info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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According to related reports, the global market for dietary supplements, vitamins and minerals is growing at an alarming rate. Global nutritional supplements alone reached $12.8 billion in 2018 and grew at a compound annual growth rate of 8.8%. The market is expected to reach $220.3 billion by 2022.
In South Africa, almost half of the population, or 46 percent, take some form of daily nutritional supplement. The supplement business is booming in South Africa where the industry generated R48m in a year just for immunity-boosting supplements. The overall supplement market in South Africa has increased from R2.9 billion in 2014 to R3.8 billion in 2016, which is a growth rate of 13.5 percent annually.
Dietary supplements include vitamins, amino acids, herbs, minerals and enzymes, and consumers can buy them in powders, soft gels, liquids, tablets and capsules. Some of the most common supplements include: Echinacea,Fish oil,Ginkgo, Green tea, St. John's Wort, Calcium, Vitamin D, Glucosamine, Ginseng, Appetite suppressants, Amino acids for bodybuilding.
Many experts attribute the boom in supplement sales to increased consumer awareness of health, an older population and greater access to health information through digital technology. As people age, they become more interested in their health.Self-directed consumers can use the Internet to research products, supplement ingredients and brands, so they’re more likely to buy products online. Greater consumer awareness of preventative health care also contributes to the industry’s growth.
In South Africa, online sales are booming, but there are indications that the growth rate will slow over the next few years. Manufacturers are now required to get their supplement products registered and evaluated by the Medicines Control Council, or MCC.
