Dietary Supplements Market

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The global Dietary Supplements Market is valued at USD 152.3 Billion in 2022 and is projected to reach a value of USD 269.5 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.5% over the forecast period.

Dietary Supplements are manufactured products intended to deliver additional supplements to the body in the form of pills, capsules, tablets, powder, or liquid. Dietary Supplements can provide nutrients extracted from various food sources or synthetic sources. The primary drivers for the global Dietary Supplements market can be attributed to rising consumer awareness toward personal health and well-being combined with the increasing working population. Factors such as increased dependency on supplements for fulfilling nutrient requirements and their higher convenience will project a higher market growth during the forecast period.

Rising spending on healthcare products, increasing geriatric population, and increasing interest in preventive healthcare are expected to widen the global Dietary Supplements market. Rising interest in attaining wellness through dietary measures combined with increasing fitness centers, health clubs, and gymnasiums will add to sustainable market growth. Growing healthcare awareness among youngsters and increased demand for energy and weight management combined with increased acceptance of sports as a main career are expected to increase the footprint of the global Dietary Supplements market during the forecast period.

The increased popularity of sports-based and athletic performance enhancement supplements during the forecast period is expected to cause a surge in sales. Emerging consumer needs for addressing daily requirements of micronutrients in the body and widening spending on health and awareness products are expected to increase the demand for Dietary Supplements. Rising government initiatives for supporting the production of herbal supplements are expected to impact the market's global growth. For instance, in July 2020, the Indian government announced an increased stimulus package under the Aatmanirbhar Bharat Abhiyan and allocated nearly USD 535 million to the herbal sector.

The sudden outbreak of the COVID-19 pandemic impacted the global Dietary Supplements market extremely positively. While long-term effects on the market are difficult to forecast, a steady spike in Dietary Supplements was found within developed economies in the short run. Dietary Supplements can provide a strong immune function, reducing the health threat during the pandemic. However, a higher price of regular Dietary Supplements and increased price for premium-sized supplements are expected to restrain the global market outlook.

Economic Insights

No government organization has yet issued an official notification regarding a recessive condition. A decline in financial needs that has not exhibited growth for extended periods is known as a recession. A recession may occur if the gross domestic product has negative growth for two consecutive quarters. In the last two quarters, the US's GDP shrank, with losses of -1.6% in the first month and -0.6% in the second. In the third quarter of 2022, when the percentage grew to 2.9%, these losses were reversed. The world economy has been forced to deal with the shocks of rising power prices due to the prolonged conflict between Russia and Ukraine. According to certain rumours, the European Union, the G-7, and its newest partners will begin enforcing starting on February 5th.

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Top Market Trends

1. Preventive Healthcare Spending to Propel Market Growth: Increased prevalence of age and lifestyle-related disorders is fuelling the sales of Dietary Supplements. Consumers are becoming increasingly conscious of preventive healthcare measures and continuously inclining towards health-benefit products such as food additives and additional supplements. Increased innovation by prominent and small players will further augment the market growth.

2. Growing Focus on Quality Supplements: Increased initiatives are undertaken by regulatory authorities such as the Food & Drug Administration of the US (USFDA) to ensure higher product quality is expected to widen the market's scope. Increased production of clean-labelled, safe, and organic products is expected to contribute to the rising market.

3. Growing Interest Among Sports: Factors such as the increasing interest of people within the sports sector, particularly body-building, are expected to lead to a surge in sales. Athletes and sportspersons are becoming increasingly interested in sports nutrition products and supplements to enhance their diet's durability.

4. Increased Cases of Malnutrition: On a global scale, the rising burden of malnutrition is increasing drastically. According to UNICEF, around 149.0 million children under five are stunted. Low-income countries are most affected by the underweight issue, whereas developed economies are stricken by overweight and obesity issues. The increasing prevalence of overweight and obese populations is expected to contribute to the global Dietary Supplements market during the forecast period.

5. Changing Pattern in Spending: During the forecast period, it is expected that changing spending patterns towards fast food, sedentary lifestyle, busy lifestyle, and lack of maintaining a proper diet is expected to widen the global market's scope. Conversely, increasing health consciousness, rising disposable income, surging consumer expenditure on health and wellness products, and widening demand for healthy and active lifestyles will contribute towards sustainable market growth.

