Globally, with the growing movement towards health and wellness, there has been a strong shift towards veganism and plant-based lifestyles. The increasing popularity of veganism and plant-based lifestyles has mainly been driven by the growing importance of a healthy diet, climate change, and animal welfare. However, followers of these lifestyles often require additional supplements and minerals, which is impacting on the growth of Dietary Supplements market.
Insight Survey’s latest SA Supplements Industry Landscape Report 2020 carefully unfolds the Supplements landscape in South Africa based on the latest information and research. It describes the relevant global and local market trends, drivers and restraints and presents an objective insight into the South African Supplements industry environment, market dynamics, and its future.
In 2019, the global Dietary Supplements market was valued at approximately US$65.1 billion, in terms of retail sales at constant 2019 prices, as illustrated in the graph below. Interestingly, this was more than double the global market size of Vitamins, which achieved retail sales of approximately US$29.2 billion. Regionally, Asia Pacific represented the largest market, valued at approximately US$31.8 billion in 2019. This was followed by North America and Western Europe.
Source: Euromonitor. Graphics by Insight Survey
In South Africa, the Dietary Supplements market has grown strongly, experiencing a compound annual growth rate (CAGR) of 5.2% between 2014 and 2019, and is expected to continue to show solid growth over the next few years. One of the key drivers for market growth has been the increase in health consciousness among consumers.
More specifically, there is growing interest and adoption of plant-based diets, with an estimated 15% of global consumers currently pursuing plant-based and vegetarian diets. This has resulted in the global plant-based retail market increasing by 11% between 2018 and 2019.
South Africans have also started to embrace plant-based- and vegan lifestyles, as currently, South Africa is amongst the top 25 nations where veganism is deemed to be most important. In addition, according to Google Trends data, the level of interest in vegan lifestyles is at an all-time high in South Africa.
However, followers of these lifestyles often require additional supplementation, as vegan and plant-based diets often do not contain all the required supplements, vitamins and minerals. According to Healthline, the most common supplementation required when following a vegan lifestyle is long-chain Omega-3 Fatty Acids, Iodine, Iron, Calcium, and Zinc, amongst others. This has resulted in many vegan consumers needing to consume dietary supplements, which is boosting retails sales of Dietary Supplements.
In response to the growth of veganism, some South African manufacturers have also started to expand into the plant-based arena. An example of this, is Biogen’s release of its ‘Well’ range of plant-based Dietary Supplement formulations, within their Sports and Wellness space. In addition, The Wellness Warehouse has also tapped into the growing plant-based market, with its Cavendish Square pop-up shop in Cape Town offering a variety of plant-based supplements and food products.
With the popularity of plant-based and vegan lifestyles on the rise, demand is predicted to continue to grow and offer opportunities in the Dietary Supplements market.
The South African Supplements Industry Landscape Report 2020 (127 pages) provides a dynamic synthesis of industry research, examining the local and global Supplements industry from a uniquely holistic perspective, with detailed insights into the entire value chain – from manufacturing to competitor analysis, retailing, to pricing and purchasing trends.
Some key questions the report will help you to answer:
- What are the current market dynamics of the Global Supplements industry?
- What are the key global and South African Supplements industry trends, drivers, and challenges?
- What are the vmarket sixe alue and volume trends in the SA Supplements market (2014-2019) and forecasts (2020-2024)?
- Who are the key manufacturers, distributors and retail players in the SA Supplements industry?
- What are the prices of popular Supplement brands and products at retail outlets and pharmacies?
Please note that the 127-page report is available for purchase for R27,500 (excluding VAT). Alternatively, individual sections can be purchased. For additional information simply contact us at firstname.lastname@example.org or directly on (021) 045-0202 or (010) 140- 5756.
For a full brochure please go to: South African Supplements Industry Landscape Report 2020
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