemia, NY 11716
• The Carlyle group purchased the company, in 2010. In 2017, Kohlberg Kravis Roberts (KKR) purchased a majority 18004332990
ownership stake in the company, while the Carlyle Group has retained a minority share.
www.naturesbounty.com
• As a leading global manufacturer, marketer, distributor, and retailer of vitamins, nutritional supplements, sports and
active nutrition, and ethical beauty products, it is committed to supporting wellness in all its forms.
NATURE’S BOUNTY
19
Different Brands of 4000
Product Portfolio Associates
3 US and
Major Health Categories,
i.e., Beauty Support,
Digestive, and Heart Health
Canada has
manufacturing, packaging,
10+ warehouse, distribution, and
Countries administration facilities

PRODUCTS – NATURE’S BOUNTY INC. 101
Category Product Description
• Vitamin D Gummies
• Vitamin D3 - 10,000 IU
(Rapid Release Softgels)
Heart Health • Vitamin D3 - 5,000 IU Nature's Bounty® claims that Vitamin D supplements help maintain strong bones and teeth, and provide support
Supplements (Rapid Release Softgels) for immune and neuromuscular health.
• Vitamin D3 - 400 IU
• Vitamin D3 - 125 mcg
(5,000 IU) (Rapid Release
Softgels)
• Vitamin D3 - 50 mcg
(2,000 IU) (Rapid Release
Softgels)

GIVAUDAN BOUNTY INC.: STRATEGIES ADOPTED
NATURE’S 102
• The company is dedicated to quality, consistency, and scientific research that has resulted in vitamins and nutritional supplements of unrivaled
excellence.
• Its Scientific Advisory Council is made up of prominent scientists and researchers external to the company, who play a key role in its product
innovation and scientific advancement. Expansion
• For more than 70 years, it has enriched the lives of consumers, worldwide, and stood as the leader in health and wellness, by introducing
innovative products and solutions to the marketplace.
• Its CPG business is a global market leader in wellness products. Putting science and the highest quality standards at the heart of its business,
it has developed CPG brands that are among the most recognized and trusted in the world. The company's commitment to excellence and
vision for health and wellness has inspired brands, such as Nature's Bounty, Sundown Naturals, Solgar, Osteo Bi-Flex, MET-Rx, Pure Protein,
Body Fortress, Puritan’s Pride, and Organic Dr., among others.
• By combining the latest breakthroughs in nutritional science with the finest ingredients, the company provides the consumers with supplements
Acquisitions
of unsurpassed quality and value.
• As part of its commitment to quality, it only uses ingredients from suppliers that meet the stringent quality assurance standards, as well as
GMP supplement quality standards. This has lead the company to gain higher market shares, with high quality products.
• The company aims to become and be recognized as the global leader in wellness products, providing customers with trustable brands, which
act as value-creators in the dietary supplements industry.
• With active product launches in the dietary supplements market, the company aims to create a brand value through the expanded product
portfolio.

RECENT DEVELOPMENTS – NATURE’S BOUNTY INC. 103
NatureSmart launched the new Star Wars™ brand Gummy

I Vitamins, which are available in three complete, multi-vitamin
formulations, including Vitamin D, Vitamin E, Folic Acid; Darth
The company started its newest vitamin manufacturing facility on Vader, Stormtrooper, and Boba Fett shapes; and three flavors,
the East side of San Antonio, Texas.
namely, mixed Berry, raspberry, and pineapple.
Oct 2013
Sep 2014
The company announced the formation of a Scientific Advisory E

Council, which includes some of the most respected medical and NBTY™ and By-health announced a joint venture in China.
nutrition experts in the field. This council is likely to provide Mar 2016
guidance to the company, as it looks to become the most
recognized global leader in wellness products.
P
Feb 2015
NBTY entered into a definitive agreement to sell its US retail
business, Vitamin World ®, to Centre Lane Partners.
Feb 2016
KKR, a leading global investment firm that manages investments
across multiple asset classes, including private equity, energy,
infrastructure, real estate, credit, and hedge funds, acquired a
M
majority control of the company’s from the Carlyle Group. M I E P
Jul 2017

7.3 AMWAY - OVERVIEW 104
• Amway is known for manufacturing and selling nutrition, beauty, and body and bath products.
• The company delivers wide variety of consumer products through liberated business owners.
• Its product range covers dietary supplements, vitamins, and minerals, sports nutrition products, weight Founded in 1959
management products, and energy drinks. It also offers home care products, such as surface cleaners, laundry
products, disinfectant cleaners, water and air treatment products, dish detergents, cookware, fragrances, gift Fulton Street East
HQ
Ada, United States
cards, and B2B products.
+1 616 787 7565
• It serves its customers in the Americas, Europe, Japan, Greater China, Korea, Australia, and the Southeast Asia. It
www.amway.com
offers products through online and direct selling.
AMWAY CORPORATION
2500
Employees
USD 8.6billion
annual sales (2017)
50%
Sales Contribution (2017)
from Nutrition and Weight
100 Countries Management Products
45 Production sites

AMWAY - FINANCIAL ANALYSIS 105
Net Sales (% ), by Product Category, 2016 Net Profits in USD million, 2015-2017
16.07
4%
7%
13.73
13.23
Revenue (in USD billion)

Nutrition
15%
Beauty and Personal care
49%
Durable products
Homecare
25% Other
2015 2016 2017

Year
• In 2017, sales were affected by numerous macro-environmental factors that were not exclusive to Amway, with many consumer goods and other direct selling
companies. Several factors, such as high cost of living, have an impact on consumer purchasing power. It further hampered the sales of the company’s products. In
2017, nutrition and weight management products accounted for 50% of Amway’s sales, showcasing an increasing desire on the part of the public for healthy products.
• The year 2017 was challenging for the company, due to the overall conditions of the economic market rising from low crude oil prices and weakened Ringgit, combined
with weak consumer sentiments. Total sales in the second half of 2017 grew by 3%, as compared to same period of the previous year, led by China and the United
States. Irrespective of the declining sales in 2017, Amway launched more than 25 new products in different verticals, namely, beauty and personal care, nutrition and
wellness, and durables.
AMWAY - PRODUCTS 106
The brand offers the same form of vitamin D produced by ones body from natural sun exposure, in an amount
equivalent to 16 cups of fortified milk. Nutrilite™ Vitamin D delivers high-potency vitamin D that -
Vitamins and
Nutrilite™ Vitamin D Promotes bone health.
Supplements
Supports teeth, heart health, and immune system.
Sourced from mushrooms – one of nature’s most concentrated botanical sources of vitamin D.

AMWAY - STRATEGIES 107
• Amway operates with the multilevel business model and direct selling marketing strategy, wherein it enables its consumers to become band ambassadors of the
company, and earn while referring products to new customers.
• It competes with direct selling companies, such as Avon, VLCC, etc., and other consumer goods companies, such as HUL, Procter & Gamble, Palmolive,
etc.
• Amway’s top 10 markets, based on 2017 sales, were China, the United States, South Korea, Japan, Thailand, Taiwan, India, Russia, Malaysia, and Hong Kong.
The company has located a majority of its manufacturing facilities in the United States. Moreover, it had significantly invested in manufacturing upgrades, over
the past five years, and a major chunk of this investment was channelized in the United States.
• The company’s vertically integrated supply chain is one of the longest in the industry. The farm-to-fork concept is based on geographical favorability. Majority of
its botanicals are cultivated in South America, which is in proximity to US manufacturing facilities.
• The company leverages its knowledge of markets and consumer preferences. Moreover, with its unique capabilities, the company helps its products grow into
market-leading brands.
• It operates through 18 manufacturing and processing plants, and 70+ R&D quality assurance labs, globally, across the major economies of the world, which
cover the Americas, Europe, Asia-Pacific, and Africa. The R&D investments have resulted in the growth of dietary supplement sales.
• The company follows a mix of demographic, as well as geographical segmentation variables, such as age, income level, age, gender, profession, and region.
• It is well known for its unique business model and quality products. It uses value-based positioning strategy to position itself as a high-quality brand for the
consumers.

AMWAY - SWOT 108
• High product cost.
• Global presence.
• Low advertising.
• Wide product portfolio.
• Limited mode of availability in retail channels.
• Worldwide retail sales.
• Heavily inclined on word of mouth marketing.
• Strong brand loyalty.
• Collaboration with beauty chains and health stores.

• Availability of raw materials and continuous fluctuations in
• Increased promotion of products.
price.
• Tie-ups with health clubs, nutritionists, and experts.
• Low switching cost.
• Replacement by local products.

