Coherent Market Insights

Dietary Supplements Market to Surpass US$ 312.33 Bn by 2031

Dietary Supplements Market to Surpass US$ 312.33 Bn by 2031 - Coherent Market Insights

Publish In: Apr 22, 2024

The global dietary supplements market is estimated to be valued at USD 181.07 Billion in 2024, growing at a CAGR of 8.1% over the forecast period (2024-2031). Consumption of dietary supplements is growing owing to increasing focus on health, wellness, and preventive healthcare. Furthermore, these supplements help in reducing the risk of chronic medical conditions and nutritionally fortify the daily diet.

There are several drivers contributing to the growth of the global dietary supplements market. Firstly, the increasing health and wellness trends have prompted consumers to become more concerned about their nutrition, lifestyle, and overall well-being. This has increased the demand for dietary supplements that help maintain fitness and provide additional health benefits. Secondly, the busy lifestyles and hectic schedules have disrupted regular eating patterns. Thus, dietary supplements help fulfill the gaps in nutrition and keep consumers energized throughout the day. They also aid in reducing the risk of lifestyle diseases by supplementing the daily diet. Moreover, the COVID-19 pandemic has encouraged people to boost their immunity, further accelerating market expansion.

Increasing health awareness among consumers is driving the market growth

Consumers are becoming increasingly health conscious. More people are taking proactive measures to manage their health and wellbeing. They are realizing the importance of nutrition and supplementation in maintaining overall wellness. Dietary supplements provide micronutrients, proteins, and other compounds that support body functions and address nutritional deficiencies. Rising awareness about the role of supplements in filling the gaps in one's diet is a key factor why more consumers are regularly consuming supplements. Supplement companies are also aggressively marketing their health benefits which has increased the adoption of supplements worldwide.

Growth of e-commerce is fueling the dietary supplements industry

Online retailing of supplements has seen tremendous growth over the past few years. Major players as well as several small businesses are leveraging e-commerce platforms to sell their products. The convenience of online shopping coupled with lucrative discounts and offers is appealing to consumers. E-commerce has made supplements accessible to customers everywhere and given them access to a huge variety and brands sitting at home. Companies are also able to spend more on digital marketing and promotion online. The growth of e-commerce across regions has been a major driver propelling the dietary supplements industry.

Stringent regulatory framework restrains product innovation

Developing new supplements with novel ingredients that have significant health benefits requires extensive research and clinical testing for safety and efficacy. However, the regulatory environment governing supplements is stringent in many countries. Getting new products approved requires navigating complex rules and regulations which is a lengthy and expensive process. This regulatory bottleneck slows down product innovation cycles in the supplements industry. Many new and promising ingredients do not make it past the initial clinical trial stages due to the high costs involved, limiting variety for consumers.

Counterfeiting threatens brand trust and loyalty in the market

The global dietary supplements industry is plagued by the problem of counterfeiting. Unscrupulous players manufacture and sell fake supplements containing incorrect ingredients, fillers, or contaminants. This not only misleads and harms consumers but also damages the credibility and trust in established supplement brands. Companies end up losing loyal customers who shift to competitors after a negative fake product experience. Brand trust takes a long time to build but can be easily ruined by counterfeiters, posing a serious restraint. Industry stakeholders need to work closely with regulators to curb this unlawful practice.

Personalization is creating opportunities for custom supplement solutions

With growing health awareness, people want dietary plans and supplementation specific to their body type, lifestyle, genetics, and wellness goals. This has opened up opportunities for customized, tailored supplement formulations. Companies are leveraging research to develop personalized vitamin plans and products after analyzing factors like diet, routine, medical history, etc. Early adopters find value in personalized supplements that deliver results based on their individual needs. This emerging trend of personalization allows companies to better target customers and establishes long term loyalty through relevant solutions.

Ageing population demands solutions for chronic conditions

As life expectancy increases globally, more people are living with chronic diseases related to old age like arthritis, diabetes, heart conditions, etc. This growing geriatric demographic presents a massive market potential for supplements targeting the specific nutritional deficiencies and health issues common in the elderly. Formulations containing antioxidants, joint support ingredients, memory boosters, etc. see strong demand from the aging consumer segment. By leveraging clinical research linking nutrition to managing chronic illness, companies can introduce supplements effective for conditions like oxidative stress, mobility problems, etc. Catering to the needs of the expanding elderly population offers a lucrative opportunity.

In summary, growing awareness, e-commerce growth, opportunities in personalization, and an aging customer base are positive drivers for the global dietary supplements industry. However, stringent regulations and counterfeiting threaten constant innovation and brand trust in what is otherwise a promising consumer healthcare category. Strategic initiatives to address these restraints while capitalizing on tailwinds could help supplement companies to maximize market opportunities in the future.

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Key Developments

  • In 2023, Kyowa Hakko, a renowned biotechnology company, partnered with Quifaest, a pharmaceutical manufacturer, to launch their revolutionary postbiotic ingredient called IMMUSE in the Mexican market. This collaboration aimed to provide innovative solutions for improving gut health and overall immune function.
  • In 2023, Arla Foods Ingredients introduced a groundbreaking solution designed to increase the protein content in oral nutritional supplements specifically formulated as juice-style drinks. This innovation aimed to address the nutritional needs of individuals who require high-protein intake due to medical conditions or specific dietary requirements.
  • In April 2023, Ayana Bio made a significant breakthrough by introducing its plant cell-derived health and wellness ingredients, namely lemon balm and Echinacea. This development marked a milestone in the field of natural and sustainable ingredient sourcing for the health and wellness industry.
  • In 2022, Jollywell, a health and wellness company, unveiled an exciting new range of clean plant-based supplements. This launch showcased Jollywell's commitment to providing high-quality, natural products that catered to the growing demand for plant-based options in the supplement industry.

Key Players

Archer Daniels Midland Company, Abbott Laboratories, Amway Corporation, Bayer AG, Glanbia plc, Herbalife Nutrition Ltd., GlaxoSmithKline plc, Nestlé S.A., Pfizer Inc., DSM Nutritional Products AG, Nature's Bounty Co., Otsuka Holdings Co., Ltd., Pharmavite LLC, GNC Holdings Inc., Suntory Holdings Limited, The Himalaya Drug Company, The Nature's Way Co., XanGo, LLC, USANA Health Sciences, Inc., and NOW Foods

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