The global Dietary Supplements market size is expected to be worth around US$ 372.4 billion by 2030, according to a new report by Vision Research Reports.
The global Dietary Supplements market size was valued at US$ 240.3 billion in 2020 and is anticipated to grow at a CAGR of 8.10% during forecast period 2021 to 2030.
Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/37555
Increasing urbanization and growing disposable income around the world are driving the demand for products that can cover the nutritional deficit at higher convenience. This is eventually driving the demand for vitamins, minerals, proteins and and other supplement products around the world. The increasing interest of millennials in building health through a healthy diet is expected to positively impact market growth.
The obesity rate in adults in the U.S. stood at 42.4% in the year 2020, which has increased from 26% in 2008. The obesity rate in the European region was above 51.6% in 2014 and is continuously rising. The increasing prevalence of diseases, like cardiovascular diseases, diabetes, and high blood pressure, is expected to bolster the demand for dietary supplements, especially in energy and weight management, gastrointestinal health, and cardiac health applications.
The growing trend of veganism around the globe is expected to benefit the plant-based nutritional products around the globe, which is expected to drive the demand for botanical ingredient-based dietary supplements over the forecast period. For instance, in Jan 2021, Flume Formulas Ltd. introduced a product line of botanical supplements, which included products – FLOW, DRIFT, and BASK for athletes, which can be used to enhance pre-workout and post-workout energy and recovery. Similarly, in July 2019, Amway Corp. introduced an improved version of calcium supplement Nutrilite Cal Mag D Plus in India. The company aimed to acquire over 11% share of the calcium supplements market with the product launch.
The COVID-19 outbreak has largely impacted the industrial output in the majority of the countries. However, the demand for food and beverage and pharmaceutical products remained unaffected. Though the companies faced challenges in terms of logistics due to imposed lockdown, the increasing demand for immunity-boosting supplements, including vitamins, minerals, and several herbs, benefitted the market for dietary supplements in the year 2020.
Vitamins dominated the market and accounted for 31.4% share in 2020 owing to high demand from working professionals and sports athletes for energy and weight management. The users consume multivitamins through tablets, powder, and liquid owing to the higher convenience index in terms of usage.
Botanicals held the second-largest share in 2020 and are expected to witness significant growth over the forecast period. The increasing adoption of the vegan diet around the globe owing to growing environmental concerns is expected to boost the demand for botanicals over the forecast period.
Proteins and amino acids are expected to exhibit the highest CAGR of 13.3% over the forecast period. The increasing demand for protein supplements, like whey powders, and amino acid products, like creatine, tyrosine, citrulline, and proline, among the consumers owing to the increasing awareness regarding health and diet is expected to drive the market over the forecast period.
Energy and weight management product manufacturers are recently focusing more on incorporating nutraceutical ingredients to enhance the nutritional value of the products. It has increased the demand for fibers and specialty carbohydrates that are indigestible by humans but help in weight management, reducing cholesterol levels, and controlling blood sugar levels.
The energy and weight management application segment led the market and accounted for a revenue share of 29.5% in 2020. Other applications of dietary supplements include general health, bone and joint health, cardiac health, gastrointestinal health, anti-cancer, immunity, diabetes, lungs detox/cleanse, and others.
Dietary supplements are primarily used to fulfill nutritional deficiencies in humans. Increasing awareness among the consumers regarding personal health and wellness is expected to drive the demand for dietary supplements, including protein and amino acids, minerals, vitamins, and omega fatty acids, over the forecast period.
Increasing awareness regarding gut health owing to the increasing prevalence of irritable bowel syndrome, constipation, acid reflux, and indigestion around the globe is expected to drive the demand for fibers and specialty carbohydrates from the gastrointestinal health application segment over the forecast period.
The immunity application segment is anticipated to expand at a CAGR of 8.5% over the forecast period. The COVID-19 outbreak in the year 2020 has increased the demand for immunity-boosting products across the globe. Immunity-boosting vitamins, minerals, and herbs witnessed a surge in demand in 2020, which is expected to continue till the vaccine reaches everyone, thus benefiting the segment growth.
OTC channel accounted for the largest revenue share of 73.2% in 2020 and is expected to maintain its lead over the forecast period. The sales of dietary supplements through the OTC distribution channel are expected to witness steady growth owing to rising consumer awareness regarding the health benefits of dietary supplements.
Supermarkets/hypermarkets contribute significantly to the sales of dietary supplements in Europe and North America owing to higher prevalence. The availability of a wide range of products and higher discounts are responsible for the growth of sales through supermarkets/hypermarkets. Furthermore, an increasing number of supermarkets in developing countries is expected to augment the sales of dietary supplements over the forecast period.
