Dietary supplements will see increased growth in 2020 as it benefits not only from the country’s growing health and wellness trend, but also fears regarding COVID-19. More consumers are using dietary supplements not only to support their nutrition with microelements, but also to prevent illness and boost immunity.
There was a very high number of new product launches from both international and domestic players late in the review period. Launches from internationals have always been common, however significant numbers of domestic launches have only been seen in the past three to four years.
Despite a dramatic increase in the number of domestic players in recent years, international companies still hold the dominant value share of dietary supplements, with Orkla Health maintaining its top position in 2020. The company has a well-known brand portfolio including Gerimax, Möller's, Livol and Futura.
Whilst dietary supplements will see strong growth in 2020, it is not expected to be sustained over the forecast period, particularly as fears over COVID-19 reduce. In fact, sales of dietary supplements will remain rather flat as consumers continue to dispute the impact of dietary supplements on their health and wellbeing.
Over the forecast period, competition between players will become even more fierce, as the category’s entry point remains rather low in terms of costs and dietary supplements will contain to benefit from limited regulations, in contrast with OTC medicines. Existing players are expected to focus on strengthening distribution and brand awareness, as these are predicted to be core factors defining success in a category that is likely to become even more fragmented.
Innovation is another factor that is projected to be important for new product launches as consumers who are still interested in dietary supplements products will have greater disposable incomes and seek more effective products, even if they are pricier. On the other hand, as the category is so fragmented, price-competition is expected to intensify further, not due to companies attempting to promote their products, but also due to increasing rivalry between different distribution channels.
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