The dietary supplements market is set to grow by 4% annually running up to 2018, with Singapore, Hong Kong and Norway being the top spenders by household consumption, according to Euromonitor International.
The market research firm puts current global sales for dietary supplements like herbal and traditional supplements, fish oils/omega fatty acids, glucosamine, mineral supplements and probiotics at $50bn (€36.05bn), and says overall this is only set to increase.
According to Euromonitor, combination products, minerals, probiotics and protein are driving this growth.
The US is the top market in value, followed by China, Japan, South Korea, Italy, Russia, Australia, Germany, Taiwan and finally Canada.
Euromonitor International analyst, Chris Schmidt , told NutraIngredients that the UK did not make the final cut for this top ten in part due to the classification used by the research firm when looking at 'dietary supplements'. For this it does not simply include everything labelled supplement and instead excludes products within the area of sports nutrition and weight management.
"The UK is a top 15 market in total vitamins and dietary supplements, just outside the top ten in dietary supplements, top ten in paediatric dietary supplements, and the third-largest sports nutrition market. So dietary supplements in the broadest term - everything labelled as a 'supplement' - are strong in the UK, we were just looking at a smaller slice of the pie," he said.
Meanwhile the top spender by household consumption is Singapore, followed by Hong Kong (China), Norway, Australia and South Korea.
Health and beauty firm, Amway, holds the largest market share globally by far, with NBTY levelling in at a distant second followed by pharmaceutical firm Pifzer, Herbalife And Nu Skin. All five of these market-leading firms are headquartered in the US.