The advancement in technology and growing health awareness towards the weight management among all age groups promises substantial opportunity for market growth
The global Dietary Supplements market size is projected to reach nearly USD 229.5 billion by 2028. Additionally, the market is forecasted to grow a CAGR of above 7.8% over the forecast period of 2020-2028. The global dietary supplements market is growing, due to increasing health awareness towards weight management among all age groups as a result of extensive brand campaigning by nutritional product manufacturers. The global dietary supplement industry is also driven due to the rising prevalence of chronic diseases such as arthritis, cardiovascular problems, and diabetes and favorable outlook towards medical nutrition. Additionally, increasing preference for sports activity as an academic curriculum in education systems and the positive outlook towards sports nutrition is among the major market drivers.
In addition, rise in the number of sports centers, fitness centers and gymnasiums is expected to drive the growth. Moreover, fluctuations in diet intervals among working individuals coupled with the hectic work schedules has generated the need for nutrition from external sources such as dietary supplements is anticipated to bolster the market. The growing interest of the adult population in personal fitness has spiked the demand for vitamins, and minerals or dietary supplements since they provide preventive measures against health problems. However, lack of awareness about consumption dosage of supplements and its rising prices are some of the factors expected to hinder the overall growth of dietary supplement market at a global level.
The report also outlines the various characteristics of the global Dietary Supplements industry by assessing the market from value chain analysis. Moreover, the Dietary Supplements market report comprises various qualitative parts of the Dietary Supplements industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The Dietary Supplements market has huge competition amongst the already well-known and new market players. Also, the Dietary Supplements industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Segmentation of dietary supplements market is done on the basis of ingredients type, forms, users and regional. Vitamins is projecting the global dietary supplement market ahead with the CAGR of 8.5%. Vitamins have the ability to excrete out easily by kidneys along with its more application among working professionals and sports athletes in the form of multivitamin tablets, powders, and liquids. Tablets topped the forms segment with 35% share in 2020, and is anticipated to expand at an impressive rate on the basis of its primary attributes that make tablets appealing among manufacturers are ease of formation, availability in numerous sizes, shapes, and formulation flexibility. On the basis of users, adults are leading the market with the CAGR of 8.0%.
The changing mind set of adults from curative to preventive healthcare and the rising incidences of obesity and related diseases among adults have driven the need for low in fat and calories dietary supplements. Asia Pacific led the global market in 2018 with more than 40% market share, followed by the North America, Europe and Rest of World (RoW) respectively. During the forecast period, the Asia Pacific region is anticipated to maintain its global market dominance and recording the highest incremental growth due to the emerging trend of personalized nutrition and individualized dietary guidelines for gym professionals indicates that one-third of consumers take dietary supplements to complete their nutrition goals in this region.
The global dietary supplements industry is highly competitive with low barriers to entry. The dietary supplement market is marked by the presence of several manufacturers who are moving towards new sales channels to expand their reach to a diverse and broad range of customers. Some of the leading industry players include ADM, Inc., Abbott Laboratories, Carlyle Group, Amway, Glanbia Nutritionals, Bayer AG, Herbalife International, and GSK (GlaxoSmithKline).
Segment Overview of Global Dietary Supplements Market
Ingredients Overview, 2018-2028 (USD Billion)
- Protein & Amino acids
- Omega Fatty acids
Form Overview, 2018-2028 (USD Billion)
- Soft Gels
User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America