Fiber supplements are nutritional products consumed to increase fiber intake. They help promote regular bowel movements and support digestive health. Fiber supplements come in various forms including capsules, chewable tablets and powder to be mixed with water or other beverages. The increasing awareness about importance of fiber for regular digestion and preventing constipation has driven demand for these supplements.
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.
As consumers pay more attention to their health and nutrition, awareness about role of fiber in promoting regular bowel movements and digestive health has grown significantly. This has propelled demand for fiber supplements as a convenient way to meet daily fiber needs. With continued educational marketing campaigns by supplement brands, the demand is expected to rise further as preventive healthcare gains prominence. Targeted advertising towards millennials will further aid in tapping into this growth opportunity.
Threat of new entrants: The threat of new entrants is low as significant capital investments and patents might deter new players. Regulatory approvals also create entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of several substitutes. Buyers can easily switch between brands.
Bargaining power of suppliers: Suppliers of key ingredients have moderate bargaining power due to consolidated suppliers for specialized raw materials.
Threat of new substitutes: Threat from substitutes is high due to availability of alternative eye care treatments and preventive measures.
Competitive rivalry: The competitive rivalry is high due to many established players operating in the market and focus on new product launches and strategic collaborations.
Strengths: Growing prevalence of eye disorders and aging population increase market potential. Advances in treatment options add to strengths.
Weaknesses: High costs associated with R&D and clinical trials. Lengthy approval process. Side effects and risks of new treatments.
Opportunities: Rising awareness regarding eye care. Untapped potentials in developing regions present opportunities for market expansion.
Threats: Patents expiries of major drugs. Price controls and regulatory challenges pose threats.
The Global Fiber Supplements Market Demand is expected to witness high growth due to rising health consciousness. North America dominates currently due to high consumer awareness regarding dietary fiber and digestive health. However, Asia Pacific is expected to showcase the highest growth over the forecast period owing to increasing disposable incomes, fast-paced urbanization and rising lifestyle diseases in countries like China and India.
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. These players are focused on expanding their product portfolios and geographic presence through mergers & acquisitions and collaboration strategies.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it