by 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 6.3% over the forecast period 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
Fiber supplements are dietary supplements that help in promoting digestive health by adding bulk to the diet and aiding in regular bowel movements. These supplements are highly advantageous for individuals suffering from constipation, irritable bowel syndrome, and other digestive disorders. The need for fiber supplements has increased significantly due to the sedentary lifestyle and unhealthy eating habits of individuals, leading to a rise in digestive health issues. Fiber supplements provide a convenient way for consumers to increase their daily fiber intake and improve their overall digestive health.
Market Key Trends:
The key trend in the Fiber Supplements Market is the growing demand for natural and organic fiber supplements. Consumers are increasingly becoming conscious about their health and are opting for natural and organic products over synthetic or processed ones. Natural fiber supplements offer several benefits such as better bioavailability, fewer side effects, and compatibility with various dietary restrictions. Manufacturers in the market are focusing on developing innovative natural fiber supplements to cater to the increasing demand and capitalize on the market growth. Furthermore, the rising trend of clean label products and the preference for plant-based ingredients are also influencing the market positively.
Porter’s Analysis:
Threat of New Entrants: The fiber supplements market has a low threat of new entrants due to the high barriers to entry. Established brands have already gained significant market share and have strong brand recognition. Additionally, the market requires substantial investments in research and development, distribution networks, and marketing to compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers in the fiber supplements market is moderate. Buyers have access to a wide range of products and can easily switch between brands. However, the market is still driven by consumer demand for high-quality and effective products, giving some power to the suppliers.
Bargaining Power of Suppliers: Suppliers in the fiber supplements market have a moderate bargaining power. While there are multiple suppliers of raw materials, such as plant fibers and encapsulation materials, they need to ensure a consistent supply of high-quality ingredients to meet the demands of manufacturers. This can give suppliers some power in negotiations.
Threat of New Substitutes: The threat of new substitutes in the fiber supplements market is low. Fiber supplements are widely recognized for their health benefits and are often recommended by healthcare professionals. While there may be alternative ways to increase fiber intake through natural foods, supplements offer a convenient and easily measurable option for consumers.
Competitive Rivalry: The competitive rivalry in the fiber supplements market is high. There are numerous key players operating in the market, offering a wide range of products and competing for market share. The market is primarily driven by product innovation, brand recognition, and marketing strategies.
Key Takeaways:
The global Fiber Supplements Market Share is expected to witness high growth, exhibiting a CAGR of 6.3% over the forecast period. This growth can be attributed to increasing consumer awareness about the importance of fiber in maintaining a healthy diet and lifestyle. Additionally, the rising prevalence of digestive disorders and the increasing demand for dietary supplements further drive market growth.
Regionally, North America is the fastest-growing and dominating region in the fiber supplements market. The region has a well-established healthcare infrastructure and a high prevalence of lifestyle-related disorders. Moreover, the presence of key market players and their extensive distribution networks contribute to the region’s dominance.
Key players operating in the fiber supplements market include Garden of Life, Optimum Nutrition, Metamucil, Citrucel, Nature’s Way, Walgreens, CVS Pharmacy, Renew Life, Rainbow Light, Culturelle, Align Probiotics, Phillips, Schiff, Nature Made, Puritan’s Pride, Now Foods, Solaray, Heather’s Tummy Care, Viva Naturals, and Prescript-Assist. These key players have a strong market presence and are actively involved in product development, marketing, and distribution strategies to maintain their competitive edge.
The fiber supplements market is expected to experience significant growth in the coming years due to increasing consumer awareness and demand for dietary supplements. North America remains the dominant region in the market, with key players driving innovation and competition. It is crucial for companies to focus on product quality, marketing strategies, and distribution networks to stay competitive in this rapidly growing market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
