Pune, March 06, 2023 (GLOBE NEWSWIRE) -- In 2022, the global dietary supplements Market size was US$ 164.6 Bn. A dietary supplement is a product developed to improve digestion and contains a dietary ingredient that adds additional nutritional value to the diet. This market is estimated to register the highest CAGR of 8.4% between 2023 and 2032, tо rеасh UЅD 361.4 Bn bу 2032. Dietary supplements add nutrients to the diet, lowering the risk of health problems such as osteoporosis, arthritis, etc.
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Key Takeaway:
- By type, the vitamin segment generated the largest revenue share in 2022.
- By form, the tablet segment has dominated the market, and it is predicted to have the highest CAGR over the forecast period from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 34.8%.
- Asia-Pacific will grow at a significant CAGR from 2023-2032.
Dietary supplements are products containing 'dietary ingredients' which enable ingestion. They are available in several forms, including tablets, capsules, powders, energy bars, and liquids, and are aimed at lowering the risk of chronic ailments.
Factors affecting the growth of the dietary supplements industry
There are several factors that can affect the growth of the dietary supplements industry. Some of these factors include:
Top Trends in Global Dietary Supplements Market
The report notes that there is a need for dietary supplements to enhance immune health and provide nutritional value. The dietary supplements market is becoming increasingly globalized, with a greater focus on cross-border collaboration and providing all essential nutritional values to consumers. This is being driven by the increasing number of gyms, sports clubs, and yoga centers.
Market Growth
The dietary supplement market is experiencing tremendous growth due to an increasing interest in bodybuilding and gyms among consumers. Furthermore, there has been a corresponding rise in spending on health, which has further fuelled demand for dietary supplements on the market. The expansion of sports complexes, health clubs and gyms, combined with rising consumer interest in a balanced diet, the rapid rise in obesity rates, and growing consumer health awareness are all driving the market's expansion. Additionally, the rapid expansion of online channels and other retail outlets are offering tremendous growth prospects for the market. Companies are investing heavily in research and development activities as they search for ways to reach a diverse group of customers via new sales channels, further stimulating its expansion.
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Regional Analysis
The dietary supplements market was dominated by North America, which acquired the most significant revenue share owing to increasing preference for dietary supplements among consumers, especially about changing lifestyle patterns, rapid urbanization, and growing disposable income. Asia pacific region will grab a significant market during the forecast period, owing to the increasing population and high awareness regarding health.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Dietary supplement businesses are developing new products and portfolio expansion strategies through investments, mergers, and acquisitions. In addition, several key players are now focusing on marketing strategies, such as spreading awareness about natural ingredients and boosting the target products' growth.
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Dietary Supplements Market: Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 164.6 Billion |
| Market Size (2032) | USD 368.7 Billion |
| CAGR (from 2023 to 2032) | 8.4% |
| North America Revenue Share | 34.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The growing interest and consumer awareness in healthcare and rising living standards are factors driving the growth of the global dietary supplement market. With rapid urbanization, consumers are becoming aware of health issues, and increasing disposable income may also contribute to the development of the dietary supplement market. Additionally, the increasing use of properly labeled, safe, and organic ingredients in manufacturing dietary supplements is expected to spur demand for dietary supplements in the coming years.
Market Restraints
The high cost of premium supplements and the rising cost of dietary supplements in general is predicted to limit market expansion. Also, sometimes they can have side effects such as allergic reactions, nausea, skin reactions, loss of appetite, etc. These are significant challenges the dietary supplement market faces.
Market Opportunities
The introduction of natural dietary supplements in the market creates great opportunities for the dietary supplements market. In addition, with rapid urbanization, consumers are becoming aware of health issues, which may create lucrative opportunities in the dietary supplement market.
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Report Segmentation of the Dietary Supplements Market
Type Insight
Based on type, the vitamin segment is dominant in the market with the largest market share. Vitamins demand is increasing due to working professionals and athletes needing high energy and weight management.
Form Insight
On the basis of form, the tablet segment was dominant in the market and accounted for the largest revenue share in 2022. The higher popularity of multivitamin tablets is because they have simple doses, longer shelf life, higher timeframe, and greater comfort is supposed to impact the tablet segment over the forecast period positively.
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Dietary Supplements Market Segmentation
Based on Type
- Botanicals
- Vitamins
- Minerals
- Amino acids
- Probiotics
- Other Types
Based on Form
- Tablets
- Capsules
- Liquids
- Powders
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Archer-Daniels-Midland (ADM)
- DuPont de Nemours Inc.
- Glanbia PLC Nutritionals
- Koninklijke DSM N.V.
- Pfizer Inc.
- Carlyle Group
- Bayer AG
- Amway Corp.
- Herbalife Nutrition Ltd.
- Nestlé S.A.
- GlaxoSmithKline plc
- BASF SE
- Danone S.A.
- Yakult Honsha Co.Ltd.
- XanGo, LLC
- The Himalaya Drug Company
- Abbott Laboratories
- Other Key Players
Recent Development of the dietary supplements Market
- In February 2022, India's Amway launched delicious gummies and melt-in-the-mouth jelly strips as dietary supplements under the Nutrilite brand name.
- In April 2021, Persona Nutrition launched a personalized vitamin program and Gummy vitamin packs for the whole family. This vitamin package is designed to help you achieve various health goals, including relaxation, immune function, improved focus, and support for everyday wellness.
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