7.4 BAYER AG – OVERVIEW 109
• Bayer AG is a life science company, with more than 150 years of history and core competencies in the areas
of healthcare and agriculture.
• The operating segments of the company include Pharmaceuticals, Consumer Health, Crop Science, and
Founded in 1863
Animal Health. At Consumer Health, the company is concentrating on developing new, non-prescription
(OTC) products and solutions, which improve the health and wellbeing of consumers in the areas of pain HQ
100 Bayer Boulevard Whippany, NJ
relief, dermatology, dietary supplements, digestive health, allergy relief, and cold symptoms, as well as foot 07981
care and sun care. 862-404-3000
• Its consumer health division markets non-prescription (OTC - over-the-counter) products in the dermatology, www.bayer.com
nutritional supplement, analgesic, digestive health, cold, allergy, sinus and flu, foot care, and sun protection
categories.
BAYER AG
USD 39,412.9 USD 5,069.7 million

Expenses on R&D in 2017
million Net Sales 2017
50
Operating facilities in
the United States
99,820
79 Countries Employees in 2017

BAYER AG – FINANCIAL ANALYSIS 110
Net Sales Share (% ), by Company

Net Sales Share (% ), by Region, 2017 Net Sales in USD million, 2016-2017
Segment, Consumer Health, 2017
Revenue (in USD million)

39600.0
39412.9 9.3%
39400.0 4.2%
11.0% Europe, Middle East and
Africa 39200.0
45.2%
38.2% 39000.0
North America 25.6%
21.8%
38800.0 38760.2
Asia-Pacific 38600.0
15.7%
38400.0
Latin America 2016 2017
29.0%
Pharmaceuticals Consumer Health Crop Science
Year
Animal Health All Other Segments
• The contribution to net sales by Europe and the Middle East & Africa is the highest, followed by North America, Asia-Pacific, and Latin America, with Germany,
Switzerland, the United States, China, and Brazil being the major contributors. The Consumer Health business registered declining sales and earnings
development, predominantly as a result of weak business development in the United States.
• The Consumer Health segment’s contribution to the net sales, in 2017, was 15.7%. The company’s prenatal vitamin, Elevit™, developed well, owing to its steady
demand from Asia-Pacific.
• Sales of One A Day™ vitamin product observed enhanced sales on a currency-adjusted basis, particularly in the United States, owing to the expansion of the
company’s regular and ecommerce distribution channels.
BAYER AG – PRODUCTS 111
This multivitamin supplement is rich in vitamins (C, A, D, B6, B12, and folic acid) and minerals
Redoxon™
(zinc, iron, copper, and selenium), which supports the immune system of the body.
The product contains 630 mg of calcium per serving in the form of calcium citrate, and 500 IU of
CITRACAL MAXIMUM PLUS
vitamin D3 per serving.
It contains 500 IU of vitamin D3, along with 400 mg of calcium per serving in the form of calcium
CITRACAL PETITES
citrate.
Consumer Health CITRACAL PLUS It contains 250 IU of vitamin D3 per serving, and 500 mg of calcium per serving in the form of
MAGNESIUM calcium citrate.
CITRACAL SLOW RELEASE It contains 1,000 IU vitamin D3 per serving and 1,200 mg of calcium per serving (as citrate +
1200 carbonate blend).
CITRACAL CALCIUM It contains 1,000 IU of vitamin D3 per serving and 500 mg of calcium per serving (as tricalcium
GUMMIES phosphate).
CITRACAL® CALCIUM It contains 1,000 IU of vitamin D3 per serving and 400 mg of calcium per serving, in the form of
PEARLS calcium carbonate.

BAYER AG – STRATEGIES ADOPTED 112
• The company’s Consumer Health segment uses derivatives of plants to manufacture plant-based supplements and medicines.
Organization Growth
The company takes careful measures, during the cultivation and extraction of these raw materials, as they have to be performed
as per the international standards, like the GACP (Good Agricultural and Collection Practice) guidelines.
• The company is focusing on increasing its presence in major markets, such as the United States, Germany, Brazil, Russia, and
China, among other countries. The firm is also committed to its open innovation network located in Boston, United States. The
center of excellence works with leading partners, to develop new healthcare and nutrition solutions.
• The company is also investing in conclusive clinical studies, validating its label claims. Recently, FDA had denied Bayer’s request
to approve a health claim linking vitamin D to the reduced risk of multiple sclerosis, on the grounds that the available scientific
evidence does not meet the agency’s high standards for support.
• Further, it is also promoting the transfer of prescription medicines and active ingredients to nonprescription status (Rx-to-OTC
switch), enabling people to indulge in self-care. By this, the company expects consumers to be more concerned about their
Product Development
health, and hence, increase the purchase of supplements and other products required for increased quality of life.
• The R&D arm of the firm is rapidly expanding, with the recent establishment dedicated to microbiome research. The company is
located in Boston, Massachusetts, and Sacramento, California, in the United States.
• The nonprescription products of Consumer Health are mainly channelized in pharmacies, with supermarket chains, online
specialists, and other large retailers playing a significant role in certain markets, like the United States.
• The company also seeks to improve on its ecological footprint. In the United States, it is one of the numerous parties involved in
a series of claims brought by federal and state environmental protection agencies.

BAYER AG – SWOT ANALYSIS 113
• Experienced management system.

• Large product portfolio. • Increased losses on intangible assets.
• Strong brand image. • Low rate of development in the Consumer Health segment.
• Wide and strong global network.

• Proactive strategies toward sustainable future.
• Expanding the presence on a global scale. • Rising pressure from e-commerce, as a result of increased
• Increasing awareness about self-care products. digitalization and collaboration of retail sector.
• Rising preference for organically-produced supplements. • Rising cost of raw materials.

• Increased lawsuits in the United States

7.5 RECKITT BENCKISER GROUP PLC – OVERVIEW 114
• Reckitt Benckiser Group PLC manufactures and markets branded products in the health, hygiene, and
home sectors. The company’s rapidly growing consumer health business aims at helping people feel
better. It sells a comprehensive range of products, through over 60 operating companies into nearly 200
Founded in 1814
countries.
399 Interpace Parkway, Parsippany, HQ
• It believes to have redefined its consumer health market, by combining its in-depth consumer knowledge NJ 07054-0225 USA
with speedy decision making, a skill it has gained in FMCG.
+1 973 404 2600
• Its business is structured through a matrix of three geographical segments, namely, Europe and North
America (ENA); Latin America, North Asia, Southeast Asia, Australia, and New Zealand (LAPAC); and www.rb.com
Russia and CIS, Middle East, North Africa, Turkey, and Sub-Saharan Africa (RUMEA).
RECKITT BENCKISER GROUP PLC
USD 14.48 27.1%

Adjusted
billion Net Revenue 2017
Operating Margin (2017)
40,000+
60+ Countries Employees in 2017

RECKITT BENCKISER GROUP PLC – FINANCIAL ANALYSIS 115
Net Revenue in USD million, 2016-17

16000
Net Sales Share (% ), by Company Segment, 2017
14486.4
14000
2.2
11929.4
12000 16.2
Revenue in USD million
10000
8000 44.1
6000
4000
37.5
2000
0
2016 2017
Year
Health Hygiene Home Portfolio Brands
• Dietary supplements come under the Health segment in the company. This segment accounted for the largest contribution in the net sales, in 2017. The net revenue
from continuing operations rose by 21%, in 2017, including the initial contribution from MJN and benefit of positive foreign exchange movements.
• For 2018, the company is targeting a total revenue growth of 13-14% at constant rates, which implies like-for-like growth in the range of 2-3%, in line with the overall
market growth.
• The RB-based business is driving growth in digital and e-commerce, especially in China. The company delivered strong growth in this channel, in 2017, with e-
commerce generating more than 50% of China’s net revenue, up from more than 30% in 2016.
RECKITT BENCKISER GROUP PLC – PRODUCTS 116
Move Free Advanced Plus MSM and Vitamin D3 Move Free Advanced + MSM and Vitamin D3 is a Glucosamine Chondroitin
Glucosamine Chondroitin - 120ct joint supplement, which contains premium ingredients, including
glucosamine, chondroitin, uniflex (calcium fructobrate), hyaluronic acid,
Move Free Advanced Plus MSM and Vitamin D3 Methylsulfonylmethane (MSM), and Vitamin D3, to promote the health of
Glucosamine Chondroitin - 80ct joints.
Schiff
Schiff Glucosamine Plus Vitamin D3 helps lubricate and protect joints, by

Schiff Glucosamine with Vitamin D3 and helping maintain healthy structure and function of cartilage in joints. It
Hyaluronic Acid 2000mg 150 Ct contains Glucosamine Hydrochloride (HCl), which has a high potency of
active Glucosamine.
Enfamil D-Vi-Sol Liquid Vitamin D Supplement is recommended for all

Enfamil® D-Vi-Sol™
breastfed and supplementing babies.
Mead Johnson
Enfamil® Poly-Vi-Sol®
Nutrition (MJN) Enfamil Poly-Vi-Sol Liquid Multivitamin Supplement is recommended for
infants around 4-6 months of age, transitioning to solid foods.
Enfamil® Poly-Vi-Sol® with Iron

