The global dietary supplements market is anticipated to reach a market valuation of approximately US$ 254 Bn, exhibiting healthy growth at around 9.4% CAGR between the forecast periods 2021-2031.
Rising incidence of lifestyle-related disorders such as obesity, weakened immunity, cardio-vascular problems and malnutrition has compelled consumers to prioritize the need for a balanced diet and incorporation of necessary vitamins and minerals through dietary supplements.
Prevalence of various types of deficiencies, especially in the geriatric and pediatric population is not new. However, with government and non-governmental bodies highlighting the importance of nutrition in various countries, the market has started experiencing surging demand for apt dietary supplements.
As stated by the Food and Drugs Administration (FDA), dietary supplements are not medications and are meant for serving the sole purpose of adding nutrition to existing diet plans.
This classification has encouraged market players to focus on conscious labeling and marketing the dietary supplements accordingly to help consumers enjoy the benefits of such supplements mindfully, thus propelling the market growth.
In 2020, the unprecedented COVID-19 outbreak stunted the market growth due to disrupted supply chains. However, the demand for vitamin-based dietary supplements exhibited an uptick due to post-covid deficiencies found in several patients, finds the ESOMAR-certified consulting firm FMI.
North America is projected to emerge as a lucrative market for dietary supplements, owing to the presence of key market players and rapid product developments, catering to the ever-growing health-conscious population in the U.S.
“Rising awareness regarding adequate nutrition, coupled with increasing research and development to produce consumer-centric dietary supplements will continue fueling the market growth,” says the FMI analyst.
- Vitamins & minerals segment will register healthy growth during the forecast period.
- Sale of dietary supplements through the internet will be the most preferred distribution channel.
- Soft gels and pills will emerge as the most popular forms of dietary supplements.
- Sports nutrition and weight management will lead the application segment.
- North America will dominate the market, due to increasing emphasis on health and nutrition and expansions in the healthcare infrastructure.
- Japan will emerge as a lucrative market due to growing geriatric population and efforts to control cardiovascular diseases.
- Asia Pacific excluding Japan will exhibit s surge in demand, owing to rising penetration of e-commerce and nutrition awareness in India.
- Easy availability of dietary supplements in various forms, from gummies to powders and liquids, will boost demand in the market.
- Penetration of eCommerce in various regions, coupled with social media influence will propel sales of dietary supplements.
- Initiative regarding nutrition awareness in developing countries will augment the market growth.
- Adulteration and potential substance abuse in the ingredients used will hinder the market growth.
- Skepticism around the benefits of dietary supplements due to lack of evidence will negatively impact sales.
- Failure to meet the safety and labeling requirements regarding dietary supplements will stunt the market growth.
Leading players operating in the dietary supplements market are focusing on research and development to launch new products to cater to the growing consumer demand for latest and beneficial dietary supplements.
Some inorganic strategies include mergers and acquisitions, collaborations and partnerships intended towards strengthening their foothold in the market. For instance:
- In April 2021, Unilever acquired Texas-based ‘human optimization’ brand Onnit, to expand its product portfolio and tap into the growing sports nutrition market.
- In June 2021, Amway Enterprises announced the launch of its new product Nutrilite Vitamin C Cherry Plus, an immunity booster, adding to its robust product portfolio.
- In June 2021, Royal DSM collaborated with Broomfield-based Mile High Labs Inc. to expand its product portfolio through the production of cannabinoid-based dietary supplements.
Some of the leading companies operating in the market are:
- Herblife International
- BASF SE
- E.I. Du Pont de Nemours and Company
- Glanbia PLC
- Royal DSM N.V.
- Abbott Laboratories
- Amway Enterprises
- NBTY Inc.
- Bayer AG
- GlaxoSmithKline Limited.
More Insights on FMI’s Dietary Supplements Market
The latest market study on the global dietary supplements market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
- Soft gel/pills
- Confectionery Products
- Pharmaceutical Products
- Chewable Pills and Pills
- Soft Gel
- Vitamins & Minerals
- Amino acids
- Botanical Supplements
- Weight Loss
- Sports Nutrition
- General Wellbeing
- Immune & Digestive Health
- Bone & Joint Health
- Heart Health
- Pharmacies/ Drugstore
- Health & Beauty Stores
- Hypermarket/ Supermarket
- Direct Selling
- North America (US and Canada)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Europe (Germany, France, Croatia Spain, UK, Czech Republic, and the Rest of Europe)
- East Asia (South Korea, China, Vietnam, Japan, and the Rest of East Asia)
- South Asia Pacific (India, Australia, and Rest of South Asia Pacific)
- Middle East & Africa (GCC, South Africa, Turkey, and Rest of MEA)
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Key Questions Covered in the Report
- The report presents insights into dietary supplements demand outlook for 2021-2031
- Factors enabling dietary supplements sales growth between 2021 and 2031 are discussed at length
- Dietary supplements market survey identifies chief growth drivers, restraints, and other forces impacting prevailing trends
- The report offers evaluation of current dietary supplements market size and forecast and recommendation to navigate amid unforeseen challenges
- Dietary supplements market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others