The global dietary supplements market revenue was valued at USD 86.77 billion in 2023 and is expected to grow from USD 93.46 billion in 2024 to USD 182.52 billion by 2032, registering a CAGR of 8.73% during the forecast period (2024-2032). In 2023, the Asia Pacific region dominated the market with a significant share of 41.97%.
Dietary supplements, comprising at least one dietary ingredient, are consumed orally to support overall health. The market's growth is largely attributed to the rising demand for sports and athletic performance-enhancing supplements. Additionally, a growing focus on meeting daily micronutrient requirements and increased consumer spending on health and wellness products are expected to drive further expansion of the dietary supplements industry.
Information Source: https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
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)
SEGMENTATION
Vitamins Segment Held a Market Share of 37.14% in 2019 Owing to Increasing Consumption
The vitamins segment is poised for substantial growth, fueled by the increasing consumption of dietary supplements to address widespread vitamin deficiencies. In 2019, this segment accounted for 37.14% of the market share and is expected to maintain its dominance in the dietary supplements market. This growth trend is driven by rising consumer awareness of the critical role vitamins play in promoting overall health and wellness, further amplifying demand for vitamin-based supplements.
What does the Report Include?
The global human dietary supplements market report delivers a comprehensive analysis, blending quantitative and qualitative evaluations of the key factors driving and restraining market growth. It also offers detailed regional insights, identifying the contributions of various regions to overall market expansion.
The report provides an in-depth review of the competitive landscape, spotlighting major companies and their strategic initiatives, including product launches, partnerships, and collaborations, which are anticipated to propel market growth from 2020 to 2027. Furthermore, methodologies such as PESTEL and SWOT analyses are utilized to examine current trends and industry dynamics, offering a thorough perspective on the factors expected to influence market growth in the coming years.
DRIVING FACTORS
Increasing Demand for Personalized Dietary Supplements to Bolster Growth
A 2018 study by Epsilon found that nearly 80% of consumers favored personalized services, and this preference has only intensified over time. Consumers now expect tailored solutions across various industries, from bespoke designer clothing to restaurants accommodating specific dietary requirements. This trend is increasingly shaping the dietary supplements market, where demand for products addressing individual health concerns, particularly lifestyle-related conditions like obesity, cardiovascular diseases, and diabetes, is on the rise. As these health issues vary significantly among individuals, the demand for personalized supplement programs continues to grow. This shift toward customization is projected to be a key driver of growth in the global dietary supplements market during the forecast period.
REGIONAL INSIGHTS
Increasing Demand for Nutritional Products in Asia-Pacific to Drive Growth
The Asia-Pacific dietary supplements market is anticipated to witness robust growth in the coming years, driven by rising demand for nutritional food products and supplements. Increased health consciousness among populations in countries like India and China is expected to be a major growth driver.
Similarly, the North American market is poised for notable expansion, fueled by the growing prevalence of lifestyle-related diseases and an aging population. In 2019, the North American dietary supplements market was valued at USD 11.95 billion, with consistent growth projected through 2032. This trend reflects a broader focus on health and wellness, as consumers increasingly turn to supplements to address health concerns and manage lifestyle-related conditions.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Strengthen Their Product Portfolios
The global dietary supplements market is witnessing dynamic activity from major players like Amway and Abbott, who are reinforcing their positions through strategic growth initiatives. These companies are actively diversifying their product portfolios via acquisitions, enhancing their competitive advantage in an increasingly fast-paced industry. Additionally, key players are prioritizing innovation, launching new products, and forming strategic collaborations and partnerships to cater to evolving consumer demands.
This emphasis on innovation and responsiveness to shifting consumer preferences—particularly the growing interest in personalized dietary solutions—is a significant driver of market growth. These efforts highlight the industry's adaptability, positioning it for sustained expansion as companies align with emerging health and wellness trends, shaping both consumer behavior and market dynamics.
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.
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