The global dietary supplements market is projected to experience significant growth, reaching USD 128.64 billion by 2028, with an impressive compound annual growth rate (CAGR) of 8.68% from 2021 to 2028. This surge can be attributed to the increasing demand for personalized dietary supplements and the growing prevalence of chronic diseases, including diabetes, hypertension, high cholesterol, and various heart ailments. According to Fortune Business Insights’ latest report titled “Dietary Supplements Market Size, Share & Industry Analysis, By Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form (Tablets, Capsules, Liquids, and Powders), and Regional Forecasts, 2021 – 2028,” the market was valued at USD 61.20 billion in 2020 and is expected to continue its upward trajectory in the coming years.
Information Source: https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
Surging Demand for Immunity Boosting Diet amid COVID-19
The COVID-19 pandemic has placed immense pressure on healthcare services, with frontline workers, including medical professionals and nurses, working tirelessly to contain the spread of the virus. In response, government agencies have encouraged citizens to adopt healthy and nutritious dietary practices to combat the disease. This emphasis on health is expected to drive a surge in demand for dietary supplements that support overall well-being and optimal bodily functions by providing essential vitamins and minerals. As a result, the global market for dietary supplements is anticipated to experience positive growth in the near future.
Dietary supplements are designed to enhance consumers' nutrient intake, derived from either synthetic or natural food sources. These supplements come in various forms, including capsules, pills, tablets, and liquids. Popular options include minerals like iron and calcium, as well as vitamins such as B12 and D. The consumption of these products can lead to improved physical performance, muscle development, and reduced fatigue, making them increasingly appealing to health-conscious individuals.
What does the Report Include?
The global human dietary supplements market report presents a comprehensive analysis that encompasses both quantitative and qualitative evaluations of key factors influencing growth, including essential drivers and restraints. Additionally, the report offers insights into regional analyses, highlighting various regions contributing to market expansion.
The competitive landscape is thoroughly examined, featuring leading companies and their strategic initiatives, such as product launches, partnerships, and collaborations, which are expected to bolster market growth from 2020 to 2027. Furthermore, the research employs several methodologies, including PESTEL and SWOT analyses, to gather information on current trends and industry developments that are poised to propel market growth in the coming years.
DRIVING FACTORS
Increasing Demand for Personalized Dietary Supplements to Bolster Growth
According to a 2018 research study by Epsilon, approximately 80% of consumers found personalization services appealing. Today, the demand for personalization has become even more widespread, with consumers expecting tailored experiences in everything from custom designer wear to restaurants accommodating specific dietary needs. This trend extends to dietary supplements, which are increasingly sought after to address individual health concerns, particularly lifestyle-related diseases like obesity, cardiovascular disease, and diabetes. Since these conditions vary from person to person, there is growing demand for personalized supplement programs. This shift towards customization is expected to further drive the global dietary supplements market during the forecast period.
SEGMENTATION
Vitamins Segment Held a Market Share of 37.14% in 2019 Owing to Increasing Consumption
The vitamins segment is anticipated to experience significant growth, driven by the rising consumption of dietary supplements in response to the increasing prevalence of vitamin deficiencies among the population. In 2019, the vitamins segment accounted for a market share of 37.14% and is projected to maintain its dominance in the food supplements market. This trend highlights the ongoing consumer awareness regarding the importance of vitamins for overall health and well-being, further bolstering demand for vitamin-based dietary supplements.
REGIONAL INSIGHTS
Increasing Demand for Nutritional Products in Asia-Pacific to Aid Growth
Among all regions, the Asia-Pacific market is projected to experience substantial growth in the coming years, driven by a rising demand for nutritional food products, including dietary supplements. The growing health consciousness among populations in countries like India and China is expected to further fuel this growth.
In North America, significant growth is anticipated due to the increasing prevalence of lifestyle diseases and the presence of an aging population from 2020 to 2027. In 2019, the North American market was valued at USD 11.95 billion, and it is expected to continue expanding in the near future. This growth reflects a broader trend toward health and wellness, as consumers seek out supplements to support their overall health and mitigate lifestyle-related health issues.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Strengthen Their Product Portfolios
The global dietary supplements market is witnessing major companies like Amway and Abbott actively working to consolidate their positions. These companies are strengthening their product portfolios by acquiring other firms, allowing them to enhance their competitive edge in the fiercely contested marketplace. Additionally, other industry players are implementing various strategies, including the introduction of new products and forming collaborations and partnerships. These initiatives are anticipated to significantly contribute to the overall growth of the market, reflecting the dynamic nature of the dietary supplements sector.
Industry Development:
- April 2020: DSM, a leading food supplements provider, announced the acquisition of Glycom. According to the company, the valuation is worth Euro 765 million and is expected to expand its footprint in the lucrative business of food supplements.
List of the Companies Operating in the Market:
- Amway Corp (Michigan, United States)
- Abbott (lllinois, United States)
- Nestle S.A. (Vevey, Swizerland)
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (lllinois, United States)
- Glanbia Nutritionals (lllinois, United States
- Otsuka Holdings Co. Ltd. (Tokyo, Japan)
- Arkopharma (Carros, France)
- Pfizer Inc. (New York, United States)
- GlaxoSmithKline plc (Brentford, United Kingdom)
Blog Related Insights:
Comments
0 comment