The european supplements, size is projected to reach USD 33.80 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period. Rapid spread of the coronavirus across Europe has brought to the fore the importance of dietary supplements in the recent months, states Fortune Business Insights™ in its report, titled “Europe Dietary Supplements Market Size, Share & COVID-19 Impact Analysis, By Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form (Tablets, Capsules, Powder, and Liquid), and Regional Forecasts, 2020 – 2027”. Dietary supplements consisting of specific vitamins, proteins, and other micronutrients have been proven to be effective in strengthening the immune system’s response to the COVID infection. A study conducted by researchers from the University Medical Center in Netherlands, the University of Otago in New Zealand, the University of Southampton in the UK, and the Oregon State University in the US found that vitamins C & D, and DHA, an Omega-3 fatty acid found in fish, can significantly boost immune function. A strong immune system is critical in fighting the COVID-19 infection and as the pandemic continues its rampage across Europe, the demand for dietary supplements is set to spike in the region.
Changing Demographics in Europe to Feed Market Growth
Europe, according to the UN’s Population Division, was the first region to enter the period of demographic transition, characterized by lower fertility and improved longevity. The UN states that in 2017, nearly 20% of Europe’s population was aged 60 and above and by 2050, this is expected to reach 35%. This presents attractive opportunities for players in the dietary supplements market of Europe as older people need to consume supplementary food items to maintain their health and energy. For example, the National Institute of Aging in the US recommends sufficient intake of calcium for people over the age of 50 for maintaining bone density as bone loss can lead to fractures in older persons. Similarly, physicians commonly recommend old people to increase intake of vitamin B6, which is present in bananas, potatoes, fortified cereals, and chicken breast, as it is necessary to form red blood cells. Thus, the Europe dietary supplements market growth is anticipated to gain impetus as the continent’s geriatric population rises.
Improving Adoption Rate of Food Supplements to Surge the Regional Market
Rising awareness about the multiple benefits of dietary supplements is improving the adoption rate of these products across Europe. To a large extent, this is attributable to the changing perception of food supplement products among consumers in countries such as Belgium, Austria, Denmark, and Greece. The demand for specialized supplements is also growing in the continent, and companies in the region are extensively utilizing e-commerce platforms to broaden their reach regionally as well as internationally.
Among countries, Italy is expected to dominate the Europe dietary supplements market share during the forecast period on account of supportive policy framework for herbal food supplements in the country. In 2019, the region’s market size was at USD 2.99 billion. On the other hand, the UK is anticipated to display a remarkable CAGR of 9.69% in the forthcoming years.
Research-based Collaborations to Emerge as Hallmark Feature of Competition
Leading players in the Europe dietary supplements market are actively collaborating with diverse organizations, institutions, and companies to enhance their research capacities. This is allowing them to widen their offerings and develop products for specific consumers. Additionally, companies are leveraging digital platforms to boost sales and strengthen distribution networks.
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