Dietary Supplements - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Dietary Supplements - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Dietary Supplements Market By Type (Vitamins And Minerals, Proteins, Fibres, Fatty Acids, And Others), Form (Tablets And Capsules, Powders, And Others), End-User (Hypermarkets And Supermarkets, Pharmacies, E-Commerce, And Others), and geography is estimated to register growth at a remarkable CAGR during the forecast period from 2023-2028 owing to the increasing sedentary lifestyle of people globally, the rising advancements in delivering quality and substance-free dietary supplements, among others across the globe.

The global Dietary Supplements market was valued at USD XX billion in 2022, growing at a CAGR of XX% during the forecast period from 2023 to 2028 to reach USD XX billion by 2028. The Dietary supplements market is slated to witness positive growth due to the increasingly sedentary lifestyle of people globally, improper diet, rising prevalence of anemia among women, lack of exercise, rising awareness among people to lead a healthy lifestyle, along with the rising advancements in delivering quality and substance-free Dietary supplements across the globe, resulting in appreciable revenue growth of the dietary supplements market during the forecast period (2023-2028).

Dietary Supplements Market Dynamics:

One of the key factors for the growth of the dietary supplements market is the rising number of unhealthy or improper diets among the population globally, leading to malnutrition, diabetes, and deficiency of essential vitamins and minerals. Due to the onset of a fast-paced world with a lack of exercise, and no exposure to sunlight, an adequate amount of vitamins and minerals are not received and hence not optimally synthesized by the body. All the above reasons will lead to a decrease in the overall well-being of an individual, where the daily requirements of macro and micronutrients are not met, resulting in the need for dietary supplements.

According to data by UNICEF (2021), only two out of five children in need received the life-saving benefits of Vitamin A supplementation in 2020. The source further stated that periodic, high-dose Vitamin A supplementation is a proven, low-cost intervention, which has been shown to reduce all-cause mortality by 12 to 24 percent. The rising need for such vitamins and minerals, and their increasing requirement among children to fulfill their vitamin deficiencies is further expected to boost the market for Dietary supplements.

In addition, the prevalence of anemia among women is also increasing globally, which is caused due to the deficiency of Vitamin B12 in the body. As per data by the World Bank 2020, 29.90% of women of reproductive age (15-49 years) globally had anemia in 2019. Owing to improper diet, and periodic menstrual cycle among women, micronutrient deficiencies are common, leading to the deterioration of an individual's overall health, thus raising the global demand for Dietary supplements among people during the given forecast period from 2023-2028.

Dietary supplements are being widely used around the world for various purposes. Since they are available in various forms such as tablets, capsules, powders, and liquids too, consumers find their form and mode of ingestion easy, with them being time-friendly as well.

However, the various side effects associated with the continued use of supplements, overdosing, lack of awareness, and social stigma linked with their consumption may act as restraints for the Dietary supplements market growth.

Dietary Supplements Market Segment Analysis:

Dietary Supplements Market By Type (Vitamins And Minerals, Proteins, Fibers, Fatty Acids, And Others), Form (Tablets And Capsules, Powders, And Others), End-User (Hypermarkets And Supermarkets, Pharmacies, E-Commerce, And Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

Based on the type segment in the dietary supplements market, the vitamins and minerals category is projected to register a significant growth in revenue in the overall Dietary supplements market during the forecast period (2023-2028).

This can be ascribed to the rising deficiency of micronutrients among people globally, specifically women and children. According to data by the Global Alliance for Improved Nutrition (2022), 1 in 2 people suffer from “ hidden hunger” which means they suffer from some form of micronutrient deficiency. The source further stated that 1 in 2 children under the age of five and 2 in 3 women between the ages 15–49 worldwide are deficient in at least one micronutrient. The high prevalence of micronutrient deficiencies is thus expected the spur the demand for vitamins and minerals supplements. Moreover, since these supplements are easily available in the form of tablets, and are known to cause little to no side effects, their low prices, and their use among consumers is further expected to increase the demand for vitamin and mineral supplements.

Therefore, considering the growing demand for this category, numerous new products are being launched in the market. For example, in December 2022, HealthOK, a vegetarian multivitamin tablet from Mankind Pharma was launched filled with 12 essential vitamins and 7 minerals. Health supplement tablets and capsules, many a times, leave a bitter taste in the mouth which feels unpleasant for consumers owing to which Mankind Pharma launched lemon-flavored tablets to provide its consumers with a pleasant taste experience.

Considering the growing product demand in this category along with the recent product development activities in the form of launches, this category is expected to generate considerable revenue thereby pushing the overall growth of the global dietary supplements market during the forecast period.

North America is expected to dominate the overall Dietary Supplements Market:

Among all the regions, North America is expected to lead in revenue generation in the global Dietary supplements market. This can be ascribed to the growing cases of mineral deficiency among the North American population, increasing cases of obesity, and the rising awareness of inculcating a nutritious diet in their lifestyle, and others; the increasing advancements such as product launches due to innovations in the dietary supplements arena will increase the demand for dietary supplements in the region during the given forecast period.

For instance, according to data from the US Department of Health and Human Services and the US Department of Agriculture (2020), 94.3% of the US population do not meet the daily requirement for Vitamin D, 88.5% for Vitamin E, 52.2% for magnesium, 44.1% for calcium, 43.0% for Vitamin A, and 38.9% for Vitamin C. Moreover, the source further stated that calcium and magnesium were the most underconsumed micronutrients in the US.

