The global dietary supplements market is anticipated to witness substantial growth, projected to reach USD 128.64 billion by 2028, with a remarkable compound annual growth rate (CAGR) of 8.68% from 2021 to 2028. This growth can be attributed to the rising demand for personalized dietary supplements and the increasing prevalence of chronic diseases, such as diabetes, hypertension, high cholesterol, and various heart conditions. According to the latest report by Fortune Business Insights 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 maintain its upward momentum in the years to come.
Information Source: https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
Surging Demand for Immunity Boosting Diet amid COVID-19
The COVID-19 pandemic has exerted significant pressure on healthcare services, with frontline workers, including medical professionals and nurses, tirelessly striving to contain the virus's spread. In response, government agencies have encouraged citizens to adopt healthy and nutritious dietary practices to help combat the disease. This heightened focus on health is expected to drive a surge in demand for dietary supplements that promote overall well-being and optimal bodily functions by providing essential vitamins and minerals. Consequently, the global market for dietary supplements is projected to experience positive growth in the near future.
Dietary supplements are designed to enhance 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. Consuming 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 provides a thorough analysis that includes both quantitative and qualitative assessments of key growth factors, highlighting essential drivers and constraints. Additionally, the report offers insights into regional analyses, showcasing various regions that contribute to market expansion.
The competitive landscape is extensively examined, featuring leading companies and their strategic initiatives, such as product launches, partnerships, and collaborations, which are expected to enhance market growth from 2020 to 2027. Furthermore, the research employs various methodologies, including PESTEL and SWOT analyses, to gather information on current trends and industry developments that are likely to drive market growth in the upcoming years.
DRIVING FACTORS
Increasing Demand for Personalized Dietary Supplements to Bolster Growth
A 2018 research study by Epsilon revealed that around 80% of consumers found personalization services appealing. Today, this demand for personalized experiences has expanded significantly, with consumers expecting tailored solutions in everything from custom designer apparel to restaurants accommodating specific dietary requirements. This trend is also evident in the dietary supplements market, where products are increasingly sought to address individual health concerns, particularly those related to lifestyle diseases such as obesity, cardiovascular issues, and diabetes. As these conditions can vary widely from person to person, there is a growing demand for personalized supplement programs. This shift towards customization is anticipated to further propel 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 expected to see substantial growth, fueled by the rising consumption of dietary supplements in response to the increasing prevalence of vitamin deficiencies among the population. In 2019, this segment held a market share of 37.14% and is projected to continue its dominance in the food supplements market. This trend underscores growing consumer awareness of the vital role vitamins play in overall health and well-being, further driving demand for vitamin-based dietary supplements.
REGIONAL INSIGHTS
Increasing Demand for Nutritional Products in Asia-Pacific to Aid Growth
The Asia-Pacific market is projected to witness significant growth in the coming years, driven by a rising demand for nutritional food products, including dietary supplements. Increased health consciousness among populations in countries like India and China is expected to further enhance this growth.
In North America, substantial growth is also anticipated, fueled by the increasing prevalence of lifestyle diseases and the aging population from 2020 to 2027. In 2019, the North American market was valued at USD 11.95 billion and is expected to continue expanding in the near future. This growth reflects a broader trend toward health and wellness, as consumers actively seek out supplements to support their overall health and address lifestyle-related health issues.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Strengthen Their Product Portfolios
The global dietary supplements market is characterized by major companies such as Amway and Abbott actively consolidating their positions. These firms are enhancing their product portfolios through acquisitions, which allows them to improve their competitive edge in a highly contested marketplace. Additionally, various industry players are implementing strategies like launching new products and forming collaborations and partnerships. These initiatives are expected to significantly contribute to overall market growth, reflecting the dynamic and evolving nature of the dietary supplements sector.
The emphasis on innovation and strategic partnerships not only allows these companies to expand their offerings but also helps them respond effectively to changing consumer preferences, such as the increasing demand for personalized dietary solutions. This competitive landscape positions the market for sustained growth, as companies adapt to the evolving health and wellness trends driving consumer behavior.
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)
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