A dietary supplement is produced to add nutrients to the diet and lower the risk of health problems such as osteoporosis and arthritis. It is available in the form of capsules, powders, gel tabs, pills, extracts, and liquids and contains minerals, vitamins, fiber, herbs, amino acids, enzymes. Dietary supplement is ideal for people who don't get enough intake vitamins and minerals from the normal diet. Weight loss, sports nutrition, general wellbeing, immune and digestive health, bone and joint health, heart health, and other specific requirements are some of the major applications of dietary supplements. They are easily available in health & beauty stores, internet, pharmacies/drugstores, hypermarket/supermarket, and direct selling.
Dietary supplements market was valued at US$ 160.6 Billion in 2021 in terms of revenue, exhibiting a CAGR of 8.0% during the forecast period (2022 to 2030).
The increasing population of baby boomers around the globe is expected to propel the market growth of dietary supplements. In 2021, according to the United Nations Department of Economic and Social Affairs, 437 million people in China are projected to be aged above 60 years by 2050. India would have 324 million people above 60 years of age, while 107 million and 58 million people are anticipated to be aged above 60 in the U.S. and Brazil, respectively, by 2050. Moreover, the population above 60 years of age is estimated to expand 3.5 times than the total population from 2025 to 2030.
Rising awareness regarding the benefits of dietary supplements is expected to augment the market growth over the forecast period. According to the CRN 2017, Survey on Dietary Supplements conducted by Ipsos Public Affairs 66% of the U.S. adults—more than 170 million—take dietary supplements. The survey also found that vitamins/minerals are the most commonly consumed supplement category, consistent with the previous surveys. Hence, this is expected to accelerate the market growth of dietary supplements.
The unprecedented outbreak of the COVID-19 pandemic has largely affected North America and European countries such as the U.S, Italy, Spain, the U.K., France, and Germany. The dietary supplement industry is largely concentrated in these regions which in turn benefitted from the situation as the market witnessed a surge in demand for immunity-boosting supplements.
Regionally, North America dominated the global dietary supplements market in 2018, reporting 32% market share in terms of revenue, followed by Europe and Asia-pacific, respectively.
Figure 1. Global Dietary Supplements Market Value Share (%), By Region, 2021
Dietary supplements have side-effects and risks such as Rashes, shortness of breath, diarrhoea, severe joint or muscle pain, slurred speech and blood in the urine, this hinders the market growth of dietary supplements. For instance, people seeking weight loss supplements may face problems associated with the liver. Hence, dietary supplements do have side-effects and this factor is expected to restrict the market growth of dietary supplements.
|Base Year:||2021||Market Size in 2021:||US$ 160.6 Bn|
|Historical Data for:||2017-2020||Forecast Period:||2022|
|Forecast Period 2022 to 2030 CAGR:||8.0%||Forecast Period:||2022-2030|
Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE
|Restraints & Challenges:||
Growing preferences for vegan supplements due to the shifting preferences of people for vegan food is projected to propel the market growth of dietary supplements. For instance, in March 2019, GHT(Group Health Trust) Companies introduced Vegan Life Nutrition (VLN), to provide nutritional supplements that are completely free of animal products. Therefore, the rising trend of eating vegan food is estimated to foster the market growth of dietary supplements.
Figure 2. Global Dietary Supplements Market Value Share (%), By End-use, 2021
On the basis of end-use, women dominated the global dietary supplements market in 2021 with around 52% of market share in terms of revenue, followed by men and senior citizen, respectively.
Key players operating in the dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE
The global dietary supplements market has witnessed a surge of growth in terms of revenue in recent past years, owing to the increasing awareness about health benefits of dietary supplements is driving growth of the market globally. Dietary supplements are used in order to treat nutritional deficiency in the human body. Dietary supplements consist of vitamins, minerals, proteins, and other necessary ingredients.
Health benefits that are associated with consumption of dietary supplements are reduction in signs of aging and improved cardiovascular health, among others. There has been increasing focus among women on maintaining healthy skin, hair, and nails, as well as a rising need to prevent premature skin aging, and rising preference for effective and safe beauty solutions. Such factors are expected to drive growth of the dietary supplements market during the forecast period.
Increasing costs of healthcare & medicines has led people towards shifting towards dietary supplements to stay healthy. Dietary supplements provide health benefits such as lowering cholesterol & cardiovascular diseases, prevention of cold & flu, strengthening the immune system, prevention of migraine headaches, treatment of rheumatic diseases, allergies, triglyceride levels and blood pressure and cognitive diseases at lower costs. Rising demand for organic and natural products is aiding growth of the global nutritional supplements market.
‘Self-care’ has now become an essential part of the modern consumer’s lifestyle. The growing emphasis on holistic health and immunity has resulted in some significant dietary changes among consumers. The use of vitamins, minerals, immunity-boosting foods, organic products, supplements, and other nutritional supplements has increased significantly. Though the ongoing pandemic has increased the focus on immunity, it is widely known that having a healthy immune system can help reduce the risk or severity of diseases and infections. It is also a key factor that, when combined with proper nutrition, can enhance the body's natural defenses. As people become more conscious of holistic wellbeing, the demand for immunity-boosting products has increased significantly. People are increasingly shifting to herbal supplements and other dietary supplements to address their health concerns.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section