RECKITT BENCKISER GROUP PLC – STRATEGIES ADOPTED 117
• The company works toward delivering product offerings to support the health of its consumers. It strives to maintain
Organization Growth
its market position, by acting in responsible and sustainable ways. To this effect, the company has been observed
to carry out research and maintain high quality standards, with a focus on purity and delivering the right product to
its customers.
• The higher focus and resource allocation to consumer health have delivered strong results for RB, in the recent
years. Recently, the company had acquired Mead Johnson Nutrition, with the objective of investing in brands with
attractive growth prospects. Through this acquisition, the company is focusing on children’s health and
development. It is expected to deliver products for children, to support their nutrition needs.
• Product research and high standards are at the core of RB’s philosophy. The company guarantees the purity and
potency of its products, with stringent quality controls, and uses only the finest ingredients. The firm follows a
standardized set of good manufacturing practices (GMPs), and all products are marked with expiration dates to
ensure freshness.
Acquisitions
• Innovation and investment in brand equity remain at the heart of the Group’s strategy. Differentiated products with
strong brands are essential for expanding the categories, driving top-line growth, and supporting its pricing power.
New channels, such as e-commerce, discounters, and mom-and-baby stores, are providing the opportunity to
provide more tailored solutions, in order to meet the specific shopping needs of these consumers
• The company believes to be well-positioned to outperform long-term category growth within consumer health, led
by its market-leading, trusted brands, strong consumer-centric innovation pipeline, and significant investment
behind medical professional and consumer education programs.

RECKITT BENCKISER GROUP PLC – RECENT DEVELOPMENTS 118
The company acquired Mead Johnson, thus expanding its business in the
field of child nutrition. With this acquisition, the company is expecting to
increase its consumer health segment, by approximately 90%, thus
M
increasing its market scale by approximately 65%.
Jun 2017
M I E P


RECKITT BENCKISER GROUP PLC – SWOT ANALYSIS 119
• Strong goodwill across countries. • Slow market expansion.

• Wide reach and extensive distribution channels. • Dependence on power brands reflecting innovations
• Recognized and well-known brand. slows the performance strongly.
• Healthy management practices.

• Experienced and knowledgeable employees.
• Penetrating into the rural market, through new brand • Tough competition from specialized brands.
positioning. • Presence of low-priced substitute products.
• Expanding its operations, through organic and • Increased government regulations, in certain
inorganic growth. countries, affecting market entry and sales.

7.6 GNC HOLDINGS INC. – OVERVIEW 120
• GNC Holdings Inc. is a leading global specialty retailer of health and wellness products, including vitamins,
minerals, and herbal supplement products, sports nutrition products, and diet products.
• The company is listed on the New York Stock Exchange (NYSE) under the symbol “GNC.” The company
Founded in 1935
has a well-diversified, multi-channel business structure, and sources revenue from product sales through
company-owned retail stores, domestic and international franchises, third-party contract manufacturing, e- 550 Wood St, Pittsburgh, PA HQ
15222, USA
commerce, and corporate partnerships.
• The company’s wide value-added nutritional product range, which falls under the premium category, is sold +1 412-391-0188
through GNC proprietary brands. GNC connects customers to their best selves by offering a premium
https://www.gnc.com
assortment of heath, wellness and performance products, including protein, performance supplements,
weight management supplements, vitamins, herbs and greens, wellness supplements, health and beauty,
food and drink, and other general merchandise.
GNC HOLDINGS INC.
USD 24,53.0 81.26%

Sales (2017)
Contribution
million Net Sales 2017 from U.S. and Canada
17,000+

GNC HOLDINGS INC. – FINANCIAL ANALYSIS 121
Net Revenue, USD million, 2015-2017 Net Sales Share (% ), by Company Segment, 2017
2,750.00
2.70%
2,700.00 2,683.30
2,650.00 8.80%
Revenue in USD million
2,600.00 7.20%
2,550.00 2,540.00
2,500.00
2,453.00
2,450.00
2,400.00
2,350.00 81.30%
2,300.00
2015 2016 2017
Year
US and Canada International Manufacturing / Wholesale Other
• The US and Canada segment generates revenues primarily from the sales of products to customers at the company-owned stores in the United States, Canada, and
Puerto Rico, through product sales to franchisees, royalties on franchise retail sales and franchise fees, as well as through GNC.com and the market place on Amazon.
• Revenues from the franchisees in the United States accounted for approximately 16% of the total US and Canada segment revenues for the year ended December 31,
2017.
• Revenues from the international franchisees accounted for approximately 74% of the total International segment revenues for the year ended December 31, 2017

GNC HOLDINGS INC – PRODUCTS OFFERED 122
Category Products Description
• GNC Vitamin D-3 2000 IU

• GNC Vitamin D-3 1000 IU – Chocolate
The company manufactures its own private-label brands of vitamin D-
Vitamins and based supplements. Additionally, the company offers vitamin D-based
• GNC Calcimate Plus® 800 with Magnesium
Supplements supplements from other brands, such as Now®, Carlson®, Nature's Way®,
& Vitamin D-3
and Nordic Naturals® etc.
• GNC Calcimate Plus® 800 with Magnesium
& Vitamin D-3
• GNC MILESTONES™ KIDS IMMUNE
DEFENSE GUMMY – GRAPE

GNC HOLDINGS INC. – STRATEGIES ADOPTED 123
• The company is striving to get positive operating profits in the coming years. To this effect, the company is focusing on
brand penetration and product innovation.
Organization Growth
• The company is planning to increase its geographical presence through store count, setting up manufacturing facilities,
and by exploring new distribution channels, among others. Further, the company is observed to be marketing its
products through online channels, derived from the analysis of repetitive purchases from customers.
• Through strategic partnerships with Rapid Nutrition and Guardian Healthcare Services Pvt Ltd, the company is expecting
to develop competencies, and capture a larger market share.
• GNC Holdings Inc. employs a diversified, multi-channel model, which includes company-owned stores, domestic and
international franchise locations, wholesale locations, and e-commerce. This differentiates the company from online-only
competitors. Its strategy is to give consumers a seamless, integrated experience across digital, mobile, and store
channels, in every other interaction. Through GNC.com and the company's Amazon.com storefront, which carries its full
product assortment, customers can research and purchase the products online.
• It has a sector-leading innovation capability, which is a significant competitive advantage. The company has Acquisitions
demonstrated strength in developing unique, branded, and scientifically-verified products, and has a long history of
delivering new ingredients and reformulations. It directly employs scientists, nutritionists, formulators, chemists,
engineers, and quality control experts, and has access to a wide range of world-class medical research facilities and
consultants.
• In the United States, the sales of vitamins (company-owned products) was 13.20% in 2017, as compared to 14.03% in
2016. While GNC is growing internationally, revenues in the US and Canada segment, significantly fell in 2017. Its
profitability also declined. Thus, the company decided to push for international expansion.

GNC HOLDINGS, INC. – SWOT ANALYSIS 124
STRENGTHS WEAKNESS
• Wide product portfolio. • Low operating efficiency.

• Expansion through strategic partnerships.
• Negative operating profits.
• Wide geographic reach.
• Emphasis on R&D activities.
• Potential rise in the demand for supplements, owing to the • Increased competition from other brands.
increasing trend for modern diet. • Stricter governmental regulation in developed countries.
• Low nutritional value in convenience processed food • Fluctuating interest rates.
products, which are consumed mostly in the urban areas,

leads to an increase in need for dietary supplements.

7.7 ABBOTT - OVERVIEW 125
• Abbott is a multinational healthcare company, with products for several segments, such as cardiovascular,
diabetes, diagnostics, neuromodulation, nutrition, and pharmaceuticals. The company has nutrition bars under its
sports and active living division. The company has a strong presence in the developed markets and is
concentrated in the higher growth segment. Founded in 1894
• The company’s nutrition segment deals with products for adults, infants, and sports and age-based products,
100 Abbott Park Road
which include nutrition supplements, sports drink, energy drink, infant formula, sports, and nutrition bars. HQ
• In 2017, Abbott began collaborating with Bigfoot Biomedical to develop diabetes-management systems, integrating Abbott Park, Illinois 60064-3500
the FreeStyle Libre technology with Bigfoot’s insulin delivery solutions. Through this collaboration, the company
aims to provide more actionable information for people who rely on daily insulin injections to manage their 224) 667-6100
diabetes. http://www.abbott.com
• Abbott has developed a number of formulations that support the unique nutritional needs of people suffering from
chronic illnesses, including Glucerna for people suffering from diabetes, and Nepro for patients on dialysis.
ABBOTT
USD 27.39 billion

USD 2,235 million
Revenue
R&D
6,899
Employees
150 Countries
47.7% of Net Sales

Gross Profit

ABBOTT- FINANCIALS 126
Revenue Sales in USD million, by Sales Segment, 2017 Revenue Sales in USD million, by Nutritionals, 2017
10000 8911
9000
• In 2017, the decrease in sales of Abbott’s International Pediatric Nutritional business,
Sales in USD million
8000 6925
7000
5616 was driven by the challenging market conditions in the infant formula market in the
6000
5000 4287
4000 various emerging markets, partially offset by growth in China and India.
3000
1651
2000
1000
• The increases in the US Pediatric Nutritional sales in 2017 and 2016 was due to the
0
performance of Abbott’s infant and toddler brands, including PediaSure®, Pedialyte®,
and Similac®.
US Adult Nutritionals 1254
Segment
Sub-Segment
International Adult Nutritionals 1782
• Total nutritional products sales increased by 1.2% in 2016 and by 0.6% in

2017. US Pediatric Nutritionals 1777
• In Abbott’s worldwide nutritional products business, sales over the last

three years were positively impacted by demographics, such as an aging International Pediatric Nutritionals 2112
population and an increasing rate of chronic disease in developed markets,

0 500 1000 1500 2000 2500
the rise of the middle-class in many emerging markets, as well as by the Sales in USD million
numerous new product introductions that leveraged Abbott’s strong brands.