Other OTC distribution channels of dietary supplements include nutrition and specialty stores. A specialty store carries more products in a single category, which helps consumers to find unique products that they cannot find in other retail stores. With an explosive growth of specialty stores, supermarkets and hypermarkets are losing their market shares because of their wide product offerings in a single category, flexible store formats, unique designs, and product displays.
Strict regulations by the governing bodies and limited awareness among the individuals related to labeling and health claims are expected to drive the distribution of dietary supplements through the prescribed distribution channel. An increasing number of prescriptions for dietary supplements for individuals with nutritional deficiencies for the precise delivery of nutrients is expected to drive the sales through the prescribed channel over the forecast period.
Adults dominated the market and accounted for 47.2% share of the overall revenue in 2020. Changing lifestyles and hectic work schedules among working adults are leading to nutritional deficiencies, which are expected to lead to the increased consumption of dietary supplements by adults.
The increasing prevalence of obesity, cardiovascular diseases, diabetes, and other related conditions among adults around the globe is expected to be the key factor driving the market. Increasing acceptance of sports as a professional career is expected to drive the demand for dietary supplements, like proteins, vitamins, and amino acids, over the forecast period.
The growing geriatric population in regions, like North America, Europe, and the Asia Pacific, is expected to augment the market growth over the forecast period. As the geriatric population is susceptible to several infections, the demand for immunity boosters is expected to grow at a higher rate, especially amid the covid-19 pandemic.
The growing awareness regarding the nutritional requirements for children and infants is expected to augment the demand for dietary supplements. The growing working population and increasing per capita income in the developing economies are expected to increase consumer spending on infant nutrition over the forecast period, which is expected to drive the market.
Tablets led the market and accounted for 34.2% share of the global revenue in 2020. The increased popularity of multivitamin products in the form of tablets owing to easy dosage, low cost, higher shelf life, and higher convenience is expected to positively impact the growth of the tablets segment over the forecast period.
The growing importance of microencapsulation of the finished products to ensure the controlled release is expected to increase the demand for capsules from the health and wellness products manufacturers over the forecast period. However, their higher cost compared to tablets is expected to create challenges for the capsules segment over the forecast period.
A large number of brands including Optimum Nutrition, Quest Nutrition, NOW Foods, and MusclePharm are involved in the manufacturing of powders of protein, omega-3, minerals, and vitamin blends. Increasing demand for powdered supplements among bodybuilders, elite athletes, and fitness enthusiasts is expected to boost the growth of the powdered dietary supplements segment over the forecast period.
The liquid form is anticipated to exhibit the highest CAGR of 10.7% over the forecast period. Liquid dietary supplements are liposomal products that can evenly disperse in the water allowing smooth consumption. Liquid form facilitates the easy formation of blends leading to higher usage in yogurt, smoothies, and other energy drinks.
North America emerged as a leading regional market with a revenue share of 35.7% in 2020 on account of the growing use of products with high nutritional value and low-calorie content. Furthermore, increasing awareness about the consumption of supplement products in Mexico on account of new product launches is expected to drive the demand for dietary supplements over the forecast period.
Asia Pacific is expected to witness significant growth over the forecast period. The market is expected to be the largest regional market by 2028 owing to the growing consumer base in the countries, including India, China, and South Korea. Increasing expenditure on health-enhancing products in the region owing to growing per capita income and increasing awareness is expected to drive the demand for dietary supplements over the forecast period.
The European region accounted for a significant revenue share in 2020 and is expected to expand at a CAGR of 6.8% over the forecast period. Higher consumer awareness and higher per capita disposable income in the developed countries, like France, Germany, and the U.K., are expected to drive the regional market over the forecast period.
- Amway Corp.
- Glanbia PLC
- Bayer AG
- Pfizer Inc.
- Nu Skin Enterprises, Inc.
- GlaxoSmithKline plc
- Herbalife International of America, Inc.
- Nature’s Sunshine Products, Inc.
- Ingredient Outlook
- Proteins & Amino Acids
- Fibers & Specialty Carbohydrates
- Omega Fatty Acids
- Form Outlook
- Soft gels
- Application Outlook
- Energy & Weight Management
- General Health
- Bone & Joint Health
- Gastrointestinal Health
- Cardiac Health
- End-user Outlook
- Pregnant Women
- Distribution Channel Outlook
- Regional Outlook
- North America
- Asia Pacific
- Australia & New Zealand
- Central & South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/37555 or call: +1 9197 992 333