USD 159.2 billion
Report ID: SQSG35I2013 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Dietary Supplements Market was valued at USD 159.2 billion in 2021, and it is expected to reach a value of USD 227.4 billion by 2028, at a CAGR of more than 7.9% over the forecast period (2022- 2028).
Dietary supplements are items that contain vital vitamins, minerals, nutrients, amino acids, botanical extracts, and enzymes to help with better overall health. People's health worries are increasing and so is their need for dietary supplements. People nowadays are more concerned with eating a well-balanced diet and increasing their intake of healthful foods with potential health advantages. With the growth of ailments such as diabetes and obesity, consumers are becoming more conscious of what they eat. Growth in the number of worldwide athletic events concentrating on enhancing physical strength, as well as an increase in the number of gyms, health clubs, and fitness centres, is likely to drive dietary supplement demand over the forecast period. As a result, the dietary supplement business has expanded rapidly in recent years.
Global Market Size
USD 159.2 billion
more than 7.9% CAGR
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The global Dietary Supplements market is segmented based on type, distribution channel, form, end user, ingredients, and region. Based on type, the market is segmented into Vitamins, Carotenoids, Minerals (Major Minerals, Trace Minerals), Probiotics, Proteins (Plant Proteins, Animal/Dairy Proteins, Microbe Proteins, Insect Proteins), Amino Acids, Carbohydrates, Fats & Fatty Acid, Lipids, Enzymes, Others. Based on distribution channel, the market is segmented into OTC, Prescription. Based on form, the market is segmented into Tablets, Capsules, Soft gels, Powders, Gummies, Liquids, Others. Based on end user, the market is segmented into Adults, geriatrics, infants, children, and pregnant women. Based on ingredients, the market is segmented into vitamins, botanicals, minerals, proteins & amino acids, fibers & specialty carbohydrates, omega fatty acids,and other. Based on region, the Dietary Supplements market is categorized into North America, Europe, Asia-Pacific, and MEA.
Analysis by Type
Based on the Type, vitamins accounted for a maximum market share followed by botanicals, probiotics, and other dietary supplements segments. Vitamin deficiency is on the rise in many nations, and to make up for this, individuals are taking vitamin supplements. Lack of minerals can lead to major health issues in adults and pregnant women, which is driving up demand for the mineral market. With increased bodybuilding and weight loss activities, the demand for protein supplements is also anticipated to increase in the upcoming years. Followed by botanicals, the market for herbal dietary supplements has experienced strong value sales growth. The market for herbal supplements is primarily being driven by growing consumer knowledge of the health advantages of consuming plant-based food products and by an increase in the number of customers who are health-conscious. Horehound, Yohimbe, cranberry, black cohosh, senna, cinnamon, and flaxseed are a few of the major herbal dietary supplements that have gained more popularity in recent years.
Analysis by Method of Application
Global dietary supplements market has been segmented on the basis of method of application as tablets, capsules, liquids, powders, soft gels, and gel caps. Among these, the tablets segment of the market dominated the market due to their high level of convenience, which has ensured a strong customer preference. Further, the segment of the market is followed by the liquid, powders, capsules, soft gels, and gel caps. Due to the idea that such goods boost endurance and improve physical performance, demand for beverage formats, such as shakes and green tea, has increased dramatically, particularly among health enthusiasts. Consequently, the liquids segment is anticipated to experience a greater growth rate in terms of value sales throughout the course of the projected year.
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North America held the largest share of the dietary supplements market due to the high frequency of both chronic and non-chronic diseases, rising consumer awareness of the use of dietary supplements, and growth in the research and development efforts made by large companies. Followed by the Asia Pacific because of escalating healthcare costs, the region is expected to develop at the fastest CAGR of more than 9.9 % throughout the projection period. As a result, people are turning to dietary supplements to live a healthier lifestyle. As a result, large countries such as China and India are seeing an increase in demand for supplements. As people pursue better lifestyles, the European region is also experiencing moderate growth in the dietary supplement market.
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Global dietary supplements market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
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According to our Global Dietary Supplements Market Analysis, in terms of type, the vitamin held the largest share over the forecast period. Followed by botanicals, the market for herbal dietary supplements has experienced strong value sales growth. In terms of method of application, tablets segment accounted for a maximum market share followed by liquid, powders, capsules, soft gels, and gel caps Dietary Supplements segments Due to the idea that such goods improve physical performance, demand for beverage formats, such as shakes and green tea, has increased dramatically, particularly among health enthusiasts leading to the growth of dietary supplements market.
|Market size value in 2021||USD 159.2 billion|
|Market size value in 2028||USD 227.4 billion|
|Growth Rate||more than 7.9%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Dietary Supplements Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Dietary Supplements Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35I2013