Psyllium-based Supplement Market Growing at 7.3% CAGR to Reach US$ 2.99 Billion by 2033: Fact.MR Report
Rising Gut Health Awareness and Preference for Plant-based and Cruelty-free Health Products Driving Demand for Psyllium-based Supplements
Rockville , Oct. 26, 2023 (GLOBE NEWSWIRE) — The global Psyllium-based Supplement Market stands at US$ 1.48 billion in 2023 and is projected to expand at a CAGR of 7.3% from 2023 to 2033, according to the latest market study by Fact.MR.
Surge in the demand for psyllium-based supplements, widely utilized in Asia, has made a significant impact in North America and Europe as well. Its potential as a cost-effective alternative to Ozempic, an appetite-suppressant drug, is a major factor driving its popularity worldwide.
For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=9013
Key Segments of Psyllium-based Supplement Industry Research Report
| By Form | By Customer Orientation | By Distribution Channel |
|
|
|
The long-term outlook for the market is optimistic. Factors driving market growth include increased demand for gut health supplements, the potential of psyllium as a wholesome food replacement, and the growing popularity of plant-based alternatives in the food and supplement industry across the world.
Key Takeaways from Market Study
- The global psyllium-based supplement market expanded at a CAGR of 5.1% from 2018 to 2022 and reached a valuation of US$ 1.4 billion in 2022.
- The market is projected to expand at 7.3% CAGR and climb to US$ 2.99 billion by 2033.
- Sales of powdered psyllium supplements are predicted to increase at a CAGR of 7% from 2023 to 2033.
- The United States market is estimated to reach US$ 419 million by the end of 2033.
“Psyllium-based supplement sales to remain substantial in North America and Europe,” says a Fact.MR analyst.
Market Growth Strategies
Strategies adopted by companies to enhance their position and stay competitive include developing organic/natural product offerings and using sustainably sourced raw materials for supplement production, introducing diversified forms of products offering different flavors and forms, consumer-focused packaging, forming lasting partnerships and collaborations, online retailing and door-to-door delivery options, and ensuring regulatory compliance.
- For example, consider the recent two-week challenge hosted by the prominent psyllium-based supplement brand “Metamucil.” In 2023, this P&G brand initiated a challenge to raise awareness about gut health and the importance of fiber in the diet. The outcome was a notable increase in consumer engagement on the company’s website and a subsequent flash sale of its product.
The online retail segment currently holds a 25.1% share of the psyllium-based supplement market in 2023, and it is projected to expand its market share to 36.2% by 2033.
The availability of psyllium-based supplements through online retail channels offers consumers increased accessibility, driving up demand. Online retailing provides the convenience of purchasing from the comfort of one’s home, with the added benefit of doorstep delivery.
Moreover, online retailing boasts a broader geographic reach compared to traditional brick-and-mortar stores, enabling manufacturers to tap into a larger customer base. This expanded market access also translates to reduced operational costs for distributors and manufacturers, ultimately allowing producers to offer their products at competitive prices. Furthermore, the online platform simplifies the promotion of these products to a wider audience.
| Report Attribute | Details | |
| Value Projection (2033) | USD 2.99 Billion | |
| Growth Rate (2023-2033) | 7.3% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 176 Tables | |
| No. of Figures | 160 Figures | |
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=9013
Competitive Landscape:
Prominent producers of psyllium-based supplements include Procter & Gamble, Nature’s Sunshine, Dabur India Limited, Now Health Group, Organic India, Swanson Health Products, AdvaCare Pharma USA, Yerba Prima, Konsyl, Health Plus, Terrasoul Superfoods, Himalaya Wellness, and Tata Chemicals Ltd.
Numerous companies are actively investing in marketing and branding campaigns to raise awareness regarding the diverse applications of psyllium.
- In February 2023, a significant milestone was achieved as scientists successfully developed a reference genome for psyllium husk. This breakthrough has the potential to enhance both the quality and quantity of psyllium-based products, consequently leading to increased raw material supplies for supplement manufacturers and addressing the demand-supply gap.
Key Companies Profiled
- Procter & Gamble
- Nature’s Sunshine
- Dabur India Limited
- Now Health Group
- Organic India
- Swanson Health Products
- AdvaCare Pharma USA
- Yerba Prima
- Konsyl
- Health Plus
- Terrasoul Superfoods
- Himalaya Wellness
- Tata Chemicals Ltd.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the psyllium-based supplement market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on form (capsules, powder), customer orientation (adult, pediatric, geriatric), and distribution channel (store-based, online retailing), across key regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, Central Asia, South Asia & Pacific, Russia & Belarus, Balkan & Baltic Region, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Softgels Dietary Supplements Market: The global softgels dietary supplements market is estimated to be US$ 8.03 Billion by 2022, sales of softgels dietary supplements are anticipated to witness significant expansion, registering a CAGR of 7% over the forecast period of 2022 to 2032.
Liquid Dietary Supplements Market: The liquid dietary supplements market is projected to have secured US$ 39 Billion in 2021. The market is likely to reach US$ 42.21 Billion in 2022. From 2022-2032, the industry is expected to display a CAGR of 8.22% while amassing revenue worth US$ 93 Billion.
Powder Dietary Supplements Market: Detailed industry analysis has revealed that the global powder dietary supplements market is currently valued at US$ 35.9 billion and is predicted to exhibit expansion at a CAGR of 7.7% over the next ten years.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team : [email protected]
Follow Us: LinkedIn | Twitter | Blog
