The dietary supplements market has seen significant growth over the past decade, driven by an increasing awareness of health and wellness, the rising prevalence of chronic diseases, and the growing demand for preventive healthcare. In 2023, the market size for dietary supplements reached a value of more than USD 188.04 billion. Looking forward, the global dietary supplements market is expected to grow at a compound annual growth rate (CAGR) of 9.10% between 2024 and 2032, reaching an impressive value by the end of the forecast period. This blog provides a comprehensive overview, analysis, and forecast of the dietary supplements market, covering key trends, segmentation, market share, growth prospects, and more.
Dietary Supplements Market Overview
Dietary supplements are products intended to supplement the diet and provide additional nutrients that may be missing or insufficient in a person’s diet. These supplements can come in various forms, including pills, capsules, powders, liquids, and gummies, and can contain vitamins, minerals, amino acids, enzymes, and other beneficial substances.
The growing emphasis on health and wellness, coupled with the rising consumer awareness of the benefits of dietary supplements, has fueled the market’s growth. Additionally, the increasing prevalence of lifestyle-related diseases, such as obesity, diabetes, and cardiovascular diseases, has led to a higher demand for supplements aimed at preventing and managing these conditions.
Dietary Supplements Market Size
As of 2023, the dietary supplements market is valued at more than USD 188.04 billion. This substantial market size is a testament to the widespread adoption of dietary supplements across various demographics. The market is projected to grow at a CAGR of 9.10% from 2024 to 2032, reflecting the increasing consumer demand for health-boosting products. By the end of the forecast period, the market is expected to achieve remarkable growth, driven by factors such as rising health awareness, the aging population, and ongoing research and development in the field of nutraceuticals.
Dietary Supplements Market Trends
Increasing Health Awareness: One of the primary trends driving the dietary supplements market is the growing health awareness among consumers. People are becoming more conscious of their health and are actively seeking ways to improve their overall well-being through diet and nutrition. This trend is particularly prevalent among millennials and Generation Z, who are more inclined towards preventive healthcare and natural products.
Rise of Personalized Nutrition: Personalized nutrition is an emerging trend in the dietary supplements market. Advances in technology and nutrigenomics have made it possible to tailor dietary supplements to individual needs based on genetic makeup, lifestyle, and health status. This personalized approach is gaining popularity as it offers more effective and targeted health benefits.
Growth of E-commerce: The rise of e-commerce has significantly impacted the dietary supplements market. Online platforms offer consumers the convenience of purchasing supplements from the comfort of their homes, with access to a wide range of products and brands. The increasing penetration of smartphones and the internet has further fueled this trend, making dietary supplements more accessible to a broader audience.
Increasing Demand for Plant-Based Supplements: With the growing trend towards veganism and plant-based diets, there is a rising demand for plant-based dietary supplements. Consumers are increasingly looking for supplements made from natural, organic, and plant-derived ingredients, driven by concerns about animal welfare, environmental sustainability, and health benefits.
Dietary Supplements Market Segmentation
Form:
Soft Gels
Powders
Liquids
Ingredients:
Botanicals
Proteins and Amino Acids
Vitamins and Minerals
Fatty Acids
Probiotics
Other
End User:
Men
Women
Senior Citizens
Others
Distribution Channels:
Supermarkets and Hypermarkets
Pharmacies and Drug Stores
Online
Others
Region:
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
Get a Sample Report with Table of Contents
Dietary Supplements Market Growth
Rising Health Awareness: Increasing awareness about the benefits of dietary supplements and preventive healthcare is driving market growth.
Aging Population: The growing elderly population is leading to a higher demand for supplements that address age-related health issues.
Technological Advancements: Advances in nutrigenomics and personalized nutrition are creating new opportunities in the market.
E-commerce Expansion: The rise of e-commerce platforms is making dietary supplements more accessible to consumers worldwide.
Regulatory Support: Favorable regulatory developments are ensuring the safety and efficacy of dietary supplements, boosting consumer confidence.
Dietary Supplements Market Analysis
SWOT Analysis
- Strengths: High demand across various demographics, continuous product innovation, strong presence of key market players, and emphasis on health and wellness.
- Weaknesses: Potential for product recalls, regulatory challenges, and high competition leading to price pressures.
- Opportunities: Growth in emerging markets, increasing demand for personalized nutrition, and rising popularity of plant-based supplements.
- Threats: Stringent regulatory requirements, potential for counterfeit products, and economic downturns affecting consumer spending.
Porter’s Five Forces Analysis
- Threat of New Entrants: Moderate, due to high capital investment and stringent regulatory requirements.
- Bargaining Power of Suppliers: Low to moderate, as there are numerous suppliers of raw materials and ingredients.
- Bargaining Power of Buyers: High, given the availability of multiple brands and products.
- Threat of Substitutes: Moderate, with competition from functional foods and beverages.
- Competitive Rivalry: High, with several established players continuously innovating and expanding their product offerings.
Dietary Supplements Market Forecast
The dietary supplements market is poised for substantial growth over the forecast period of 2024-2032. With a projected CAGR of 9.10%, the market is expected to achieve significant expansion. Key drivers of this growth include increasing health awareness, the aging population, technological advancements, and the growing popularity of personalized and plant-based nutrition.
Competitor Analysis
FAQ
Q: What are the key trends driving the dietary supplements market?
A: Key trends include increasing health awareness, the rise of personalized nutrition, growth of e-commerce, demand for plant-based supplements, and regulatory developments.
Q: How is the dietary supplements market segmented?
A: The market is segmented by ingredient (vitamins, minerals, botanicals, amino acids, enzymes, others), form (tablets, capsules, powders, liquids, gummies), application (energy & weight management, general health, bone & joint health, immunity, digestive health, others), end-user (adults, children, elderly, pregnant women), and distribution channel (offline, online).
Q: Who are the major players in the dietary supplements market?
A: Major players include Amway Corporation, Herbalife Nutrition Ltd., GNC Holdings, Inc., Abbott Laboratories, Bayer AG, GlaxoSmithKline plc, Nutrition & Biosciences (Dupont), Reckitt Benckiser Group plc, Glanbia plc, Nordic Premium Group, and Sun Pharmaceutical Industries Limited.
Q: What opportunities exist for market growth?
A: Opportunities include growth in emerging markets, increasing demand for personalized nutrition, and rising popularity of plant-based supplements.
Q: What factors are driving the growth of the dietary supplements market?
A: Factors driving growth include rising health awareness, an aging population, technological advancements, expansion of e-commerce, and favorable regulatory support.
Media Contact:
Company Name: Claight Corporation
Contact Person: Emily Jacks, Business Consultant
Email: sales@expertmarketresearch.com
Toll Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: www.expertmarketresearch.com