ABBOTT - PRODUCTS 127
It is designed to help rebuild strength and energy from the

inside, with an all-in-one blend to support muscle, bone, heart,
ENSURE® ENLIVE® ADVANCED
ENSURE® immune, and digestive tract health. It contains 120% 1995 DV
THERAPEUTIC NUTRITION SHAKE
of vitamin D and 50% 1995 DV of calcium to support strong
bones.
It is an excellent source of vitamin D and calcium to support

ENSURE® Nutrition Shake
bone health.
GLUCERNA® THERAPEUTIC NUTRITION The product contains 80% of the 1995 DVs for Vitamin D to
GLUCERNA®
SHAKE support bone health.

GIVAUDAN
ABBOTT - STRATEGIES ADOPTED 128
• The company has positioned itself among the leading brands in nutrition and diagnostics domains in the United States. Geographically, the US Expansion
market contributed 35.31% to the net sales to external customers in 2017.
• The company came up with a new snacking brand, which also comprises of snack bars, derived from health-based ingredients. The products
claim to be non-GMO and gluten-free as well, which in turn, reflects the company’s commitment toward the changing lifestyle pattern among
consumers and their demand.
• The company even came up with snack bars for kids, to increase its consumer base.
• The company has actively promoted its snack bar products with partnership and sponsorship of several events. For instance:
• In 2015, the company EAS Sports Nutrition sponsored the IRONMAN® 70.3® US Series, thus, supporting the competing triathletes.
• The company offered EAS products to network more than 800 TriClubs and 150,000 athletes. This sponsorship acted as strategy for the
company to promote its snack bar products among the consumers.
• The company has separate teams dedicated in looking up partnerships and collaborations under the name ”Licensing, Venture, and
Acquisitions Team”, as well as potential suppliers with established “Supplier Guidelines” for its products in the developing and emerging
markets.
Acquisitions
• From 2014 to 2017, Abbott’s management approved plans to stream-line operations, in order to reduce costs and improve efficiencies in
various businesses, including the nutritional, established pharmaceuticals, and vascular businesses.
• Abbott is focusing its R&D spending on platforms that span across the pediatric, adult, and performance nutrition areas, like gastro
intestinal/immunity health, brain health, mobility and metabolism, and user experience platforms. Numerous new products that build on
advances in these platforms are currently under development, including clinical outcome testing, and are expected to be launched over the
coming years.

ABBOTT - RECENT DEVELOPMENTS 129
Abbott completed the acquisition of St. Jude Medical Inc. (St. Jude
Medical), a global medical device manufacturer, for approximately
USD 23.6 billion. The acquisition provided expanded opportunities
for future growth and was an important part of the company’s
M
ongoing effort to develop a strong, diverse portfolio of nutritionals
and branded generic pharmaceuticals.
Jan, 2017
M I E P


ABBOTT - SWOT ANALYSIS 130
STRENGTHS WEAKNESS
• The company’s business is built around a consistent core of

competitive strengths.
• Value chain is not adequately strengthened in developing
• Diversified pool of resources. economies, comparatively.
• Range of products for the entire demographic spectrum. • Slow progress in new product development.
• Litigation and environmental matters in the United States
• Rising health consciousness in emerging economies.
• Functional beverages are scrutinized rigorously by regulatory
• Growing elderly population in developed economies leads
bodies.
to the need for geriatric beverages.
• Health claims require strong substantiation and robust clinical
data.

7.8 EVERIDIS HEALTH SCIENCES LLC – OVERVIEW 131
• Everidis Health Sciences LLC is an US company that provides healthcare services. The company specializes in nutritional
solutions, encompassing a number of categories, including prenatal care, pediatrics, gastrointestinal health, obesity, and
inherited metabolic disorders.
Founded in 2007
• Everidis Health Sciences is dedicated to the R&D of premium-quality supplements and medical foods for the nutritional
health market. This organization primarily operates in the vitamins and minerals business within the wholesale trade, non- 2900 Brannon Ave
HQ Saint Louis, MO 63139-
durable goods sector. 1440, USA
877-776-0101
• The company has four brands, such as Bio Gaia, MyPeanut, Replesta, and B-natal, which are recommended by
healthcare professionals across the world.
www.everidis.com
• Replesta is a medical food containing 50,000 IU (vitamin D3) chollecalciferol. The product caters to the distinct nutritional
requirements to manage the deficiency of vitamin D.
Everidis Health Sciences
4
Different Brands of 26+
Product Portfolio Employees
Specialties
Medical Foods, Probiotics,
Dietary Supplements,
Omega 3 and 6, and Peanut
Allergy

PRODUCTS – EVERIDIS HEALTH SCIENCES LLC 132
Brand Products Description
Each Replesta NX contains 14,000 IU of vitamin D3, which works all week to
• Replesta NX
replenish vitamin D. It is available as a delicious, natural orange-flavored chewable.
Children’s Replesta is a medical food that contains cholecalciferol (vitamin D3). It

caters to distinct nutritional requirements of the children to manage vitamin D
deficiency.
REPLESTA • Children’s Replesta
It contains 14,000 IU vitamin D3 to help replenish vitamin D in children. Replesta for
CHOLECALCIFEROL
children does not contain gluten, and is made from all natural flavors and sweeteners.
It can be purchased as a delicious orange chewable wafer.
Replesta is a medical food that contains 50,000 IU of cholecalciferol (vitamin D3). It

caters to distinct nutritional requirements to manage vitamin D deficiency. Replesta
• Replesta
does not contain gluten, and is made from all natural flavors and sweeteners. It is
offered as a delicious orange chewable wafer.

GIVAUDAN HEALTH SCIENCES LLC : STRATEGIES ADOPTED
EVERIDIS 133
Expansion
• The company is dedicated to quality, consistency, and scientific research that has resulted in
vitamins and nutritional supplements of unrivaled excellence.
• Everidis is to advance the role of nutrition in health care management. The company is
focusing beyond basic nutrition to envision the potential in the emerging field of science-
based nutritional therapies.
• The company is actively seeking new strategic partnerships to bring to market innovative
nutritional and OTC products. Specifically, for in-licensing, co-marketing, co-promotion or
business acquisition opportunities, and distribution of products throughout the US market.
• The company have diversified portfolio based on nutrition therapies and developed strategic
alliances to identify, develop and commercialize unique nutrition therapies that address
Acquisitions
unmet health requirements.
• Everidis is a proactive, preventive health science company, strategically focusing on clinical

formulation and product development in obstetrics, pediatrics, gastroenterology, and
orthopedics fields.

