What is the Global market size of the Dietary Supplements Market?

Global Dietary Supplements Market size was valued at USD 148.8 billion in 2021 and is poised to grow from USD 159.7 billion in 2022 to USD 283 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).

What is the key driver of the Global Dietary Supplements Market?

'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.

What is the key market trend for the Global Dietary Supplements Market?

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.

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 2024-2031

Report ID: SQMIG35I2233 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 127 | Figures: 77

Global Dietary Supplements Market Dynamics

Dietary Supplements Market Driver

Increase in need for nutrition and good health augment the market share

'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 vitamins, minerals, foods that enhance immunity, organic goods, supplements, and other dietary aids has considerably expanded the market demand. It is essential to develop a good immune system to 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 defense when supplemented with relevant nutrition. Thus, the demand for immunity-boosting foods have greatly expanded as population awareness for holistic well-being 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 participation for sports and bodybuilding competitions is another driver for the growth of dietary supplement sector. To improve their performance, the professional athletes use nutritional supplements.

Dietary Supplements Market Restraint

High production costs for organic raw materials

Depending on the source (natural or synthetic) and season of 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 be compared with 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. Contrary to the 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 can slower the demand due to the absence of well-documented regulation and monitoring in the nutraceutical business. Consumers' lack of understanding for nutraceuticals, high price, and the lack of conviction in their health advantages are mentioned as deterrents.

Global Dietary Supplements Market Report Snapshots

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Dietary supplements are items that contain vital vitamins, minerals, nutrients, amino acids, botanical extracts, and enzymes to develop better health. The underlying health issues are increasing in the population and the need for dietary supplements is expected to rise. The population now-a-days are more concerned with having a well-balanced diet and increasing their intake of healthful foods that offer potential health advantages. With the growth of ailments such as diabetes and obesity, consumers are becoming more conscious of their consumption. The 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 the dietary supplement demand in the forecast period. As a result, the dietary supplement business has expanded rapidly in recent years.

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. 'Amway Corporation', 'Abbott Laboratories', 'Archer Daniels Midland Company', 'Bayer AG', 'Glanbia plc', 'Herbalife Nutrition Ltd.', 'GlaxoSmithKline plc', 'Nestlé S.A.', 'Pfizer Inc.', 'DSM Nutritional Products AG', 'Nature's Bounty Co.', 'Otsuka Holdings Co., Ltd.', 'Pharmavite LLC', 'GNC Holdings Inc.', 'Suntory Holdings Limited', 'The Himalaya Drug Company', 'The Nature's Way Co.', 'NOW Foods', 'USANA Health Sciences, Inc.', 'XanGo, LLC'

'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 vitamins, minerals, foods that enhance immunity, organic goods, supplements, and other dietary aids has considerably expanded the market demand. It is essential to develop a good immune system to 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 defense when supplemented with relevant nutrition. Thus, the demand for immunity-boosting foods have greatly expanded as population awareness for holistic well-being has grown.

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 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 2024-2031

Global Dietary Supplements Market Dynamics

Global Dietary Supplements Market Report Snapshots

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What is the global market size of Dietary Supplements Market?

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What is the key driver of Global Dietary Supplements Market?

What is the key market trend for Global Dietary Supplements Market?

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