Dietary Supplements Market - Forecast(2023 - 2028)

Dietary Supplements Market Overview

Dietary Supplements Market size is estimated to reach $239.2 billion by 2027, growing at a CAGR of 8.5% during the forecast period 2022-2027. A dietary supplement is a concentrated supply of important nutrients that are taken from food or produced chemically. Dietary supplements are used to meet the nutritional needs of the human body and are typically taken in the form of a pill, capsule, tablet, or liquid. Depending on the needs of the consumer's body, a supplement can give nourishment alone or in combination. Vitamins, minerals, herbs, enzymes, amino acids, and other substances abound in dietary supplements. The major purpose of supplement consumption is to address nutritional gaps in the body in order to avoid diseases and other lifestyle-related issues. Supplements come in a variety of formats, including tablets, pills, powders, capsules, gel caps, and liquids. Vitamins, herbs, minerals, carbohydrates, and fatty acids in dietary supplements help customers stay healthy and avoid nutritional deficiency disorders. Dietary supplements contain omega 3 fatty acids and essential fatty acids that help in various heart issues. Some dietary supplements are botanical as they are made from plants or parts of plants for medical and therapeutic purposes. Glucosamine is widely marketed for pain management in osteoarthritis and is classed as a "safe dietary supplement." Probiotic supplements have grown increasingly popular among many communities throughout the world in order to improve nutrition and health. Dietary supplements labeled as probiotics include an extensive assortment of microorganisms and quantities. Numerous of these supplements have not been investigated. Therefore, their health impacts, if any, are not recognized. Dietary supplements (DSs) use has become a growing trend worldwide and according to World Health Organization (WHO), in 2021 about 25% of individuals consume dietary supplements.

The surging consumer awareness towards personal health and wellbeing is set to drive the Dietary Supplements Market. The proliferating reliance on dietary supplements to fulfill the requirement of nutrients and vitamins owing to their soaring convenience, preferred by working populations attributed to their frantic work schedules and altered lifestyles is set to propel the growth of the Dietary Supplements Market during the forecast period 2022-2027. This represents the Dietary Supplements Industry Outlook. 

Dietary Supplements Market Report Coverage

The report: “Dietary Supplements Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Dietary Supplements Market.

By Type - Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others.
By Form - Tablet, Liquid, Capsules, and Powder.
By Geography - North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).

Key Takeaways

• Geographically, Asia-Pacific (Dietary Supplements Market) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the surging health consciousness among consumers which is encouraging them to adopt health-enhancing supplement products in their every-day life.
• Dietary Supplements Market growth is being driven by the heightening spending on healthcare products, the expanding geriatric population, soaring interest in preventive healthcare, and developing interest in accomplishing wellness by way of diet. However, there is no worldwide consensus on how the classification of products recognized differently as dietary supplements, natural health products (NHPs), complementary medicines, or food supplements in distinct countries is defined and this is one of the major factors hampering the growth of Dietary Supplements Market.
• Dietary Supplements Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Dietary Supplements Market report. 

Dietary Supplements Market - Market Share (%) by Region, 2021

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Dietary Supplements Market Segmentation Analysis - By Type

The Dietary Supplements Market based on type can be further segmented into Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others. The Vitamins Segment held the largest market share in 2021. This growth is owing to the surging requirement for energy and weight management among working professionals and athletes. Owing to the increased convenience index in terms of consumption, users consume multivitamins through pills, powder, and liquid. In different nations, the deficiency of vitamins among the population is becoming increasingly common. The surging application of dietary supplements to fulfill the everyday dose of vitamins is further propelling the growth of the Vitamins segment. 

Furthermore, the Proteins segment is estimated to grow with the fastest CAGR of 10.1% during the forecast period 2022-2027 owing to the proliferating application of dietary supplements including proteins attributed to the surging inclination of consumers toward weight management and bodybuilding in conjunction with diverse applications of protein supplements in muscle growth, fatigue reduction, increased mental focus, and enhanced recovery.

Dietary Supplements Market Segmentation Analysis - By Form

The Dietary Supplements Market based on the form can be further segmented into tablets, liquids, Capsules, and Powder. The Tablet Segment held the largest market share in 2021. This growth is owing to the ease of administration, low cost, longer shelf life, and convenience of multivitamin products in the form of tablets. There is a greater demand for tablet multivitamins. The dosage in tablets is well defined. Therefore, the application of dietary supplements in the form of tablets is growing among the population which is further propelling the growth of this segment.