In addition, as per data from National Health and Nutrition Examination Survey (NHANES) (2021), the prevalence of obesity in 2020 was 41.9% in the US. The source further stated that the rates of severe obesity in the US rose from 4.7% in 2017 to 9.2% in 2020. In order to manage obesity and start a weight loss regime, Dietary supplements such as protein powders are recommended, which could further drive the demand for Dietary supplements.

Along with this, the rising developmental activities in the supplements sector is further expected to drive the demand for dietary supplements. In March 2022, PharmaNutrics launched five different Dietary supplements in the United States, namely SerotomixPlus, GlucanPlus, Gaba 600, EnergixPlux, and CurcumixPlux that serve different purposes for fatigue, stress, musculoskeleton, and anti-inflammatory support, etc. Therefore, the interplay of all the above-mentioned factors are expected to bolster the growth of the Dietary supplements market in the North America region during the forecast period.

Dietary Supplements Market Key Players:

Some of the key market players operating in the dietary supplements market include Amway Corporation, Abbott, Glanbia PLC, Bayer AG, Pfizer Inc., Suntory Holdings Ltd, Herbalife Nutrition, Otsuka Holdings Co. Ltd. , Glaxosmithkline PLC, The Bountiful Company, ADM, NU SKIN, Nature's Sunshine Products, Inc., RBK Nutraceuticals, American Health, Good Health New Zealand, International Flavors & Fragrances Inc., NOW Foods, Bionova, Carlyle Nutritionals, LLC, and others.

Recent Developmental Activities in Dietary Supplements Market:

In October 2022, Brightseed, the bioactive discovery company, the launch of BRIGHTSEED BIO 01™, a novel dietary hemp fiber to support gut health formulated for use in food and beverages and is the only dietary fiber in the market that contains two bioactive compounds that have shown the ability to support gut barrier integrity in preclinical studies.

In September 2022, Centrum, a multivitamin brand, announced the launch of Centrum Multivitamin range recognising the difference in nutritional requirements by gender and age in India offering 4 multivitamin variants tailored to meet the new age nutrition needs of different consumer cohorts namely Centrum Women, Centrum Men, Centrum Adults 50+ and Centrum Kids. The range of these supplements is vegetarian and by nature gluten free.

In September 2022, Tata Consumer Products (TCP), entered the health supplements segment with the launch of ‘Tata GoFit’ plant-protein, a health supplement range for women which is a plant-based easy-to-mix product formulated with the goodness of gut-friendly probiotics. With ingredients like pea and brown rice, it is free from soy, lactose & added sugar.

Key Takeaways from the Dietary Supplements Market Report Study

Market size analysis for current dietary supplements market size (2022), and market forecast for 5 years (2023-2028)

Top key product developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global dietary supplements market.

Various opportunities available for the other competitor in the dietary supplements market space.

What are the top performing segments in 2022? How these segments will perform in 2028.

Which are the top-performing regions and countries in the current dietary supplements market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for dietary supplements market growth in the coming future?

Target Audience who can be benefited from this Dietary Supplements Market Report Study

Dietary supplements products providers

Research organizations and consulting companies

Dietary supplements-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in dietary supplements

Various distribution channels who want to know more about the dietary supplements market and latest product innovations in the dietary supplements market.

Frequently Asked Questions for Dietary Supplements Market:

1. What are Dietary Supplements?

A dietary supplement is a product manufactured with the purpose of supplementing a person’s diet by in the form of a pill, capsule, tablet, powder, or liquid. A supplement can provide nutrients either extracted from food sources or that are synthetic in order to increase the quantity of their consumption.

2. What is the market for the global dietary supplements?

The global dietary supplements market was valued at USD XX billion in 2022, growing at a CAGR of XX% during the forecast period from 2023 to 2028 to reach USD XX billion by 2028.

3. What are the drivers for the global dietary supplements market?

The dietary supplements market is slated to witness positive growth due to the increasing sedentary lifestyle of people globally, improper diet, rising prevalence of anemia among women, lack of exercise, rising awareness among people to lead a healthy lifestyle, along with the rising advancements in delivering quality and substance-free Dietary supplements across the globe, resulting in appreciable revenue growth of the Dietary Supplements market during the forecast period (2023-2028).

4. Who are the key players operating in the global Dietary Supplements market?

Some of the key market players operating in the dietary supplements market includes Amway Corporation, Abbott, Glanbia PLC, Bayer AG, Pfizer Inc., Suntory Holdings Ltd, Herbalife Nutrition, Otsuka Holdings Co. Ltd. , Glaxosmithkline PLC, The Bountiful Company, ADM, NU SKIN, Nature's Sunshine Products, Inc., RBK Nutraceuticals, American Health, Good Health New Zealand, International Flavors & Fragrances Inc., NOW Foods, Bionova, Carlyle Nutritionals, LLC, and others.

5. Which is the fastest growing region in the Dietary Supplements market?

Asia-Pacific is expected to be the fastest growing region in the overall dietary supplements market during the forecast period from 2023 to 2028. This can be ascribed to the growing cases of mineral deficiency among the North American population, increasing cases of obesity and the rising awareness of inculcating a nutritious diet in their lifestyle, and others; the increasing advancements such as product launches due to innovations in the dietary supplements arena will increase the demand for dietary supplements in the region during the given forecast period.

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