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Dietary Supplements Market
The Dietary
Supplements Market is in trends by growing consumer health awareness
The dietary supplements market comprises products that deliver concentrated sources
of nutrients like vitamins, minerals, fiber, fatty acids, and various herbal
supplements. Dietary supplements are available in the form of tablets,
capsules, powders, liquids, and gel caps. They are usually consumed orally and
help meet nutritional requirements, improve overall health, reduce illness
risks, support immune function, enhance energy levels, and promote general
well-being. Growing consumer awareness about preventive healthcare and
proactive lifestyle management is fueling the demand for dietary supplements as
consumers increasingly focus on nutrition and fitness. The Global Dietary
Supplements Market is estimated to be valued at US$ 203.43 billion in 2024 and
is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Dietary Supplements market are Abbott
Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia
Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE.
These companies lead the global market with innovative product launches and
strategic mergers and acquisitions to expand their product portfolios and
manufacturing capabilities.
Growing consumer awareness about preventive healthcare and proactive lifestyle
management is fueling demand for dietary supplements. Consumers today
prioritize health and wellness to stay fit and boost immunity levels. This
presents lucrative opportunities for dietary
supplement manufacturers.
Demand for dietary supplements is rising globally as awareness spreads across
developing regions of Asia Pacific, Africa, and South America. Penetrating new
regional markets through expanded distribution networks, innovative offerings,
and tailored marketing strategies allow manufacturers to consolidate their global
footprint.
Market key trends
One of the key emerging trends in the dietary supplements market is the move
towards more natural and plant-based formulations. Consumers today seek clean
label products made from natural organic ingredients without artificial
flavors, preservatives, and colors. This is prompting manufacturers to switch
to herbal extracts, fruits and vegetables, probiotic cultures, and green
superfoods in new product lines. Plant-based dietary supplements offering
targeted health benefits are gaining increasing consumer acceptance.
Porter’s
Analysis
Threat of new entrants: Dietary supplements industry has relatively high start
up costs for manufacturing and stringent regulations which make entry
difficult.
Bargaining power of buyers: Buyers have moderate bargaining power as there are
many brands to choose from and products are not significantly differentiated.
Bargaining power of suppliers: Key raw material suppliers like vitamins and
minerals producers have moderate bargaining power given the differentiated and
science-based products required by manufacturers.
Threat of new substitutes: Threat from substitutes is low as dietary
supplements have an established consumer base and alternatives do not provide
the same perceived health benefits.
Competitive rivalry: Competition is intense among the leading manufacturers
with intense focus on innovation, quality, marketing and branding.
Geographically, the market is currently concentrated in North America and
Western Europe due to widespread awareness and adoption of dietary supplements
for general wellness and specific health conditions. These regions account for
over 60% share of global dietary supplement sales currently.
The Asia Pacific region excluding Japan is projected to be the fastest growing
market during the forecast period. This is mainly attributed to improving
living standards, growing health consciousness and rising disposable incomes in
developing countries like China and India. Increased promotions by
manufacturers and availability through e-commerce and modern retail outlets are
further expected to drive higher product penetration in Asia Pacific.
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