Market Segmentation

The global Dietary Supplements market can be categorized on the following: Type, Function, Target Customer, Applications, and Regions. Based on type, the market can be categorized into botanicals, vitamins, minerals, amino acids, enzymes, probiotics, and other Dietary Supplements. By function, the market can be segmented across additional supplements, medicinal supplements, and sports nutrition. In terms of target customer, the market can be fragmented across infant, children, pregnant woman, and elderly. By applications, the market can be split between tablets, capsules, powders, liquids, soft gels, and gel caps. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Vitamins to Fuel Largest Market Share Owing to Rising Demand from Working Population

Vitamins are expected to occupy the largest market share in terms of generating the largest market share during the forecast period owing to increased demand from working professionals and sports athletes. These consumers indicate a widened utilization of vitamins for energy and weight management. The availability of vitamins in various forms, including tablets, powder, soft gels, and capsules, will further increase the consumer base for vitamins. These factors are expected to add to the segmental growth of the global Dietary Supplements market. Amino acids will grow with the fastest growing CAGR during the forecast period owing to increased awareness of health and diet among the general population.

Based on Function

Additional Supplements to Occupy Largest Market Share While Sports Nutrition to Grow with the Fastest CAGR

Additional supplements are expected to occupy the largest market share in revenue and share during the forecast period. A significant market share is expected owing to rising disposable income and increasing health awareness among consumers. Studies have indicated that consumers are increasingly spending most of their income on healthier food and beverages that are incorporated with additional supplements. Sports nutrition will grow with the fastest growing CAGR during the forecast period owing to the rising number of professional and semi-professional athletes.

Based on Target Consumer

Pregnant Women to Reign Dominance Owing to Rising Number within Working Population

Pregnant women are expected to register the largest market share in recouping the largest revenue during the forecast period. Studies have indicated that the number of pregnant women within the working population has risen during the last decade. Increased consumption of nutritional supplements by pregnant women is expected to provide a burst of energy to function optimally throughout the day. Additionally, prominent manufacturers are including products within their portfolio that are aimed at providing supplements for pregnant women, which will fuel segmental growth. The segment about children will grow with the fastest growing CAGR owing to increased awareness regarding the health benefits of nutritional supplements.

Based on Form

Tablets to Fuel Market Dominance Due to Easy Dosage & Lower Cost

Tablets will occupy the largest market share as they are an easy dosage form at a competitive cost. Additionally, tablets have a comparatively higher shelf life and are extremely convenient, impacting segmental growth during the forecast period. An ongoing trend of microencapsulation of the finished products to ensure the controlled release of medicine will increase the footprint of tablets. Prominent manufacturers are focused on producing most of their products in tablets. The liquid will grow with the fastest growing CAGR during the forecast period owing to the even distribution of medicine in water that allows for smooth consumption.

Based on Region

North American to Sell Maximum Dietary Supplement Owing to Rising Health Awareness Among Consumer

The global Dietary Supplements market is expected to be dominated by the North American market in terms of registering the maximum number of sales. Rising awareness regarding the health benefits among the general population is expected to prompt sales. Additionally, the region has a huge per capita income spending compared to its counterparts. The rising prevalence of chronic diseases among the general population, the presence of numerous manufacturers within the region, and the increasing focus on physical appearance will further lead to the widening market within the region.

Asia Pacific will grow with the fastest growing CAGR during the forecast period owing to a rising consumer base within emerging economies, including India, China, Japan, and Australia. Rising expenditure on health-enhancing products in the region and increasing per capita income will add to sustainable market growth.

Competitive Landscape

The dominant players in the global dietary supplement market are investing heavily in their research and development departments to produce a higher quality product. Players constantly adopt aggressive marketing strategies to expose their products to a wider consumer base. The competitive landscape within the industry is expected to be extremely high due to the numerous players present.

The key players in the global Dietary Supplements market include - Amway Corp (US), Abbot (US), Arkopharm (France), Bayer AG (Germany), Glanbia PLC (Ireland), Pfizer Inc. (US), ADM (US), The Nature’s Bounty (US), NU SKIN (US), Herbalife Nutrition of America Inc. (US), Nature’s Sunshine Products Inc. (US), Ayand (Pakistan), XanGo LLC (US), Nutracutics Corp (US), American Health (US), BPI Sport (US), Dymatize Enterprices LLC (US), Bionova (India), GlaxoSmithKline Inc. (UK), Himalaya Global Holdings Ltd. (India) among others.

Recent Market Developments:

· May 2021: Herbalife Nutrition and the Herbalife Nutrition Foundation announced that they formed a new partnership with the Associacion Mexicana de Bancos de Alimentos ("BAMX"), a non-profit dedicated with meeting the needs of people who are dealing with experiencing food insecurity in Mexico. The partnership is based on distributing food products through community-based distribution. This collaboration will be further aimed at donating USD 50,000 to the Nutrition for Zero Hunger initiative, which will be used to provide healthy food to families to those in need.

· November 2021: ADM announced they completed the Deerland Prebiotics & Enzymes acquisition. The acquisition is expected to widen the company's portfolio, which includes spore probiotics, which are expected to offer enhanced stability for extended usage within food and beverage, pet nutrition, and supplement applications.

Segmentation of the Global Dietary Supplements Market