Dietary Supplements Market, Size, Share, Growth and Report Forecast Through 2032
- Nov 21, 2024
- | 15
The global dietary supplements market was valued at USD 86.77 billion in 2023 and is projected to grow from USD 93.46 billion in 2024 to USD 182.52 billion by 2032, at a CAGR of 8.73% during the forecast period (2024-2032). Asia Pacific led the market in 2023, holding a dominant share of 41.97%.
Dietary supplements are products that contain at least one dietary ingredient and are consumed orally. The growth of the global market is primarily driven by the increasing demand for sports-based and athletic performance-enhancing supplements. Additionally, the emerging consumer focus on meeting daily micronutrient needs and the rise in consumer spending on health & wellness products are expected to further fuel the expansion of the food supplements market.
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 significant pressure on healthcare services, with frontline workers, including medical professionals and nurses, working tirelessly to curb the virus's spread. In response, government agencies have urged citizens to adopt healthier and more nutritious dietary practices to help combat the disease. This heightened focus on health is expected to drive increased 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 expected to experience positive growth in the near future.
Dietary supplements are designed to enhance nutrient intake, sourced from either synthetic or natural food ingredients. These supplements come 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 improve 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 presents an in-depth analysis that combines both quantitative and qualitative assessments of the key drivers and challenges influencing market growth. The report also includes detailed regional analyses, showcasing the different regions contributing to market expansion.
A thorough examination of the competitive landscape is provided, highlighting the major companies and their strategic initiatives, such as product launches, partnerships, and collaborations, which are expected to drive market growth from 2020 to 2027. Additionally, the report employs methodologies like PESTEL and SWOT analyses to capture insights on current trends and industry developments, offering a comprehensive outlook on the factors likely to drive market growth in the near future.
DRIVING FACTORS
Increasing Demand for Personalized Dietary Supplements to Bolster Growth
A 2018 study by Epsilon revealed that approximately 80% of consumers found personalized services appealing. This demand for tailored experiences has grown significantly over the years, with consumers now expecting customized solutions across various sectors, including bespoke designer clothing and restaurants catering to specific dietary needs. This trend is becoming increasingly evident in the dietary supplements market, where there is a growing demand for products that target individual health concerns, particularly lifestyle-related diseases like obesity, cardiovascular issues, and diabetes. As these conditions vary from person to person, the need for personalized supplement programs is on the rise. This shift towards customization is expected to drive significant growth in the global dietary supplements market throughout the forecast period.
SEGMENTATION
Vitamins Segment Held a Market Share of 37.14% in 2019 Owing to Increasing Consumption
The vitamins segment is expected to see significant growth, driven by the rising consumption of dietary supplements due to the increasing prevalence of vitamin deficiencies. In 2019, this segment held 37.14% of the market share and is projected to remain dominant in the food supplements market. This trend reflects growing consumer awareness of the vital role vitamins play in supporting overall health and well-being, further boosting the demand for vitamin-based dietary supplements.
REGIONAL INSIGHTS
Increasing Demand for Nutritional Products in Asia-Pacific to Drive Growth
The Asia-Pacific market for dietary supplements is projected to experience substantial growth in the coming years, driven by increasing demand for nutritional food products and dietary supplements. The growing health consciousness among populations in countries such as India and China is expected to be a key factor in fueling this growth.
Similarly, North America is also poised for significant growth, supported by the rising prevalence of lifestyle diseases and an aging population. In 2019, the North American dietary supplements market was valued at USD 11.95 billion, with continued expansion expected from 2020 to 2032. This growth reflects the broader shift toward health and wellness, with consumers increasingly seeking supplements to manage health and address lifestyle-related conditions.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Strengthen Their Product Portfolios
The global dietary supplements market is experiencing significant activity from key players such as Amway and Abbott, who are solidifying their market positions through various growth strategies. These companies are actively expanding their product portfolios through acquisitions, allowing them to strengthen their competitive edge in a rapidly evolving industry. In addition, industry players are focusing on product innovation, with many launching new offerings and forming strategic collaborations and partnerships to meet consumer demand.
This focus on innovation and adaptability to changing consumer preferences, particularly the rising demand for personalized dietary solutions, is driving the market’s growth. These initiatives reflect the industry's dynamic nature, positioning it for sustained expansion as companies continue to respond to emerging health and wellness trends, shaping consumer behavior and market demand.
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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