7.9 NOW FOODS – OVERVIEW 134
• NOW Foods is a natural health company headquartered in Bloomingdale, Illinois, which manufactures and distributes over
1,500 products, including amino acids, antioxidants, aromatherapy products, bee products, body products, nutritional yeast,
cholesterol/cardiovascular support products, cognitive brain products, diet/weight management products, digestive support
products, face products, fiber supplements, glucose management products, hair care products, herbal teas, herbs and
Founded in1968
mushrooms, immune system support products, joint pain and mobility products, joint structural support products, mental
fitness/mood support products, nutritional oils, sports nutrition products, and vitamins. 244 Knollwood Drive |
HQ
Bloomingdale, IL 60108
• The company sells its products through health foods stores and retailers in the United States and internationally, in over 50
countries. 888-669-3663
• As one of the premier manufacturers of natural products, the company owns and operates several manufacturing and
www.nowfoods.com
distribution facilities in the United States and Canada.
• In 2000, NOW Foods obtained a GMP A rating from the FDA for its 250,000 sq.ft facility in Bloomingdale. In 2012, the
company received a " no observation " inspection of the FDA CGMP. Other certifications include a natural products association
NOW FOODS
GMP certification and an organic certificate from Quality Assurance International and NSF International.
1100+
50+ Specialized Employees
Countries Products
Dietary Supplements, Natural Foods,
Sports Nutrition, Nutritional Supplements,
and Personal Care

NOW FOODS. – KEY PRODUCTS 135
Liquid D-3 & MK-7

Mega D-3 & MK-7 Veg Capsules
Vitamin D 1000 IU Dry Veg Capsules
Vitamin D-3 & K-2 Liposomal Spray
Vitamin D-3 & K-2 Veg Capsules
Vitamin D-3 10,000 IU Softgels
NOW® produces vitamin D that enhances
Vitamin D-3 1000 IU Chewable
intestinal absorption and metabolism of the
Vitamin D-3 1000 IU Softgels
Supplement (Vitamin) dietary minerals calcium, magnesium,
phosphate, and zinc, and therefore, plays a
crucial role in skeletal health.
Vitamin D-3 5000 IU Chewable
Vitamin D-3 Powder
Vitamin D-3 Liquid, Extra Strength
Vitamin D-3 Liquid

GIVAUDAN
NOW FOODS : STRATEGIES ADOPTED 136
Expansion
• NOW’s state-of-the art manufacturing facility is GMP certified, and its quality testing labs are
among the best in the industry.
• The company has a wide range of business portfolio and focuses on strategic partnerships with
the key companies in the market.
• The company is more focused on investments on technology, in order to bring out products of
unparalleled quality. The company continues to expand its production capabilities, and
manufacture the majority of products in-house. This resulted in productivity improvements, and
increased quality assurance and quality control.
• The company is committed to produce the highest quality nutritional, herbal, and body care
products at affordable prices to customer.
• The company is strategically sourcing quality raw materials directly from the manufacturer, Acquisitions
relying less on brokers and distributors, and avoiding costly television and radio advertising.
• In 2016, NOW was one of the first manufacturers to be certified by UL for the dietary
supplement manufacturing process.
• The company focuses on expanding its product portfolio. It distributes its food products
internationally, through thousands of health food stores and online platform, and remains a
strong supporter of non-GMO initiatives.

7.10 OTSUKA HOLDINGS CO. LTD – OVERVIEW 137
• With its corporate philosophy of “Otsuka-people creating new products for better health worldwide”, Otsuka
Holding Co. Ltd strives to innovate and deliver quality products for its consumers.
• The company is actively investing in R&D, and expanding its product range for sustainable growth and
development. Further, it has also received approval for its digital medicine system by the US FDA. In the Founded in 1964
Nutraceuticals segment, the company is trying to create something unique, which is yet not known and recognized. HQ
Tokyo, Japan
• Further, it is witnessed to be engaged in several mergers and acquisitions, to expand its global presence.
• Pharmavite LLC (Pharmavite) is a subsidiary of Otsuka Pharmaceutical Co Ltd. It is a pharmaceutical company +91 79 6621 6000
that primarily engages in the production and distribution of vitamins, minerals, and other dietary supplements.. It
caters to services through its Nature Made and FoodState brands. Under the Nature Made brand, it offers vitamin www.otsuka.com
supplement drugs, and through FoodState, it offers nutrients. The company offers services to healthcare
professionals, consumers, and retailers, in the United States and internationally.
Net Sales in USD million, 2016-2017

11400.0
11280.0
11300.0
11200.0
11100.0
USD 11,280 million USD 950 million 11000.0
10870.0
Operating Income 2017 10900.0
Net Sales 2017
10800.0
10700.0
10600.0
31,787+ 2016 2017

Year

OTSUKA HOLDINGS CO. LTD – FINANCIAL ANALYSIS 138
Net Sales Share (% ), by Region, 2017 Net Sales Share (% ), by Business Segment, 2017
2.8%
9.3%
22.8% Japan
North America
25.4%
51.5%
Others
62.5%
25.7%
Pharmaceutical business Nutraceutical business
Consumer products business Other business
• With strong presence in Japan, the company is reported to have the

• Dietary supplements form the part of the company’s Nutraceutical
highest sales in the country, followed by North America and other
Business segment, which contributed 25.4% to the total sales of the
countries.
company.
OTSUKA HOLDINGS CO. LTD – PRODUCTS OFFERED 139
Vitamin D3
Adult Gummies
Vitamin D3 25 mcg (Tablets)
Vitamin D3 found in Nature Made vitamin D supplements is the body’s
Vitamin D3 25 mcg (Liquid Soft gels)
preferred form of vitamin D. Vitamin D3 is more effective at raising and
Vitamin D3 2000 IU (Tablets)
maintaining adequate levels of vitamin D in the body.
Vitamin D3 50 mcg (2000 IU) (Liquid Soft gels)
Nature Made Vitamin D supports bone, teeth, muscle, and immune health.
Vitamin D3 5000 IU Ultra Strength (Liquid Softgels)
Vitamin D supplements come in two forms: vitamin D2 and vitamin D3.
Vitamin D3 10 mcg (400 IU) (Tablets)
Vitamin D 3 is more effective at raising and maintaining adequate
Vitamin D3 1000 IU Adult Chewable (Chewable)
levels of circulating vitamin D in the body.
Maximum Strength 10,000 IU Vitamin D3
VitaMelts Vitamin D3 (Dissolving Tablets)
KIDS FIRST® Vitamin D (Gummies)

OTSUKA HOLDINGS CO. LTD – STRATEGIES ADOPTED 140
Organization Growth
• The company carries out the development of its products, both at its own research institutes,
and with external institutes, with whom it collaborates, to find out additional scientific
evidence and maximize the health-improving value of its product offerings.
• The company is observed to enhance its know-how, which it has cultivated in the
Nutraceutical Business to develop products that support consumer’s daily health. It aims to
do so, through the creation of new value, without regard to current trends or popular taste,
and through the development of innovative products.
• The company is entering into several diversification activities in the North American region
among others, to gain the competencies of the market and to expand its distribution network.
• Further, the company is investing proactively in various R&D activities, and setting up Acquisitions
facilities to carry out the innovation in its products offered.

OTSUKA HOLDINGS CO. LTD – RECENT DEVELOPMENTS 141
The company launched Nature Made® Adult Gummies for

men’s health, which contain 11 key nutrients for daily
nutritional support, with 60 mg of heart-healthy EPA and DHA
omega-3 fatty acids. The product contains vitamin D to support I
bone, teeth, muscle, and immune health, vitamin A and zinc to

help support a healthy immune system, and vitamin B12 to
support energy metabolism.
Apr 2017 The company entered into an agreement with FoodState Inc., in which
Pharmavite LLC, a US subsidiary, acquired FoodState. The acquisition of
FoodState brought Pharmavite’s leading supplement brand, Nature Made,
and in turn, helped Otsuka’s supplement business
M
Apr 2014
M I E P


OTSUKA HOLDINGS CO. LTD – SWOT ANALYSIS 142
STRENGTHS WEAKNESS

• Proactive investment in R&D activities. • Low expansion rate.
• Experienced management. • Increasing operational costs.
• Increasing opportunities in the developing market with the • Increased competition from other brands.
shift toward modern lifestyle. • Stricter governmental regulation in other countries.
• Rising need for supplements in the urban areas, as a result • Fluctuating interest rates.
of low nutritional eating habits.

7.11 NORDIC NATURALS – OVERVIEW 143
• Nordic Naturals produces and supplies fish oils for children, and dogs and cats. It offers omega products, vitamins, and
gummies for children.
• The company offers its products in various flavors, concentrations, and delivery forms for heart, brain, eyes, back and
Founded in 1995
joints, immune response, pregnancy and lactation, skin, hair, nails, fitness, and digestive health; and omega products for
111 Jennings Drive
babies. Watsonville, California
HQ
United States - 12 95076
• The company sells its products through distributors in the United States and internationally, as well as online. Nordic
877-776-0101
Naturals has an extensive distribution channel in 6 continents and 35 countries.
www.nordicnaturals.com
• Nordic Naturals offers more than 150 products in a variety of flavors, concentrations, and delivery forms.
NORDIC NATURALS
4 USD 32.83 million Net

