A new analysis report on the global dietary supplements market, which is forecasted between 2021 and 2028, has been published by Knowledge Sourcing Intelligence.
The ageing population, the shift from medications to nutraceuticals due to a greater emphasis on preventative healthcare, and the rising emphasis on customized nutrition are driving the expansion of the dietary supplement industry. Additionally, the proliferation of gyms, health clubs, and fitness centres has increased young fitness awareness, which is projected to increase demand for energy and weight-loss supplements. Another factor that is expected to increase the need for sports nutrition and help the dietary supplement sector is the rising popularity of sports.
As per the report, the dietary supplements market is expected to grow at a CAGR of 2.78% during the forecast period to reach a market size of US$93.953 billion in 2028, from US$77.545 billion in 2021.
Minerals, vitamins, amino acids, enzymes, and herbs are examples of dietary supplements. These dietary supplements are available in a variety of forms, including capsules, tablets, gel caps, soft gels, liquids, and powders. The increased popularity of sports-based and athletic performance-enhancement supplements is driving the global industry. The growing consumer demand to address daily micronutrient requirements in the body, as well as rising consumer expenditure on health and wellness goods, are likely to drive the food supplements industry. Moreover, various governments’ measures to assist the manufacture of herbal supplements are projected to have a favorable influence on market growth.
The market is witnessing multiple collaborations and technological advancements, for instance, in May 2023, Corbion, a global pioneer in algae-based nutritional supplements, announced its entry into the human nutrition sector with the launch of its new AlgaVia product line. The highly concentrated omegas-rich components are produced sustainably and at scale using algae fermentation, intending to minimize strain on marine resources as well as the carbon footprint associated with dietary supplement manufacture.
Based on age group the global dietary supplements market is divided into 0-5 years, 6-20 years and 20-50 years. In the worldwide dietary supplement business, the 20-50 category had the highest revenue share. The increasing intake of dietary supplements by working people to maintain a healthy lifestyle is projected to be a positive driver for the market. Moreover, increased awareness of healthy diets among working people and athletes to preserve nutritional balance in their bodies is predicted to expand the scope of dietary supplements throughout the forecast period.
Based on usage the global dietary supplements market is divided into preventive and proactive. The proactive sector has the highest revenue share. Because of increased consumer knowledge about the nutritional worth and health advantages of these products, proactive sector sales of dietary supplements are expected to expand significantly. Self-medication for gastrointestinal and immune-related disorders is another major element fueling the need for proactive dietary supplements. The ease of direct purchasing and the low cost of these nutritional supplements are likely to boost sales.
Based on type the global dietary supplements market is divided into botanicals, vitamins, minerals, fatty acids and others. The vitamins category accounted for a sizable market share. These supplements come in a variety of forms, including vitamin A (carotenoids and retinol), vitamin B (folic acid), vitamin C (ascorbic acid), and vitamin D (cholecalciferol). Vitamin A helps to maintain and enhance eye health as well as the immune system, whilst vitamin E helps to repair DNA and increase immunity. Throughout projection, these products are likely to find additional usage among working professionals and sports athletes in the form of multivitamin pills, powders, and liquids.
Based on sales channels the global dietary supplements market is divided into hypermarkets, specialty stores, pharmacies, independent retailers, direct sellers, and online. The pharmacy industry is expected to have the second-largest market share. When nutritional supplements are administered without sufficient assessment, they might hurt a patient’s health. When used more than the recommended dietary allowance (RDA), these supplements can be potentially harmful and have a deleterious effect on the body. The prohibition on obtaining these supplements without a prescription or doctor’s suggestion has resulted in their misuse. Pharmacists play an important role in assisting citizens in disseminating scientific knowledge as well as the dose of dietary supplements and hence pharmacy sector is leading the market expansion.
Based on Geography the dietary supplement market in Asia Pacific is expected to expand rapidly. Rising disposable incomes, population growth, and improved understanding of health supplements are driving the region’s dietary supplements industry. Furthermore, owing to their large aging populations, developing countries such as Japan, China, and India have experienced an increase in their need for supplements in recent years. Due to the availability of raw materials, the region’s dietary supplements industry is expected to have significant investment opportunities, particularly for products based on herbal and ayurvedic extracts. Collaborations between existing and new enterprises are also expected to help market expansion in this region.
As a part of the report, the major players operating in the global dietary supplements market, that have been covered are Procter & Gamble, Amway, BASF, Arm and Hammer (Parent Company: Church & Dwight), Abbott Laboratories, CVS Pharmacy (Parent Company: CVS Health Corporation), Herbalife International of America, Inc., Nestle, Otsuka Holding Co., Ltd, H&H Group.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/dietary-supplements-market
The market analytics report segments the global dietary supplements market on the following basis:
- By Age Group
- 0-5 Years
- 6-20 Years
- 20-50 Years
- By Usage
- By Type
- Fatty Acids
- By Sales Channel
- Specialty Stores
- Independent Retailers
- Direct Sellers
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America