by Fiber supplements such as psyllium, methylcellulose, calcium polycarbophil, etc. are seeing increasing demand due to their role in maintaining gut health, digestive regularity, and weight management. These supplements provide soluble and insoluble fiber to support regular bowel movements.
The global fiber supplements market is estimated to be valued at US$ 3.72 billion in 2023 and is expected to exhibit a CAGR of 74% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global fiber supplements market involves manufacturing and marketing of soluble and insoluble fiber supplements consumed orally to support dietary fiber needs. These supplements find widespread applications in supporting digestive health, weight management programs, and metabolic syndrome. The market caters to nutritional and medical needs of consumers through various formulations including capsules, chewable tablets, powder, and ready-to-drink liquid supplements.
The global fiber supplements Market is estimated to be valued at US$ 3.72 Bn in 2023 and is expected to exhibit a CAGR of 74% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the fiber supplements market is rising health consciousness among consumers. Owing to busy lifestyles, there has been an increase in consumption of highly processed foods which are low in fiber content. This has led to a rise in digestive disorders. As consumers are increasingly becoming aware about importance of fiber in diet and its role in supporting digestive and heart health, there is high demand for fiber supplements. Moreover, with growing obesity rates, fiber supplements are gaining significance as part of weight management regimes. Thus, the growth in health awareness regarding benefits of fiber intake is expected to propel the market growth over the forecast period. Additionally, factors such as product innovation, development of novel formulations and flavors are further assisting the market expansion.
SWOT Analysis
Strength: Fiber supplements provide various health benefits such as weight management, improved digestive health, and lowered cholesterol levels. They are easy to consume and require minimal time and effort compared to consuming fiber-rich foods. The global demand for fiber supplements is growing rapidly due to increasing awareness about their benefits.
Weakness: Some fiber supplements may cause digestive issues like gas, bloating, and stomach pain, especially when consumed in large amounts initially by the body. Synthetic fibers lack the additional micronutrients present in whole foods and natural fibers. The intense competition among manufacturers puts pressure on prices.
Opportunity: Rising health consciousness and changing lifestyles with less fiber intake from regular diets present an opportunity to introduce innovative product formulations. Fiber supplements can be combined with other nutrients to address multiple health issues. Emerging markets like Asia Pacific and Latin America offer high growth potential.
Threats: Negative publicity about any side effects or quality issues related to certain brands can impact the overall market. Natural alternatives like fibers from fruits and vegetables threaten the fiber supplements market. Economic slowdowns may decrease discretionary spending on health and wellness products. Stringent regulations on new product launches and claims can delay expanding into new categories.
Key Takeaways
The Global Fiber Supplements Market Demand is expected to witness high growth over the forecast period. North America currently dominates the market due to high health awareness and growing obesity concerns. However, Asia Pacific is expected to grow at the fastest pace with rising incomes, health concerns, and western influence in countries like China, India, and Japan. The increasing popularity of vegan, ketogenic, and paleo diets further motivates consumers to consider fiber supplements alternatives.
Regional analysis
The North American fiber supplements market accounted for the largest revenue share owing to a large health-conscious population actively looking to supplement their fiber intake. However, the Asia Pacific region is likely to grow at the highest CAGR from 2023 to 2030. Countries like China and India have a large population that is adopting a more health-driven lifestyle. Rapid urbanization coupled with the rising affordability of fiber supplements will drive significant growth in this region.
Key players
Key players operating in the fiber supplements market are Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd. Global players are focusing on new innovations while regional players are targeting emerging markets through affordable offerings. Partnerships for new formulations and strategic acquisitions are other common strategies being adopted.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
