Dietary Supplements Market 2023-2028 | Industry Trends, Size, Growth Statistics, Future Forecast

Dietary Supplements Market 2023-2028 | Industry Trends, Size, Growth Statistics, Future Forecast
MarketsandMarkets™
Dietary Supplements Market by Type (Botanicals, Vitamins, Minerals, Amino Acids, Enzymes, Probiotics), Function, Mode of Application, Target Consumer, Distribution Channel (Pharmacy, Supermarket/Hypermarket, Online) and Region

The dietary supplements market is estimated at USD 167.5 billion in 2023 and is projected to reach USD 239.4 billion in 2028, at a CAGR of 7.4%. A dietary supplement is a product intended for ingestion that contains a “dietary ingredient” intended to supplement the diet. The term “dietary ingredient” includes vitamins, minerals, herbs, botanicals, amino acids, enzymes, and probiotics that are part of the food supply. Some of the other key ingredients include concentrates, metabolites, constituents, extracts, or combinations of any dietary ingredient from the preceding categories. Dietary supplements may be found in many forms, such as pills, tablets, capsules, gummies, soft gels, liquids, and powders. They can also be in the same form as a conventional food category, such as teas or bars.

Dietary Supplements Market

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Key Highlights the Dietary Supplements Market

Here are some key highlights of the dietary supplements market:

1. Growth Trajectory: The dietary supplements market has been on a consistent growth trajectory over the past decade, driven by increasing health consciousness and a growing aging population.

2. Consumer Health Awareness: Rising awareness about the importance of health and wellness has led consumers to seek dietary supplements as a convenient means of addressing nutritional gaps.

3. E-commerce Boom: Online retailing and e-commerce platforms have played a significant role in boosting the dietary supplements market, making products more accessible to consumers.

4. Sports Nutrition: The sports nutrition segment within dietary supplements has experienced substantial growth due to the increasing interest in fitness and athletic performance.

5. Personalized Nutrition: The trend of personalized nutrition is influencing the market, with companies offering tailored dietary supplement solutions based on individual health profiles.

The sports nutrition function segment is projected to grow at the highest rate during the forecast period.

Many sports nutrition supplements available today include multivitamins, branched-chain amino acids (leucine), omega-3 fatty acids, glucosamine, glutamine, beta-alanine, beetroot, and green tea extract, each of which provides different performance benefits. In general, all humans require an adequate amount of macro and micronutrients. However, due to extreme exertion athletes need to monitor their food intake. Sports nutrition supplements provide them with all the required nutrients, which is why this category is projected to grow fastly in the dietary supplements market.

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Challenge: Consumer skepticism and fake supplements associated with nutraceutical products

Nutraceuticals refer to food ingredients and dietary supplements that provide certain medicinal benefits. The adoption and use of nutraceuticals are increasing due to an increase in clinical disorders. For example, there are supplements which are for people suffering from diabetes, it provides the optimum amount of fiber and protein to reduce insulin spike. However, there is a rise in consumer skepticism over these products due to the lack of availability of experimental evidence, false advertisement, and stringent regulatory framework.

North America holds the highest market share during the forecast period.

North American nutrition and supplements hold the largest market share and are expected to expand further. North American population has become more aware of health and adopting dietary supplements as a part of their daily diet regime, to have overall benefits on health and weight. The population in the region is more prone to lifestyle disorders like diabetes, obesity, and blood pressure, due to improper diet. The region is more inclined towards consuming junk and processed food that are devoid of nutrition, which gives rise to health disorders. Additionally, the trend of consuming vegan and less processed food is leading to the increased intake of dietary supplements to tackle nutritional deficiencies. Additionally, South Africa seems to be a potential market, in terms of production and consumption of dietary supplements. The general trend of malnourishment and other nutritional deficiencies is seen in the population in the South African region. Together, it drives the overall dietary supplements market.

Key Players in Dietary Supplements Market

Key players in this market include Nestle (Switzerland), Abbott (US), Amway Corp (US), Pfizer Inc. (US), ADM (US), International Flavors & Fragrance (US), Otsuka Holdings Co., Ltd (Japan), Glanbia PLC (Ireland), GSK PLC. (UK), Bayer AG (Germany), Herbalife International of America, Inc. (US), Nature’s Sunshine Products, Inc (US), Bionova (Canada), ArkoPharma (France), American Health (US), Pure Encapsulation (US), H&H Group (Hong Kong), Nu Skin (US), Power Gummies (India), Biomedical Research Laboratories (US), HealthKart (India), NutriScience Corporation (US), Nature’s Essentials (US), and Life Extension (US).

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