Different Brands of
Sales 2018
150+
Product Portfolio Products
Specialties
Medical Foods, Probiotics,
Dietary Supplements, 150+
35 Countries Omega 3 & 6, and Peanut Employees in 2018
Allergy
6 Continents
NORDIC NATURALS – PRODUCTS 144
Product Description
Vitamin D3 Vegan Vitamin Vegan D3 is a unique liquid formula developed specifically for vegans, strict vegetarians, and those who prefer a for m of
vitamin D3 that isn't derived from lanolin or fish oil.
Vitamin D3 Gummies KIDS Nordic Naturals Vitamin D3 Gummies KIDS gummy contains 400 IU natural vitamin D3 (cholecalciferol), the form of vitamin D.
Vitamin D3 Gummies Vitamin D3 Gummies is for adults.
Vitamin D3 5000 helps to reverse any deficiency with a significant amount of vitamin D3, the form of vitamin D. This comes in
Vitamin D3 5000
natural orange flavor and mini soft gels forms
Ultimate Omega-D3 Sport contain1000 IU vitamin D3 (cholecalciferol), the form of vitamin D with high-potency EPA-rich fish oil
Ultimate Omega-D3 Sport
concentrate.
Ultimate Omega-D3 Ultimate Omega®-D3 is a combination of two essential nutrients (omega-3 EPA+DHA and vitamin D3) for optimal wellness.
Ultimate Omega® 2X with vitamin D3 packs 2000 mg EPA+DHA and 1000 IU vitamin D3 into two lemon-flavored soft gels for the
Ultimate Omega 2X w/Vitamin D3
bone, brain, and immune system support
Prenatal DHA in Fish Gelatin Prenatal DHA generously fulfills the recommended daily serving of omega-3 DHA for pregnant and lactating women, and includes
Prenatal DHA 400 IU vitamin D3 for added immune support
It offers significant amounts of the brain-nourishing DHA to support baby's neurological development, and a generous serving of
Postnatal Omega-3 EPA that support a positive mood and healthy fat metabolism, and vitamin D3 provides additional support for healthy immune
function and overall wellness

NORDIC NATURALS – STRATEGIES ADOPTED 145
Organization
Growth • To ensure consistent quality, Nordic Naturals adheres the stringent European
Pharmacopoeia Standard (EPS) and the voluntary standards set by the Council for
Responsible Nutrition (CRN) and the Global Organization for EPA and DHA Omega–3
(GOED) for all of its oils.
• Nordic Naturals’ oxygen-free manufacturing process maintains the freshness of fish oil
used in its products, with peroxide values (indicators of freshness) well below the
European Pharmacopoeia Standard limits.
• While sourcing the raw materials, the company follows certain fishing regulations,
which include quotas, minimum catch sizes, fishing ground closures, and fishing
methods.
Expansion
• The entire business is based on natural resources, like its manufacturing plant in Arctic
Norway. It is powered by unused biofuel that is a byproduct of the fish oil
manufacturing process, with surplus energy provided to the neighboring businesses.
Even the wastewater is thoroughly cleaned before being released in the ocean.
• All of the products (fish oils, probiotics, vitamins, and others) are non-GMO, dairy, and
gluten free, and they never use artificial flavors, colors, or preservatives.

NORDIC NATURALS. – RECENT DEVELOPMENTS 146
The company launched Baby’s Vitamin D3, which is offered in

the natural form of vitamin D (cholecalciferol) for optimal
absorption, and comes in a carrier oil of certified organic extra
I
virgin olive oil.
Apr 2015
The company has launched High-Potency Vitamin D3 5000. In addition to

Vitamin D3 5000, the company’s portfolio includes three products that offer
1000 I.U. per serving—Nordic Vitamin D3™ soft gels, wild-berry flavored
Vitamin D3 Gummies, and Vitamin D3 Vegan, which is sourced from lichen
M and registered by the Vegan Society.
Oct 2014
M I E P


7.13 SANOFI – OVERVIEW 147
• Sanofi is one of the leading multinational pharmaceutical companies of France. Sanofi is a global life
sciences company, committed to improving access to healthcare, and supporting its consumers
throughout the continuum of care. Founded in 2004
• From prevention to treatment, Sanofi transforms scientific innovation into healthcare solutions, in human HQ
Paris, France
vaccines, rare diseases, multiple sclerosis, oncology, immunology, infectious diseases, diabetes,
cardiovascular solutions, and consumer healthcare.
+61 2 9910 5000
www.sanofi.com
Net Sales in USD million, 2016-2017

USD 40,977.02 million USD 6,783.33

41500.0
million 40977.0
Net Sales 2017 41000.0
Operating income 2017
40500.0
40000.0
39534.6
39500.0
101,575+ 39000.0
100+ Employees in 2017
38500.0
Countries 2016 2017
Year

SANOFI – FINANCIAL ANALYSIS 148
Net Sales Share (% ), by Region, 2017

Net Sales Share (% ), by Company Segment, 2017
9.7%
14% 15.4%
27.3%
14.6% 29.1%
40.0%
16.2% 33.8%
Europe United States Emerging Markets Rest of the World

Diabetes & Cardiovascular General Medicines and Emerging Markets
Specialty Care Vaccines
Consumer Healthcare

SANOFI – PRODUCTS 149
Products
Brand
It is one of Australia’s well-established vitamin supplement brands. The products include solutions for high stretch milk thistle,
Nature’s Own
multivitamin, and deep sea kelp 1000MG, among others.
Cenovis
The products include Cenovis B Complex, Cold Sore Complex, and Celery 2500, among others.
Ostelin specializes in vitamin D and calcium supplements. The product offerings under this category include Vitamin D drop, Vitamin
Ostelin
D Liquid, Vitamin D capsules, and chewables, among others.
The supplements under this include Glucosamine 1500 complex, Mega C High Potency, and Circumin Plus Willowbark, among
MICROgenics
others.
Bio-Organics The products under this supplement brand include vision defence, glucose rapid, and metabolic multi, and glycemix.
Ducolax Dulcolax tablets is a medication in case of constipation, provides the desired relief within 6-12 hours.
The product list is not exhaustive.

SANOFI – STRATEGIES ADOPTED 150
Organization Growth
• The company enhanced its position in four strategic categories: Allergy Cough & Cold,
Pain, Digestive, and Nutritionals, through acquisition of BI’s CHC business in the major
markets.
• Further, the company has launched portfolio complexity reduction programs, and
identified important areas for internal and external growth.
• The company is observed to be focusing on continued innovation in R&D. It is

strengthening its R&D pipeline, increasing the number of high-quality projects in the
early stage pipeline, and replenishing the late development pipeline as products launch.
• Additionally, it is primarily focused on improving research productivity. The company has

aligned the R&D organization with the new global business unit structure, reorganized Acquisitions
research into thematic clusters, continued to build capability in translational science, and
hired new employees to infuse new blood and talent in the organization.

SANOFI – SWOT ANALYSIS 151

• Exposed to high environmental, legal, and demographic risks.
• Strong focus on R&D.
• Heavy reliance on patents and proprietary rights.
• Strong geographical network.
• Experienced management.
• Subject to market risk leading to a decline in stock value .

• There are opportunities in the digital environment.
• Fluctuating currency exchange rates.
• Further, strategic partnerships and other ways of diversification can prove to
• Intensified competition.
be beneficial for the company..

7.14 MERCK KGaA: OVERVIEW 152
• Merck KGaA is a global science and technology company, headquartered in Darmstadt, Germany. The company operated
in three business segments: Health Care, Life Science, and Performance materials. Apart from the three business
sectors, the company’s financial reporting presents the five regions Europe, North America, Asia-Pacific (APAC), Latin
America, and Middle East & Africa.
Founded in 1668
• The Healthcare business segment comprises of the three businesses, namely Biopharma, Consumer Health, and
Allergopharma. In the Healthcare business segment, the company discovers, develops, and manufactures prescription Frankfurter Straße 250 HQ
medicines used to treat cancer, multiple sclerosis, and infertility. Darmstadt, 64293, Germany
• In Life Science, Merck conducts research, providing scientists with laboratory materials, technologies, and services. The
+496151720
company aims to make research and bio-manufacturing easier, faster, and more successful.
www.merckgroup.com
• The Performance Materials business segment develops specialty chemicals and materials for demanding applications-
from liquid crystals and OLED materials for displays to effect pigments for coatings and cosmetics, to hightech materials
Total Revenue in USD billion,
for the manufacture of integrated circuits. 2015-2017
17,916
17,562
USD 17.916 billion USD 2.45 billion

Revenue R&D
52,000+ 15,015
Employees
66 Countries 3,039.2 2015 2016 2017

Net Income

MERCK KGaA. - FINANCIALS 153
Revenue Sales Share (% ),

Revenue Sales(% ), by Region, 2017
by Sales Segment, 2017
8%
16%
25%
46%
32%
38%
31% 4%
Health Care Life Science Performance Materials

Latin America Latin America Middle East and Africa
Europe North America
• In Asia-Pacific, the largest region in terms of sales, the company generated a strong organic growth of 7.3%, which was due to the business performance of its
Healthcare and Life Science business segments; however, this growth was partly canceled out by negative foreign exchange effects and divestment effects.
• The very positive development of net sales in Latin America resulted in sales growth of 8.4% in 2017, when compared to 2016.
• The decrease in net sales in North America by 1.3% was mainly due to the exchange rate development of the US dollar. The organic sales growth of Life
Science (4.5%) and the decline in sales of Healthcare largely offset each other.
• With organic sales growth of 4.7%, the Healthcare business segment achieved an increase in sales. Consequently, Healthcare remained the strongest
business segment in terms of sales, by 1%, from 2016 to 2017.

