Dietary supplements are minerals, vitamins, herbs, and other nutritious products that come in the form of capsules, pills, powders, drinks, and energy bars. They are produced by using vitamins & minerals, amino acids, botanical supplements, and animal sources. Dietary supplements play a very important role in the development of overall health and are also ideal for pregnant women. They are also available in different doses and combinations and contain more than ingredients. It improves the overall wellness and health of the body but is not ideal for curing disease and health conditions. Weight loss, sports nutrition, general wellbeing, immune and digestive health, bone and joint health, and heart health are some of the major applications of dietary supplements.
The dietary supplements market was estimated to be valued around US$ 150 billion in terms of revenue in 2018 and is predicted to grow at a CAGR of 7.7% during the forecast period (2019 to 2027)
Rapid urbanization and changing lifestyle of the population is expected to foster the market growth of dietary supplements over the forecast period. According to the United Nations Department of Economic and Social Affairs (UNDESA), India is expected to have 404 million urban dwellers, while China is projected to be home to 292 million urban dwellers by 2050. Therefore, rapid urbanization will be a major factor to augment market growth over the forecast period.
Growing usage of dietary supplements in sports nutrition drinks is expected to propel the market growth over the forecast timeframe. For instance, in November 2019, Endo Sport launches UK’s first CBD-infused sports drink. It is a UK’s first CBD-Infused Sports drink, designed to be used by both athletes and non-athletes during workouts and is available in 10mg of CBD per 500ml bottle. Therefore, the rising demand for sports nutrition drink is projected to accelerate the market growth of dietary supplements.
Negative publicity and false hopes of the product are expected to restrict the adoption of dietary supplements. According to a recent study conducted by the Journal of the American Medical Association (JAMA), St. John's Wort (botanical supplements) meant for curing Attention Deficit Hyperactivity Disorder (ADHD) was unable to cure the disease. According to a report published by a private researcher in Toronto, in 2013, 44 herbal supplements sold in the U.S. and Canada were tested for their ingredients by using DNA barcoding analysis, out of which 48% of the supplements sold in the market did not contain any of the herbs listed in the contents section of the products.
On the basis of distribution channel, pharmacies & drug stores dominated the dietary supplements market in 2018 with around 40% of market share in terms of revenue, followed by health & beauty stores and direct selling, respectively.
Rising demand for nutritionals snacks & bars across health-conscious consumers is expected to propel the market growth of dietary supplements. For instance, in July 2018, EPIC Provisions, the snack brand on a mission to make humanely-raised, animal-based foods launched EPIC Performance, a new line of premium non-GMO protein bars made from cage-free egg whites, nuts, and dried fruit. Each whole food bar is packed with 12 grams of clean protein, made with six ingredients or less and absolutely no added sugar or unspecified natural flavors.
The growing focus of the manufacturer to increase the production capacity of the dietary supplements to cater to rising demand is projected to augment the market growth. For instance, in June 2019 Hi-Tech Pharmaceuticals Expands production capabilities in dietary supplement and OTC Drug Manufacturing. Hi-Tech Pharmaceuticals is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients (API) and consumer products with customers throughout the world.
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
By End Use
By Distribution Channel