The global dietary supplements market revenue is expected to experience significant growth, projected to reach USD 128.64 billion by 2028, with a robust compound annual growth rate (CAGR) of 8.68% from 2021 to 2028. This expansion is driven by increasing demand for personalized dietary supplements and the rising prevalence of chronic diseases, such as diabetes, hypertension, high cholesterol, and heart conditions. According to the latest report by Fortune Business Insights titled “Dietary Supplements Market Size, Share & Industry Analysis, By Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form (Tablets, Capsules, Liquids, and Powders), and Regional Forecasts, 2021 – 2028,” the market was valued at USD 61.20 billion in 2020 and is expected to continue its growth in the coming years.
Information Source: https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
Surging Demand for Immunity Boosting Diet amid COVID-19
The COVID-19 pandemic has placed considerable strain on healthcare services, with frontline workers, including medical professionals and nurses, working relentlessly to control the virus's spread. In response, government agencies have encouraged citizens to adopt healthier and more nutritious dietary practices to help combat the disease. This increased emphasis on health is expected to drive a rise in demand for dietary supplements that support overall well-being and promote optimal bodily functions by providing essential vitamins and minerals. As a result, the global dietary supplements market is anticipated to see positive growth in the near future.
Dietary supplements are designed to boost nutrient intake, sourced from either synthetic or natural food ingredients. These supplements are available in various forms, such as capsules, pills, tablets, and liquids. Common options include minerals like iron and calcium, as well as vitamins such as B12 and D. Regular consumption of these supplements can enhance physical performance, aid muscle development, and reduce fatigue, making them increasingly popular among health-conscious consumers.
What does the Report Include?
The global human dietary supplements market report offers a comprehensive analysis that combines both quantitative and qualitative evaluations of key growth drivers and constraints. The report also provides insights into regional analyses, highlighting the various regions contributing to market expansion.
The competitive landscape is thoroughly examined, featuring leading companies and their strategic initiatives, such as product launches, partnerships, and collaborations, which are expected to propel market growth from 2020 to 2027. Additionally, the research utilizes methodologies like PESTEL and SWOT analyses to gather information on current trends and industry developments, providing a clear outlook on factors that are likely to drive market growth in the coming years.
DRIVING FACTORS
Increasing Demand for Personalized Dietary Supplements to Bolster Growth
A 2018 study by Epsilon found that approximately 80% of consumers found personalized services appealing. This demand for tailored experiences has grown significantly, with consumers now expecting customized solutions in various sectors, from bespoke designer clothing to restaurants catering to specific dietary needs. This trend is also becoming more prominent in the dietary supplements market, where there is an increasing demand for products that target individual health concerns, particularly lifestyle-related diseases such as obesity, cardiovascular issues, and diabetes. Given that these conditions can vary from person to person, the need for personalized supplement programs is rising. This shift towards customization is expected to drive the global dietary supplements market's growth throughout the forecast period.
SEGMENTATION
Vitamins Segment Held a Market Share of 37.14% in 2019 Owing to Increasing Consumption
The vitamins segment is anticipated to experience significant growth, driven by the rising consumption of dietary supplements due to the increasing prevalence of vitamin deficiencies among the population. In 2019, this segment accounted for 37.14% of the market share and is expected to maintain its dominance in the food supplements market. This trend highlights the growing consumer awareness of the essential role vitamins play in overall health and well-being, which in turn is fueling the demand for vitamin-based dietary supplements.
REGIONAL INSIGHTS
Increasing Demand for Nutritional Products in Asia-Pacific to Drive Growth
The Asia-Pacific market is expected to experience significant growth in the coming years, driven by a rising demand for nutritional food products, including dietary supplements. Increased health consciousness among populations in countries like India and China is anticipated to further fuel this growth.
In North America, substantial growth is also forecasted, supported by the rising prevalence of lifestyle diseases and an aging population from 2020 to 2027. In 2019, the North American market was valued at USD 11.95 billion and is expected to continue expanding in the near future. This growth reflects a broader shift toward health and wellness, as consumers actively seek supplements to support their overall health and manage lifestyle-related health concerns.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Strengthen Their Product Portfolios
The global dietary supplements market is marked by major companies, such as Amway and Abbott, actively strengthening their positions. These companies are expanding their product portfolios through acquisitions, enhancing their competitive advantage in a crowded market. Additionally, various industry players are adopting strategies such as launching new products, and forming collaborations and partnerships. These initiatives are expected to significantly drive overall market growth, reflecting the dynamic and evolving nature of the dietary supplements industry.
By focusing on innovation and strategic partnerships, these companies not only expand their product offerings but also effectively respond to changing consumer preferences, such as the growing demand for personalized dietary solutions. This competitive landscape positions the market for sustained growth, as companies continue to adapt to emerging health and wellness trends that are influencing consumer behavior.
Industry Development:
- April 2020: DSM, a leading food supplements provider, announced the acquisition of Glycom. According to the company, the valuation is worth Euro 765 million and is expected to expand its footprint in the lucrative business of food supplements.
List of the Companies Operating in the Market:
- Amway Corp (Michigan, United States)
- Abbott (lllinois, United States)
- Nestle S.A. (Vevey, Swizerland)
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (lllinois, United States)
- Glanbia Nutritionals (lllinois, United States
- Otsuka Holdings Co. Ltd. (Tokyo, Japan)
- Arkopharma (Carros, France)
- Pfizer Inc. (New York, United States)
- GlaxoSmithKline plc (Brentford, United Kingdom)
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