MERCK KGaA- PRODUCTS 154
• Femibion 1 (with and without iodine) The supplements provide, folic acids, Metafolin, DHA, vitamin B1, vitamin
Femibion®
• Femibion 2 (with and without iodine) B2, biotin, vitamin B6, vitamin B12, vitamin C, vitamin D3, and vitamin E.
• Neurobion®, Neurobion® range of supplements is a combination of B vitamins (B6,

Neurobion®
• Neurobion® Forte B12, and B1) that are essential for proper functioning of the nerves.
Sangobion is an iron supplement with vitamins and minerals that helps to

Sangobion® • Sangobion®
replenish iron stores, and increases red blood cell levels in the body.
• Cod liver oil

Highest quality of food supplements with vitamin B3 EPA & DHA. The
Seven Seas® • Perfect7
Jointcare is blended with Glucosamine to help you stay active.
• Jointcare
Vigantoletten® • VIGANTOL ® Vitamin D supplements.
There are various other products in this segment

GIVAUDAN
MERCK KGaA- STRATEGIES ADOPTED 155
• To make a difference in the lives of people, globally, through its innovative medicines, vaccines, and animal
Expansion health products, the company is committed at being the premier, research-intensive biopharmaceutical
company, and is dedicated at providing leading innovations and solutions for today and the future.
• Merck continues to prioritize resources to maximize opportunities for ongoing and upcoming product launches.
• Merck continues to evaluate its pipeline, focusing its research efforts on the opportunities it believes have the
greatest potential to address unmet medical needs.
• The company plans for strategic options in its Consumer Health business, including a potential full or partial
sale of the business, as well as strategic partnerships, globally.
• The R&D strategy used in the Beijing hub is mainly focused on bringing innovative and established global
assets to China, by leveraging the fast-evolving scientific and regulatory environment.
• The company continues to support its innovation strategy by remaining disciplined and prioritizing resources,
wherever possible, to not only fund investment in the Merck’s pipeline but also funds near-term opportunities to Acquisitions
grow revenue.
• Acquisition of Biocontrol Systems Inc. is to strengthen its ability to help customers protect the global food
supply by providing an extensive portfolio of state-of-the-art testing technology.
• The group’s strategy aims to resolutely continue the transformation of Merck KGaA into a science and
technology company, and to position the company as a leading player in the changing market environment,
focusing on three areas of key priority, namely ‟Performance”, ‟People”, and ‟Technology”.

MERCK KGaA- RECENT DEVELOPMENTS 156
Procter & Gamble (P&G) planned to acquire the consumer

healthcare business of Merck KGaA (Darmstadt, Germany) for
USD 4.2 billion in Europe, Asia, and Latin-America. P&G bought
The company acquired Grzybowski Scientific Inventions
Merck’s over-the-counter OTC (OTC) dietary supplement brands, (GSI) to complement its industry-leading e-commerce
such as Femibion women’s health supplements, Seven Seas platform and chemistry portfolio
omega-3 fish oil, and Bion 3 immune-health supplements.
M
2015
Apr 2018
M I E P


7.15 NATURE’S BOUNTY INC.: Overview 157
• Nature's Bounty Inc. is an American manufacturer of vitamins and nutritional supplements,

which are distributed under many third party brands in the United States and internationally.
In November 2016, the company renamed itself Nature's Bounty Co.
• Nature’s Bounty is the leading brand for health and wellness. The company is the owner of
brands, such as Nature’s Bounty®, Sundown Naturals®, Solgar®, Osteo Bi-Flex®, Ester-C®,
MET-Rx®, Pure Protein®, Balance®, Body Fortress®, Puritan’s Pride®, and Organic Dr.®,
among others.
• The Nature’s Bounty Co. business is segmented into four key areas: Consumer Products NATURE’S BOUNTY
Group North America, Direct-to-Consumer, Natural Products Group, and International.
• As a leading global manufacturer, marketer, distributor, and retailer of vitamins, nutritional

supplements, sports and active nutrition, and ethical beauty products, The Nature’s Bounty
Co. is committed to support wellness in all its forms.
Nature’s Bounty Inc.: Revenue in
USD million, 2014 - 2017
Founded in 1947 110855
120000
100000 90272
110 Orville Drive 74989
Bohemia, NY 11716 HQ USD

~ 4000
702.4 million
80000
60000
66001
HQ
Operating Income 40000
20000
1-800-433-2990 -Headquarters 0
2014 2015 2016 2017
www.naturesbounty.com
GIVAUDAN
NATURE’S BOUNTY INC. : PRODUCTS 158
Nature’s Bounty® Acidophilus Acidophilus supports a favorable environment for the absorption of nutrients, encourages
intestinal microflora balance, and maintains the healthy functioning of the intestinal system.
Ultra Strength Probiotic 10 contains 10 distinct probiotic cultures to help supplement the
Nature’s Bounty® Probiotic 10 body's natural diversity. These organisms play an active role in aiding the body’s natural
digestive process. Advanced Probiotic 10 contains 20 billion live probiotic cultures per serving
Digestive Health
Supplements at time of manufacture.
Nature’s Bounty® Probiotic Gummies are the great-tasting way to get friendly bacteria for the
digestive system. Made with natural fruit flavors, Probiotic Gummies feature a special
Nature’s Bounty® Probiotic Gummies
probiotic strain that's naturally found in the intestinal microflora, and surrounds itself with
protective layers to increase its viability.

Nature's Bounty® Beet Root Extract is a great alternative for those who don’t enjoy the taste of beet. The rapid-
Beet Root Extract release formula contains a standardized amount of Betanin, the active ingredient which creates the red/purple
pigments in beets.
Black Cohosh helps to support the unique physiology of a woman, especially during menopause. As one of the
Black Cohosh
leading herbs for women’s health, Black Cohosh is the holistic choice for menopausal support.
These capsules feature the combination of Cinnamon and Chromium, two nutrients known for their ability to
Cinnamon Plus Chromium
support sugar metabolism
Natural herb Triple Strength Cranberry Concentrate contains the equivalent of 25,200 mg per serving of fresh Cranberry
Cranberry
supplements fruit**. Cranberries are known for their ability to help maintain a healthy urinary tract.
Evening Primrose is a natural source of the unsaturated fatty acid, Gamma-Linolenic Acid (GLA), that promotes
Evening Primrose Oil
women’s health
Flaxseed Oil is one of the premium sources of the essential fatty acid, Alpha Linolenic Acid (Omega-3), and also
Flaxseed Oil
contains Linoleic Acid (Omega-6). Flaxseed oil helps to provide nutrients for the well-being of the body
Garcinia Cambogia & Coconut Oil formula combines 1,000 mg of standardized Garcinia Cambogia Extract and
Garcinia Cambogia &
1,000 mg of Coconut Oil. Garcinia Cambogia is standardized to 50% Hydroxycitric Acid (HCA), while Coconut Oil
Coconut Oil
provides a convenient source of medium chain triglycerides

Garlic has been traditionally used for heart and circulatory function. The enteric coated Odor-Free Garlic bypasses the
Garlic stomach to diminish the unpleasant taste of garlic for those who are garlic sensitive. Enteric coating serves as a barrier
so that garlic can be absorbed in the small intestine.
Ginger is famous for its ability to soothe a sour stomach. The preservative-free gelatin capsules can be used for
Ginger Root occasional nausea, vomiting, or dizziness associated with motion sickness, and can also support comfortable joint
movement.
Ginkgo Biloba helps to support brain function, especially occasional mild memory problems associated with aging.
Ginkgo Biloba
These easy-to-swallow capsules help maintain healthy circulation to the extremities and help support mental alertness.
Natural herb
Milk Thistle is a concentrated herb with beneficial antioxidant properties that contribute to overall health and well-being.
supplements Milk Thistle
Nature's Bounty® Milk Thistle supplements have been traditionally used for liver health.
Nature’s Bounty Peppermint Oil mini softgels are a dietary supplement that is a naturally occurring calmative oil. The
Peppermint Oil small pills are enteric coated so that the supplement can break down in the small intestine, where most digestion takes
place.
Saw Palmetto is the leading herb for men’s health, especially in later years.* It has been traditionally used to support
Saw Palmetto
prostate and urinary health.
Valerian works in harmony with human natural cycle to promote relaxation, and is designed to help with occasional
Valerian Root
sleeplessness.

