by The Dietary Supplements Market is estimated to be valued at US$ 160.6 Bn or Billion in 2022 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dietary supplements are available in various product forms including tablets, capsules, softgels, and powders. They contain essential vitamins, minerals, fibers, amino acids, or herbals that are used to supplement the diet. Key product types include vitamins, minerals, botanicals, proteins and amino acids, fatty acids, and others. The supplements are widely consumed to enhance overall health and wellness, provide nutrients, boost energy levels, build muscles, and support specific health conditions like joint pain, anxiety, etc.
Market Dynamics:
The dietary supplements market is primarily driven by the growing health consciousness among people and increasing prevalence of lifestyle diseases like obesity, diabetes, and cardiovascular problems. According to the Centers for Disease Control and Prevention (CDC), over 30 million Americans have diabetes and nearly half of all American adults have some form of cardiovascular disease. The hectic schedules leave little time for proper nutrition, further fueling the demand for supplements. Additionally, rising per capita healthcare expenditure is enabling people to spend more on preventive healthcare through supplements. Furthermore, supplements help tackle specific health issues like joint pain, anxiety, memory support, digestive health, weight management and more, thereby augmenting their adoption. The changing consumer preferences towards organic and clean label products is also prompting manufacturers to introduce supplements made from natural ingredients like herbs, plant extracts, vitamins and minerals.
Segment Analysis
The dietary supplements market can be segmented into vitamins, botanicals, minerals, protein and amino acids, fatty acids, and other supplements. Among these, the vitamins segment held the largest share in 2021 and is expected to remain the dominant segment over the forecast period. This is due to growing health consciousness among people and increasing awareness about vitamin deficiencies. Vitamins play an essential role in bone health, cell functioning, metabolism regulation and other bodily processes. Hence their demand continues to surge.
PEST Analysis
Political: Regulations on dietary supplements vary globally. In the US, supplements are regulated under the Dietary Supplement Health and Education Act. This favors market growth by promoting product innovations within defined norms.
Economic: Rising income levels globally are fueling demand for nutritional and wellness products. Dietary supplements market is further supported by positive GDP growth especially in emerging economies of Asia Pacific and Latin America.
Social: Changing lifestyles, increasing obesity rates and chronic disease prevalence are key social drivers for preventive healthcare. People are actively pursuing dietary supplement options for health maintenance and disease prevention.
Technological: Digital marketing and online retailing platforms have expanded product reach. Technologies supporting customized formulations as per individual needs will further augment the market in coming years.
Key Takeaways
The Global Dietary Supplements Market Size is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period, due to increasing health consciousness among consumers and growing aging population prone to deficiencies.
Regionally, North America held the largest market share in 2021 due to high supplement consumption patterns. However, Asia Pacific is expected to exhibit the fastest growth through 2030 on back of rising incomes, growing elderly population and expanding urbanization in major countries like India and China.
Key players operating in the dietary supplements market include Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. These players focus on new product launches, collaborations and acquisitions to strengthen their presence and expand into emerging markets
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
