The global dietary supplements market was valued at USD 86.77 billion in 2023 and is projected to grow from USD 93.46 billion in 2024 to USD 182.52 billion by 2032, with a CAGR of 8.73% during the forecast period (2024-2032). Asia Pacific led the dietary supplements market, holding a market share of 41.97% in 2023.
Dietary supplements are products containing one or more dietary ingredients intended for oral consumption. The market's growth is driven by the increasing popularity of sports and athletic performance enhancement supplements. Additionally, the rising consumer demand for addressing daily micronutrient needs and growing consumer spending on health and wellness products are expected to further propel the growth of the dietary supplements market.
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 Dominated the Market with 37.14% Share in 2019 Due to Growing Consumption
The vitamins segment is expected to continue its robust growth, driven by the rising consumption of dietary supplements to address prevalent vitamin deficiencies. In 2019, this segment accounted for 37.14% of the market share and is projected to retain its dominance in the dietary supplements market. The increasing consumer awareness regarding the essential role of vitamins in maintaining overall health and wellness further amplifies the demand for vitamin-based supplements.
What Does the Report Include?
The global human dietary supplements market report provides a detailed analysis, combining both quantitative and qualitative evaluations of the key factors impacting market growth. It offers comprehensive regional insights, highlighting the contributions of various regions to the global market expansion.
The report includes an extensive review of the competitive landscape, focusing on key players and their strategic initiatives, such as product launches, partnerships, and collaborations, expected to drive market growth from 2020 to 2027. Additionally, methodologies like PESTEL and SWOT analyses are used to examine current trends and industry dynamics, offering a well-rounded view of the factors influencing future market growth.
DRIVING FACTORS
Rising Demand for Personalized Dietary Supplements to Accelerate Market Growth
A 2018 study by Epsilon revealed that nearly 80% of consumers preferred personalized services, a trend that has grown over time. This preference for tailored solutions extends to the dietary supplements market, where demand for products addressing individual health concerns—especially those linked to lifestyle-related conditions like obesity, cardiovascular diseases, and diabetes—is increasing. Given the diverse health issues faced by individuals, the demand for personalized supplement programs is expected to rise significantly. This shift toward customization is anticipated to be a major driver of market growth in the global dietary supplements market during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific’s Growing Demand for Nutritional Products to Fuel Market Growth
The Asia-Pacific dietary supplements market is projected to experience strong growth, driven by rising demand for nutritional food products and supplements. Growing health awareness among populations in countries like India and China is expected to be a major driver of this expansion.
The North American market is also poised for significant growth, driven by the increasing 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 expected through 2032. This growth reflects a broader trend toward health and wellness, with consumers increasingly relying on supplements to manage health issues and address lifestyle-related conditions.
COMPETITIVE LANDSCAPE
Merger and Acquisition Activity by Major Players to Strengthen Product Portfolios
The global dietary supplements market is witnessing strategic activity from major players such as Amway and Abbott, who are enhancing their market positions through acquisitions and product diversification. These companies are focused on strengthening their competitive edge by expanding their product portfolios and responding to consumer demand. Additionally, key players are prioritizing innovation by launching new products and forming strategic collaborations and partnerships to cater to changing consumer preferences, particularly the growing interest in personalized dietary supplements.
These innovations and efforts to meet evolving consumer demands are critical drivers of market growth. The industry's adaptability, particularly in aligning with the increasing interest in personalized health solutions, is setting the stage for sustained growth.
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Industry Development:
April 2020: DSM, a leading provider of food supplements, announced the acquisition of Glycom for Euro 765 million. This acquisition is expected to expand DSM's presence in the food supplements sector, tapping into the growing demand for nutritional products.
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