Are tailored supplements best suited to meet SA's market needs?

Insight Survey’s latest SA Supplements Market Report 2021, carefully unfolds the global and local supplements landscape based on the latest information and research. It describes the relevant global and local market trends, innovation and technology, drivers and restraints, to present an objective insight into the South African supplements industry environment and its future.

In 2020, the global dietary supplements market is estimated to have reached a total value of approximately $69.6bn, as illustrated in the graph below. Furthermore, this figure is expected to continue to grow at a compound annual growth rate (CAGR) of 6.9%, to reach a value of $97.2bn by 2026.

Source: Euromonitor; MordorIntelligence Graphics by Insight Survey

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The South African dietary supplements market has grown significantly, achieving 5.3% year-on-year growth, in constant value terms, from 2019 to 2020. This growth is expected to continue, despite the challenges introduced by Covid-19, as the market is predicted to grow at a compound annual growth rate (CAGR) of 4.2% until 2025. This growth has been spurred by several factors, including the increase in supplement products designed to meet the needs of specific consumers.

Globally, and in South Africa, several trends have been emerging, including the rise of product categories such as nutricosmetics, which includes supplements that combine nutrition, anti-ageing and beauty benefits. More specifically, some of the popular supplements within the nutricosmetics category include collagen, hyaluronic acid and astaxanthin, all of which offer a combination of health and beauty benefits.

Supplements focused on enhancing and boosting brain functioning are also becoming increasingly popular, as consumers become aware of the link between nutrition and brain health. Additionally, growing ageing populations mean that these types of Supplements are likely to be a growing trend, as these consumers seek to improve brain functioning.

Nootropics (smart nutraceuticals) have been identified as a prominent trend within the supplements market. These supplements are aimed at boosting mental energy, enhancing brain blood flow and brain cell performance and protecting the brain from stress. It has been suggested that prominent nootropic supplement product, Huperzine A, boosts levels of the neurotransmitter, acetylcholine, thereby fighting dementia and memory loss.

Several South African manufacturers have also released supplement products, designed to meet the needs of other targeted consumer groups, such as Simple Spectrum Solutions SA’s recently launched supplement product. This product is specifically designed to address the nutritional requirements of children, aiding in the prevention and treatment of attention deficit hyperactivity disorder (ADHD) and autism spectrum disorder (ASD).

Going a step further, some players now offer supplements that go beyond meeting the needs of consumer groups, offering fully customisable supplements to meet the unique supplement needs of individual consumers. For example, Tailorblend and Tailored4Me both allow consumers to create supplement products that can be customised to meet their exact supplement requirements. This approach to supplementation is taken even further by Tailored4Me, which makes use of blood tests, as well as demographic information, to create custom supplements for individual consumers.

Tailored and customisable supplement products, which meet consumers’ unique needs, are likely to continue to drive the growth of the local supplement market, with more local players capitalising on this rapidly growing trend by introducing new, innovative and uniquely tailored products that meet the needs of South African consumers.

The South African Supplements Market Report 2021 (60 pages) provides a dynamic synthesis of industry research, examining the local and global supplements industry from a uniquely holistic perspective - from key global and South African market trends to the latest market innovation and technology, drivers and challenges.

Some key questions the report will help you to answer:

• What are the current market dynamics of the global and South African supplements industry?
  
• What are the latest global and South African supplements industry trends, innovation and technology, drivers and challenges?
  
• What are the market value and volume trends in the SA supplements market (2015-2020) and forecasts (2021-2025), including the impact of Covid-19?

Please note that the 60-page report is available for purchase for R15,000 (excluding VAT). Alternatively, individual sections can be purchased for R9,000 (excluding VAT). For additional information simply contact us at az.oc.yevrusthgisni@ofni or directly on (021) 045-0202 or (010) 140- 5756.

For a full brochure please go to: South African Supplements Market Report 2021