Hyderabad, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Dietary Supplements Market Report (2023-2028)," the market is estimated at USD 133.38 billion in 2023. It is expected to register a CAGR of 4.50% during the forecast period.
The dietary supplements market has experienced a surge in demand for products promoting digestive and immune health after COVID-19. Sales of various supplements, including proteins, vitamins, and omega-3 fatty acids, have seen significant growth in response to the pandemic. Digitization in the retail sector is expected to further boost the growth of the dietary supplements market. The increasing number of fitness centers, health clubs, and gymnasiums, along with growing fitness awareness among youngsters, is driving the demand for energy and weight management supplements.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 133.38 billion |
| Market Size (2028) | USD 166.21 billion |
| CAGR (2023-2028) | 4.50% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Shift toward preventive health management practices. |
| The popularity of herbal supplements. |
Who are the Top Companies in the Global Dietary Supplements Market?
The market has a wide scope, considering the existing companies. With prevalent FDA regulations, the leading players have an upper edge and continue to dominate the market. Major global players have a geographical reach and high brand awareness among consumers. They focus on product innovation, offering different flavors formats like gummies and chewable supplements.
The significant players in the global dietary supplements market are,
- Amway Corporation
- Abbott Nutrition
- Glanbia PLC
- Bayer AG
- Pfizer Inc.
- Suntory Holdings Ltd
- Herbalife Nutrition
- Haleon PLC
- Otsuka Holdings Co. Ltd
- The Bountiful Company
Other Reports That Might Be of Your Interest:
- Global Probiotic Dietary Supplement Market Report - The market is expected to grow from USD 7.81 billion in 2023 to USD 10.32 billion by 2028, at a CAGR of 5.72% during the forecast period (2023-2028).
- Bone and Joint Health Supplements Market Report - The global bone and joint health supplements market is projected to register a CAGR of 6.6% over the next five years.
Key Highlights from the Global Dietary Supplements Market Report:
Increasing Consumer Investment in Preventive Healthcare
- The global healthcare market has been shifting from curative practices to preventive management, leading to an increased emphasis on health supplements. Healthcare costs have risen significantly, prompting consumers to invest in preventive products and services to manage simpler metabolic disorders.
- Vegan and all-natural supplements have gained popularity as consumers seek healthier and more sustainable options. Probiotics, which promote gut health, have experienced substantial growth in demand, driving sales of various supplement formats.
- Producers of dietary supplements are expanding their offerings to include applications, formulations, and therapeutic benefits beyond traditional uses to meet consumer demands and increase sales.
Fastest Growing Market in Asia-Pacific
- The Asia-Pacific dietary supplements market has experienced rapid growth in both developed and developing countries. Factors such as growing awareness about health supplements, a rising population, and increasing disposable incomes are driving the market's growth in the region.
- Countries like India, China, and Japan have seen an increased demand for supplements due to their considerable aging populations.
- The availability of raw materials in the region offers significant investment opportunities, particularly for herbal and Ayurveda extract-based products.
What are the Latest Developments in the Global Dietary Supplements Market?
- In September 2022, Abbott launched a new Ensure formulation with HMB (hydroxy-methyl butyrate) with 32 essential nutrients such as protein, calcium, and vitamin D to help improve muscle and bone strength.
- In August 2022, Optimum Nutrition launched Gold Standard Protein Shake in two flavors, chocolate and vanilla. Each serving contains 24 grams of protein.
Mordor Intelligence has Segmented the Global Dietary Supplements Market Based on Type, Form, Health Application, Distribution Channel, and Geography.
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Vitamins & Minerals
- Herbal Supplements
- Proteins and Amino Acids
- Fatty-acids
- Prebiotics & Probiotics
- Other Types
- By Form (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Tablets
- Capsules
- Powders
- Gummies
- Softgels
- Liquids
- Other Forms
- By Health Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- General Health
- Bone & Joint Health
- Energy & Weight Management
- Gastrointestinal Health
- Immunity
- Cardiac Health
- Diabetes
- Skin/Hair/Nails
- Other Health Applications
- By Distribution Channel (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Pharmacies and Drug Stores
- Supermarkets/Hypermarkets
- Online Retail Channels
- Other Distribution Channels
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- Spain
- United Kingdom
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Dietary Supplements Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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