Global Dietary Supplements Market to Surpass $227.4 Billion | US Spends Over USD 32.2 Billion on Supplements Each Year

Global dietary supplements market was valued at USD 159.2 billion in 2021, and it is expected to reach a value of USD 227.4 billion by 2028, at a CAGR of more than 7.9% over the forecast period (2022- 2028).

Westford, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- SyQuest’s recent survey on global Dietary Supplements Market has found that Americans spend around USD 32.2 billion a year on weight-loss supplements. Out of this, USD 2.1 million is spent only on weight loss supplements. It is one of the 20 top reasons why people take supplements. Dietary supplements hold a 9.2% share of the entire healthcare spending that is done in America. The average supplements store is observed to make USD 1 million per year. It is also observed that around 64% of women use supplements whereas around 51% of men use them. For women and men 60 years old and over, around 80.2% and 67.3% take supplements respectively.

Dietary supplements are orally consumed products that consist of at least one dietary ingredient in them. They help get essential nutrients into the body if one is devoid of a properly nutritious diet. They come in various forms including tablets, gummies, capsules, powders, energy drinks, and energy bars. In the advent of the pandemic, obesity and overweight issues have shaken the world in the dietary supplements market. It has led to an increase in people’s desperate attempts to consume such supplements for easy and quick weight reduction.

Dietary supplements have increased in their market size over the years and due to the pandemic, the market size has grown 2x in the last few years. With the rise of different supplements ordered by consumers, it can be narrowed down to the demand of the following: immunity-boosting supplements, vegan-friendly, collagen and sports nutrition, and bodybuilding.

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Tops Concerns of Consumers Dealt with by the Suppliers of the Dietary Supplements Market

  1. Immune support: The need for immune-boosting supplements which consist of zinc, vitamin, C Vitamin D and magnesium has increased post-pandemic. In a survey, It was found that the dietary supplements market saw a boost which came from the immunity boosting and cold and flu supplements. With 17 out of 20 such supplements being vitamin types, the immunity supplements saw that almost 57% of the vitamins are Vitamin C itself.
  2. Collagen and Mental Health support: In a recent survey it was found that 47% of the people concerned with health issues worry about mental health. Depression is the leading cause of disability globally. With 970 million people in the world suffering from mental disorders, more and more people are concerned with treating their mental health issues post-COVID-19 pandemic. Supplements serving support for mental health are being doled out by companies in the market of vast demand which contain ingredients like CBD and adaptogenic blends,. Vitamin B12 and vitamin D sectors have seen exponential growth as these are linked to the enhancement of mental health.
  3. Collagen support: In the dietary supplements market, collagen supplements is estimated to grow by 9% annually as it is gradually growing in its demand. The market size value of collagen supplements is currency USD 2.08 billion and with its gaining popularity of improving skin, hair, and joint health, it is expected to grow gradually.
  4. Sleep support: Studies show that insomnia is prevalent in at least 10% to 30% of the global population. 75% of people over 65 have insomnia, and 1 out of 10 people have chronic insomnia symptoms. This has led to an increase in the demand for sleep support supplements which consist of magnesium and melatonin. Sleep supplements leave a vast and key opportunity in the dietary supplements market as health experts these boost immune, health, and mental system of a person.
  5. Vegan supplements: In a survey, out of 41% of vegan, vegetarian, and pescatarians, 9% are vegan. The vegan population is increasing at a fast pace, with about a 40% rise in veganism in 2020. It is set to drive the market of vegan supplements as the demand for vegan edibles and consumables increases.
  6. Gummies: As of 2021, the gummy supplements market was valued at USD 9467 million. A recent study by SkyQuest shows that around 37% of the population of the US likes to take vitamin supplements which are in form of gummies. They are chewy and enjoyable and are expected to gradually propel the dietary supplements market.  Abbott’s Arachitol gummies (India), Healthy Care’s Jellee+ jelly sticks (Australia), and Calbee’s Nyumin’s orange-flavored gummies are the new launches in the gummy supplements market.
  7. Personalized support: Brands like Nourished and Persona provide customized supplements for children. With rising health issues in people around the world, people tend to rely on shopping for supplements that fit well into their range of health issues and customization is the key to this near-future rise in demand for such supplements.

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SkyQuest has published a report which gives an in-depth analysis of the current trends and challenges in the global dietary supplements market. It has studied the top company profiles and based on their activities like M&A, collaborations, partnerships, innovative launches, and investments in R&D and prepared the report to give a detailed insight into how the market is faring and expected to do so in the near future. It strives to help businesses find potentials that remain untapped in the market. For further information

How is the Dietary Supplements Market Expected to Fare in the Future?

The rise in the adoption of the ketogenic diet has had a massive impact on the dietary supplements market. The market has a gaping scope for new innovations and launches in the ketogenic segment where the focus is on losing weight and gaining strength. It is expected by 2030, 1 billion people will be living with obesity. The ketogenic diet being a popular and hassle-free diet, while also being cost-effective, has made its adoption rate increase, and subsequently, the supplements market has received a growth boost.

Many developed countries are witnessing growth in demand for plant-based supplements. This colossally opens the market for businesses targeting weight loss supplements to establish their foothold to dole out innovative plant-based supplements products. Artificial sweeteners, synthetic fillers, and harmful chemicals are found in various supplements and with the population growing in consciousness, prefer plant-based supplements which are devoid of such issues.

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Recent developments in the global dietary supplements market give an insight into how the market is expected to fare. In April 2022, Abbott launched Arachiton which is a gummy dietary supplement for vitamin D. They are tasty, chewable, and can be enjoyed by adults and children alike.

SkyQuest has studied over 100 recent developments in the dietary supplements market and compiled a report based on the data on consumer behavior, and changes in the business models, considering the consumers’ busying decisions and various companies’ strategies. An in-depth analysis based on the challenges or hindrances expected to face is created, along with opportunities and innovations on demand that can help businesses overcome them and gain a competitive edge in the market.

Top Players in Global Dietary Supplement Market

  • Amway Corp. (US)
  • Glanbia PLC (Ireland)
  • Abbott (US)
  • Bayer AG (Germany)
  • Pfizer Inc. (US)
  • ADM (US)
  • Nu Skin Enterprises, Inc. (US)
  • GlaxoSmithKline plc (UK)
  • Bionova (China)
  • Ayanda (Germany)
  • Arkopharma (France)
  • GlaxoSmithKline plc (UK)
  • Nature’s Sunshine Products, Inc (US)

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