Global Dietary Supplements Market Size, Share, Growth Analysis, By Type(Probiotics, Vitamins), By Method of Application(Tablets, Capsules), By End User(Adults, Geriatrics), By Ingredients (Vitamins, Botanicals) - Industry Forecast 2022-2028

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.

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.

Driver

• 'Self-care' is becoming a crucial component of the lifestyle of the modern consumer. Consumer food habits have changed significantly as a result of the increased focus on overall health and immunity. The usage of vitamins, minerals, foods that enhance immunity, organic goods, supplements, and other dietary aids has considerably expanded. It is well recognized that having a good immune system can help lower the likelihood or severity of illnesses and infections, despite the fact that the continuing pandemic has intensified the attention on immunity. It is a crucial element that can strengthen the body's natural defenses when combined with appropriate nutrition. The demand for immunity-boosting goods has greatly expanded as people's awareness of holistic wellbeing has grown.
• The usage of dietary supplements is being encouraged by measures made by regulatory organizations like the Food and Drug Administration of the United States to ensure the quality of dietary supplements. The dietary supplements market revenue is anticipated to increase as a result of the use of organic, secure, and clean-labeled ingredients in the supplements. The rise in sports and bodybuilding participation is another driver of growth for the dietary supplement sector. To improve their performance, these athletes use nutritional supplements, which is a major market driver.

Restraint

• Depending on the source (natural or synthetic) and season of a component, the cost of a supplement may change dramatically. The production costs of synthetic ingredients are lower, and they don't require managing the natural sources from which the functional principles are to be taken. However, the quality of synthetic raw materials cannot compare to that of natural raw materials. Another element that may affect the ultimate price of dietary supplements is their bioavailability or the seasonality of their raw materials. The cost of producing a supplement is impacted by the fact that the majority of natural ingredients are not always readily available or that their costs may rise during specific months.
• Over the past 20 years, items produced from natural sources with alleged health benefits have been more publicly available. These products are called nutraceuticals and dietary supplements. It has proven difficult to define these products. Contrary to dietary supplements, which merely add to the diet's fundamental nutritional content, nutraceuticals are dietary supplements that additionally support the prophylaxis and/or treatment of illnesses and other conditions. Due to efficacy and safety issues, these products are typically met with mistrust, in part because of the well-documented absence of regulation and monitoring in the nutraceutical business. Consumers' lack of understanding of nutraceuticals, their high price, and their lack of conviction in their health advantages were all mentioned as deterrents to utilizing them.

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.

Top Player's Company Profiles

• Amway Corp. (US)
• Glanbia PLC (Ireland)
• Abbott (US)
• Bayer AG (Germany)
• Pfizer Inc. (US)
• ADM (US)
• Nu Skin Enterprises, Inc. (US)
• GlaxoSmithKline plc (UK)
• Bionova (China)
• Ayanda (Germany)
• Arkopharma (France)
• GlaxoSmithKline plc (UK)
• Nature’s Sunshine Products, Inc (US)

Recent Developments

• In March 2022, Direct selling nutrition firm Herbalife Nutrition expects India to become its top market globally going forward, superseding the United States, according to the company's global CEO John O Agwunobi. With the company clocking double-digit volume growth in the last five years in India, where it is primarily present in tier I cities, it is now looking to expand into tier II and tier III markets, besides doing a feasibility study on setting up its own manufacturing facilities in the country.
• In May 2022, Unilever has continued to expand its focus on the health and wellness category with the acquisition of US hair loss supplement maker Nutrafol for an undisclosed sum.

• The market for plant protein components is expanding quickly as customers switch from animal to plant-based proteins. This is quite likely to cause customers to turn to botanicals and herbal supplements made from plants, thus opening up the potential for the market for these products to expand. One of the main causes of the shift in consumer preference toward botanical extracts is the need for clean-label products, worries about sustainability, and an urgent need to avoid allergens. Additionally demonstrating changing customer attitudes, the target market for these herbal supplements is shifting from vegans to flexitarians. In terms of health advantages, plant-based vitamins and minerals may be superior to synthetic nutrients.

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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.