Furthermore, the Liquid segment is estimated to grow with the fastest CAGR of 9.7% during the forecast period 2022-2027 owing to the liquid dietary supplements being liposomal compounds that distribute uniformly in water, making them easy to consume, the liquid form permitting for more effortless mix production, resulting in heightened application in yogurt, smoothies, and other energy drinks and the greater accessibility of liquid supplements in different grocery stores and easy-to-promote synergy of nutrients with liquid supplements.

Dietary Supplements Market Segmentation Analysis - By Geography

The Dietary Supplements Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific (Dietary Supplements Market) held the largest share with 36% of the overall market in 2021. The growth of this region is owing to the rising awareness regarding health supplements, and a growing population. Owing to the considerable presence of the aging population in developing countries like India, China, and Japan, supplement demand has surged in current years. Furthermore, the increased prevalence of lifestyle disorders like obesity, diabetes, and others is driving the demand for dietary supplements. The predominance of Diabetes has climbed by 64% in India in 2019, as per the Indian Council for Medical Research. The increasing predominance of Diabetes in countries like India is further propelling the growth of the Dietary Supplements Market in the Asia-Pacific region.

Dietary Supplements Market - Drivers

Growing Number Of Cardiovascular Diseases Has Readily Supported The Market Growth

Globally, cardiovascular disease (CVD) is presently the leading cause of death and it is a significant public health issue. Furthermore, as a result of the western impact on lifestyle, an aging population, and poor dietary habits, cardiovascular disease is on the rise. According to World Health Organization, around 17.9 million people die every year owing to cardiovascular diseases in 2020. Owing to such factors, people are concerned about their health and consume more dietary supplements in order to reduce the risk of cardiovascular diseases. Dietary supplements contain folic acid and vitamins B which show benefits for various cardiovascular diseases like stroke. The growing number of cardiovascular diseases is therefore propelling the growth of the Dietary Supplements Market during the forecast period 2022-2027.

Increasing Health Consciousness Among Consumers Is Fuelling The Dietary Supplements Market

The demand for dietary supplements is increasing among health-conscious people owing to their preference for products that are rich in vitamins, minerals, proteins, and more. Consumers who are more health-conscious are more likely to use supplements owing to the products being associated with preventive health behaviors. According to the National Institute of Health, the sales of dietary supplements increased at a rate of 38% in 2019. Growing numbers of healthy people are taking dietary supplements as they can be used to correct micronutrient deficiency or maintain an adequate intake. The increasing health consciousness among consumers is therefore fuelling the growth of the Dietary Supplements Market during the forecast period 2022-2027.

Dietary Supplements Market - Challenges

High Costs of Dietary Supplements Are Hampering The Market Growth

Dietary supplements have a high price tag, which could function as a significant barrier to market expansion. Dietary supplements also involve the high cost of research and customization that further increases the price of dietary products. Dietary supplements can cost approximately $60 a bottle which is considered expensive for some people. Thus, its consumption reduces among the population which in turn hampers the market growth. This issue is hampering the growth of the Dietary Supplements Market.

Dietary Supplements Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Dietary Supplements Market. The Dietary Supplements top 10 companies are:

1. Abbott Laboratories
2. Herbalife Nutrition Ltd.
3. Nestle S.A.
4. Koninklijke DSM N.V
5. Amway
6. Arkopharma
7. Pfizer Inc.
8. GlaxoSmithKline Plc.
9. Archer Daniels Midland Company
10. Glanbia Nutritionals

Recent Developments

• In October 2020, Abbott Laboratories introduced strawberry-flavored food supplements in India. This product launch helps strengthen the company’s dietary supplements portfolio.
• In April 2020, DSM, one of the leading food supplements producers and distributors had acquired Glycom, in order to increase the product portfolio of dietary supplements.
• In October 2019, to fulfill nutritional supplement demand in the North American market, Herbalife introduced a relaxation tea and new immune basics featuring EpiCor. This would add to the company's dietary supplement product portfolio.

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