by The Dietary Supplements Market is in trends by growing consumer health awareness
The dietary supplements market comprises products that deliver concentrated sources of nutrients like vitamins, minerals, fiber, fatty acids, and various herbal supplements. Dietary supplements are available in the form of tablets, capsules, powders, liquids, and gel caps. They are usually consumed orally and help meet nutritional requirements, improve overall health, reduce illness risks, support immune function, enhance energy levels, and promote general well-being. Growing consumer awareness about preventive healthcare and proactive lifestyle management is fueling the demand for dietary supplements as consumers increasingly focus on nutrition and fitness. The Global Dietary Supplements Market is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Dietary Supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. These companies lead the global market with innovative product launches and strategic mergers and acquisitions to expand their product portfolios and manufacturing capabilities.
Growing consumer awareness about preventive healthcare and proactive lifestyle management is fueling demand for dietary supplements. Consumers today prioritize health and wellness to stay fit and boost immunity levels. This presents lucrative opportunities for dietary supplement manufacturers.
Demand for dietary supplements is rising globally as awareness spreads across developing regions of Asia Pacific, Africa, and South America. Penetrating new regional markets through expanded distribution networks, innovative offerings, and tailored marketing strategies allow manufacturers to consolidate their global footprint.
Market key trends
One of the key emerging trends in the dietary supplements market is the move towards more natural and plant-based formulations. Consumers today seek clean label products made from natural organic ingredients without artificial flavors, preservatives, and colors. This is prompting manufacturers to switch to herbal extracts, fruits and vegetables, probiotic cultures, and green superfoods in new product lines. Plant-based dietary supplements offering targeted health benefits are gaining increasing consumer acceptance.
Porter’s Analysis
Threat of new entrants: Dietary supplements industry has relatively high start up costs for manufacturing and stringent regulations which make entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many brands to choose from and products are not significantly differentiated.
Bargaining power of suppliers: Key raw material suppliers like vitamins and minerals producers have moderate bargaining power given the differentiated and science-based products required by manufacturers.
Threat of new substitutes: Threat from substitutes is low as dietary supplements have an established consumer base and alternatives do not provide the same perceived health benefits.
Competitive rivalry: Competition is intense among the leading manufacturers with intense focus on innovation, quality, marketing and branding.
Geographically, the market is currently concentrated in North America and Western Europe due to widespread awareness and adoption of dietary supplements for general wellness and specific health conditions. These regions account for over 60% share of global dietary supplement sales currently.
The Asia Pacific region excluding Japan is projected to be the fastest growing market during the forecast period. This is mainly attributed to improving living standards, growing health consciousness and rising disposable incomes in developing countries like China and India. Increased promotions by manufacturers and availability through e-commerce and modern retail outlets are further expected to drive higher product penetration in Asia Pacific.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
