What is the Global market size of the Dietary Supplements Market?

Global Dietary Supplements Market size was valued at USD 148.8 billion in 2021 and is poised to grow from USD 159.7 billion in 2022 to USD 283 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).

Who are the key vendors in the Global Dietary Supplements Market?

Global dietary supplements market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Amway Corporation', 'Abbott Laboratories', 'Archer Daniels Midland Company', 'Bayer AG', 'Glanbia plc', 'Herbalife Nutrition Ltd.', 'GlaxoSmithKline plc', 'Nestlé S.A.', 'Pfizer Inc.', 'DSM Nutritional Products AG', 'Nature's Bounty Co.', 'Otsuka Holdings Co., Ltd.', 'Pharmavite LLC', 'GNC Holdings Inc.', 'Suntory Holdings Limited', 'The Himalaya Drug Company', 'The Nature's Way Co.', 'NOW Foods', 'USANA Health Sciences, Inc.', 'XanGo, LLC'

What is the key driver of the Global Dietary Supplements Market?

'Self-care' is becoming a crucial component of the lifestyle of the modern consumer. Consumer food habits have changed significantly as a result of the increased focus on overall health and immunity. The usage of vitamins, minerals, foods that enhance immunity, organic goods, supplements, and other dietary aids has considerably expanded. It is well recognized that having a good immune system can help lower the likelihood or severity of illnesses and infections, despite the fact that the continuing pandemic has intensified the attention on immunity. It is a crucial element that can strengthen the body's natural defenses when combined with appropriate nutrition. The demand for immunity-boosting goods has greatly expanded as people's awareness of holistic wellbeing has grown.

What is the key market trend for the Global Dietary Supplements Market?

The market for plant protein components is expanding quickly as customers switch from animal to plant-based proteins. This is quite likely to cause customers to turn to botanicals and herbal supplements made from plants, thus opening up the potential for the market for these products to expand. One of the main causes of the shift in consumer preference toward botanical extracts is the need for clean-label products, worries about sustainability, and an urgent need to avoid allergens. Additionally demonstrating changing customer attitudes, the target market for these herbal supplements is shifting from vegans to flexitarians. In terms of health advantages, plant-based vitamins and minerals may be superior to synthetic nutrients.

Which region accounted for the largest share in the Global Dietary Supplements Market?

North America held the largest share of the dietary supplements market due to the high frequency of both chronic and non-chronic diseases, rising consumer awareness of the use of dietary supplements, and growth in the research and development efforts made by large companies. Followed by the Asia Pacific because of escalating healthcare costs, the region is expected to develop at the fastest CAGR of more than 9.9 % throughout the projection period. As a result, people are turning to dietary supplements to live a healthier lifestyle. As a result, large countries such as China and India are seeing an increase in demand for supplements. As people pursue better lifestyles, the European region is also experiencing moderate growth in the dietary supplement market.

Dietary Supplements Market Size, Share, Growth Analysis, By Type(Probiotics, Vitamins, Botanicals, Others), By Method of Application(Tablets, Capsules, Liquids, Powders), By End User(Adults, Geriatrics, Infants, Children), By Ingredients(Vitamins, Botanicals, Minerals, Proteins & Amino Acids), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35I2233 | Region: Global | Published Date: September, 2024
Pages: 157 | Tables: 127 | Figures: 77

Dietary Supplements Market News

In September 2024, Bayer launched a novel healthy ageing system for consumers. The company is focusing on offering consumers with products that help them age healthily with its ultra-modern Age Factor™ ecosystem. It blends a scientifically expressed dietary supplement, a saliva-enabled biological test from Chronomics, and a prominent wellness partner application.
In April 2024, Nestlé’s Indian arm signed a contract with Dr Reddy’s Laboratories to produce and commercialize medical nutrition supplements and products. This joint venture is a crucial step, enabling Nestlé to use their science-based nutritional formulations to more users in the nations by using Dr Reddy’s strong distribution and retail network.
In September 2022, Abbott, a leading healthcare company launched novel Ensure with HMB - a novel formulation to support India people as they grow older to keep them active and strong. From 40 years of age, an individual may lose nearly 8% muscle mass every 10 years, the rate of which may increase after 70 years of age. Hence, hydroxymethylbutyrate in Ensure helps such adults in leading better lives.

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Dietary supplements are products specifically designed to improve consumers’ diets that may be insufficient or missing in their regular intake. The market is witnessing momentum backed by the growing elderly population, growing awareness of health, and the growth of preventive healthcare. Moreover, the trend towards organic and natural products, rising demand for supplements aiming at health issues, including immunity and mental health, and the growing prominence of personalized health are impacting the market growth. Nonetheless, a few restraints hampering the market include strict regulatory challenges for companies, high competition, and economic factors like high-priced quality raw materials. Yet, the market will grow progressively due to growth in developing economies and improvements in product formats.

The global dietary supplements market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment. 'Amway Corporation', 'Abbott Laboratories', 'Archer Daniels Midland Company', 'Bayer AG', 'Glanbia plc', 'Herbalife Nutrition Ltd.', 'GlaxoSmithKline plc', 'Nestlé S.A.', 'Pfizer Inc.', 'DSM Nutritional Products AG', 'Nature's Bounty Co.', 'Otsuka Holdings Co., Ltd.', 'Pharmavite LLC', 'GNC Holdings Inc.', 'Suntory Holdings Limited', 'The Himalaya Drug Company', 'The Nature's Way Co.', 'NOW Foods', 'USANA Health Sciences, Inc.', 'XanGo, LLC'

The growth of e-commerce and online shopping has increased convenience to access a broader range of products and supplements. This notably contributes to the growth of the dietary supplements market. The market is also witnessing the rise in innovative formats that appeal to a large consumer base. Novel delivery formats like readymade drinks, powders, and gummies increase convenience for users to consumer supplements in their daily diets.

Growth of E-Commerce: The past decade has witnessed huge growth of online sales and escalating growth in consumer shopping. Online sales are considerably rising, impacted by the growing prominence of direct-to-consumer approaches. Moreover, influencer marketing and social media are the key reasons behind booming advertising of dietary supplements, essentially among the young generation and health-conscious population.

Geographically, North America dominated the market in 2023 and is expected to lead over the forecast period owing to the increased consumer education and awareness, strong distribution channel, and innovations and research and developments. Region holds strong focus on active health and wellness, which ultimately drives the demand for different types of dietary supplements as preventive solutions. North America also holds a well-developed retail ecosystem for a broader range of products. The key players profiled in the region include GNC Holdings, Inc., Herbalife Nutrition Ltd., Nature’s Bounty Co., Vitamin Shoppe, Inc., NutraBio Labs, Inc., and more.

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What is the global market size of Dietary Supplements Market?

Who are the key vendors in the Dietary Supplements Market?

What is the key driver of Dietary Supplements Market?

What is the key market trend for Dietary Supplements Market?

Which region accounted for the largest share in Dietary Supplements Market?

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