Q-Sorb™ Coenzyme Q-10 supports heart health and energy production. As an antioxidant, it helps to fight cell-
Nature’s Bounty® Co Q-10
damaging free radicals in the body. In addition, statin medications can reduce Co Q-10 levels in the body.
Dual Spectrum Co Q-10 with Krill Oil is a premium formula that was created for those looking for the dual heart
Heart Health Nature’s Bounty® Dual
health benefits of both Co Q-10 and Omega-3s in a convenient, one-per-day formula. This two-in-one high quality
Supplements Spectrum Co Q-10 with Krill
supplement provides cardiovascular and heart health support.
Nature's Bounty® Fish Oil 1200 mg contains EPA and DHA, two Omega-3 fatty acids that help to support and
Nature’s Bounty® Fish Oil
maintain the health of the cardiovascular system.
There are various additional health categories, which include brain health, bone and joint health, energy support, eye health, general wellness, weight
management, women’s health, men’s health, prenatal heath, healthy aging, and immune and antioxidant support.
There are various other products in this segment

GIVAUDAN BOUNTY INC. : STRATEGIES ADOPTED
NATURE’S 162
Expansion
• The company is dedicated to quality, consistency, and scientific research that has resulted in vitamins and
nutritional supplements of unrivaled excellence.
• By combining the latest breakthroughs in nutritional science with the finest ingredients, Nature’s Bounty
provides the consumers with supplements of unsurpassed quality and value.
• As part of its commitment to quality, Nature’s Bounty® only uses ingredients from suppliers that meet the
stringent quality assurance standards, as well as GMP supplement quality standards. This has lead the
company to gain higher market shares with high quality products.
• To become the global leader in wellness products, the company is providing customers with brands that are
trusted by them. The company is like a value-creator in the dietary supplements industry.
Acquisitions
• With active product launches in the dietary supplements market, the company aims to create a brand value
with the expanded product portfolio.

NATURE’S BOUNTY INC. -RECENT DEVELOPMENTS 163
The company launched Pure Protein® Super Food protein powder, MET-Rx®, a pioneer in sports nutrition, unveiled three new
in three delicious flavors, Dark Cocoa, Vanilla Bean, and Mixed lines of innovative products: MET-Rx Super Hydrate Sports
Berry Super Fruits, under the brand Pure Protein. Drink, MET-Rx Ultra Recovery High Protein Milk Shake, and
2017 The Sports Series Powders.

I Apr 2016
Pure Protein launched New Crunch® -- innovation that delivers

nutritious bite-sized snacking for active lifestyles.
Mar 2016 NBTY, entered into a definitive agreement to sell its US retail
business, Vitamin World ®, to Centre Lane Partners.
P
Feb 2016
Investment interest in the dietary supplement industry is high,

and a majority control of the Nature’s Bounty Co. has been sold
to private equity firm KKR.
M M I E P
2017

7.16 MIKI CORPORATION 164
• MIKI Corporation engages in the research, development, manufacture, import, and sale of
foodstuffs, cosmetics, and household products.
• The company offers food supplements and food for specified health uses. It serves sales in
Japan, Taiwan, and Malaysia. MIKI Corporation was founded in 1964, and is based in Osaka,
Japan, with branches in Sapporo, Morioka Salon, Tohoku, Tokyo, Saitama, Koshin, Kanto,
Yokohama, Shizuoka, Nagoya, Nishi-Nihon, Nakatsu, and Kyushu, Japan. MIKI CORPORATION
• MIKI’s own production methods and its thorough quality control enable the company to
manufacture the finest products, maintaining the natural balance of the finest materials. The
company’s policy for quality assurance allows to import only the finest materials from all over
the world. Prunes used in the supplements are carefully nurtured under the sun on the rich soil
of California, and are imported as the materials for MIKI Prune Extract.
• The company launched MIKI Prune Extract in the year 1972.
Founded in 1966
2-800 Umeda 1-2

Kita-ku
HQ USD
~ 280million
702.4
HQ Osaka, 530-0001, Japan
Operating Income
(2015)
81 6 6345
6410 -Headquarters
http://www.mikiprune.co.jp/
GIVAUDAN
MIKI CORPORATION: PRODUCTS 165
Products Description
A liquid supplement, comes in a smart stick, so one can take it conveniently anytime, anywhere, either
Miki ASPRIPLUS amla Collagen
as-is or by dissolving it in water and other beverages.
MIKI Protein 95 Supreme is a dietary supplement containing Iso-flavon deriving from soybean. Protein
Miki Protein 95 Supreme
is extracted from high quality soybean and turned into powder for easy intake.
A healthy food supplement with oils, extracted from the flesh of avocado, called “Butter Pear”, as the
Miki Ecko37
main ingredient. Flax seeds and borage grass are also encapsulated in the vegetable capsules.
IKI Prune DO has a portable aluminum package. Prunes contain nutrients, such as vitamins and
Miki Prune Do minerals and polyphenols from chlorogenic acid down. The essence of prunes has been extracted and
formed into a small berry size of products to be taken easily.
Miki G Six Miki G Six is a food supplement powdered drink

GIVAUDAN
MIKI CORPORATION: STRATEGIES ADOPTED 166
Expansion
• The company is improving its performance by strict capital allocation and a stronger organizational agility.
• The company focuses on offering a wide product portfolio, by a broader strategy to grow its overall
supplements portfolio, by providing a strong presence in the value, mainstream, and premium segments.
• The company’s key area of focus is to expand its portfolio by adding new, improvised, and innovative
products, which help in improving the profitability of the company.
• Expansions in various regions of Japan provide greater growth opportunity.
• To focus on its consumer brand engagement and continued refinement of the mix of marketing
investments. Acquisitions
• The company's business model and growth strategy includes innovation, focus on core brands, and
attention toward the confection sector.

MIKI CORPORATION - RECENT DEVELOPMENTS 167
• The company launched MIKI Prune Extract Stick

2014 I
• The company launched Miki Flowlife Trinity

Apr 2016
• The company opened Kanto Branch and Koshin Branch

2014
• The company opened Chu-Shikoku Branch
E
2015
M I E P


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Global Dietary Supplements Market - Growth, Trends, and Forecast (2019 - 2024)

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1

Segmented by Product Type, End User, and Geography Analysis of

Report Global Dietary Supplements Market

2.2 Market Trends 3.3.2 Herbal Supplements and Botanicals

2.3 Industry Attractiveness – Porter’s Five Forces Analysis 4. MARKET SEGMENTATION

2.3.1 Bargaining Power of Suppliers 4.1 By Type

2.3.2 Bargaining Power of Buyers 4.1.1 Introduction

2.3.3 Threat of New Entrants 4.1.2 Vitamin

Report Global Dietary Supplements Market

4.2 By End User

4.2.1 Introduction 5.3 Asia-Pacific

4.2.2 Adult 5.3.1 China

4.2.3 Infant 5.3.2 Japan

4.2.4 Children 5.3.3 Rest of Asia-Pacific

4.2.5 Pregnant Women 5.4 South America

4.2.6 Elderly 5.4.1 Brazil

5. BY GEOGRAPHY 5.4.2 Argentina

5.1 North America 5.4.3 Rest of South America

5.1.1 United States 5.5 Middle East & Africa

5.1.2 Canada 5.5.1 Introduction

5.1.3 Mexico 5.5.2 South Africa

5.1.4 Rest of North America 5.5.3 Saudi Arabia

5.2 Europe 5.5.4 Rest of Middle East and Africa

5.2.1 United Kingdom 6. COMPETITIVE LANDSCAPE

5.2.2 Germany 6.1 Most Active Companies

5.2.3 Spain 6.2 Market Share Analysis

5.2.4 Russia 6.3 Strategies Adopted by Leading Players

5.2.5 Rest of Europe

7.3 Suntory Holdings Ltd

7.4 Glanbia PLC

7.5 Glaxosmithkline PLC

7.7 Herbalife Limited

7.8 Reckitt Benckiser Group PLC

7.10 Blackmores Limited

7.11 Otsuka Holdings Co. Ltd

7.12 Gnc Holdings Inc.

7.14 Merck Kgaa

7.15 Nature’s Bounty

7.16 Miki Corporation

Report Global Dietary Supplements Market

1.1 Research Phases

1. INTRODUCTION 1.2 Study Deliverables

1.3 Scope of the Market

Report Global Dietary Supplements Market

SECONDARY DISCUSSION PRIMARY ECONOMETRIC EXPERT DATA REPORT

Primary Interviews Primary Interviews - Along Value Chain

Financial Advisors End Users

Report Global Dietary Supplements Market

The global dietary supplements market is classified by product type, application,

Each segment is further studied in terms of its attractiveness to investors in the

This research is supported by in-depth interviews with top-level management of

Report Global Dietary Supplements Market

Market Definitions Segmentation

ANALYSIS Data Corroboration

Report Global Dietary Supplements Market

AIM AND OBJECTIVE OF THE STUDY

FORECAST PERIOD BASE YEAR COMPANIES PROFILED

2018 - 2023 2018 15+

GEOGRAPHICAL SCOPE SEGMENTS COVERED

PORTER’S FIVE FORCES ANALYSIS

SEGMENT AND SUB-SEGMENT

Report Global Dietary Supplements Market