Dietary Supplements Market - Forecasts from 2024 to 2029

Dietary Supplements Market - Forecasts from 2024 to 2029

The dietary supplements market is anticipated to grow at a compound annual growth rate (CAGR) of 2.82% over the forecast period to reach US$96.942 billion by 2029, increasing from US$79.771 billion in 2022.

Governments all over the worldwide, especially in underdeveloped nations where malnutrition is more common, constantly propose programs to improve the health of citizens. For instance, the U.S. Food and Drug Administration (FDA) announced the Supplement Your Knowledge campaign in June 2022 to inform, educate, and improve awareness of dietary supplements among in educators, customers, and healthcare professionals. Supplemental nutrition has been essential in improving the malnutrition situation in various nations.

Furthermore, as the global population ages, individuals are increasingly prone to health issues. Dietary supplements offer a means to mitigate these concerns and enhance the well-being of older adults. In Japan, the proportion of elderly individuals within the total population has steadily risen: from 28.559% in 2020 to 28.855% in 2021, and further to 29.001% in 2022.

Furthermore, the rise in youth fitness awareness has been spurred by the expansion of gyms, health clubs, and fitness centers, which is likely to augment the demand for energy and weight-loss supplements. Another factor that is anticipated to boost the need for sports nutrition and benefit the market for dietary supplements is the growing recognition and focus on sports activities by the governments.

focus on organic products

Strict laws and certification requirements protect the safety, veracity, and quality of organic products because these goods have undergone thorough testing and follow organic regulations, and consumers are ready to pay more for organic supplements. Customers are actively looking for items that support general well-being as they become more health conscious. According to the Organic Trade Association's most recent research, the availability of ingredients can spur innovation in the $2.0 billion organic dietary supplements sector.

The Organic Research Extension Initiatives (OREI) in the United States allocated $28 million in grants for the year 2022, a figure that expanded significantly to $44 million by 2023. This surge in funding underscores the growing demand for organic products.

Many governments all around the globe support organic farming and provide incentives for its production and consumption. The availability and diversity of organic dietary supplements on the market have expanded as a result of this support. As a result, the market is expanding as a result of the growing emphasis on organic products.

The market is projected to grow in the APAC region.

The market for dietary supplements has seen substantial expansion in India over the years, making it one of the fastest growing in the area. Numerous lifestyle disorders, including diabetes, high blood pressure, obesity, cardiovascular issues, etc., are a result of dietary changes, inactivity, and an increase in sedentary lifestyles. Consumers are more aware of their dietary demands owing to greater awareness.

Additionally, customers are starting to understand the value of dietary supplements in addressing nutritional gaps as they are unable to achieve their nutritional needs through their usual diets, which is growing the country's sales of dietary supplements.

For instance, as per the International Trade Administration, by the end of 2025, the Indian nutraceuticals industry is projected to have grown from an estimated $4 billion to $18 billion. Over 65% of the nutraceutical market is made up of the dietary supplements segment, which is expected to increase at a rate of 22% annually, especially as preventative health becomes a top priority for everyone.

Further, products with a high nutritional value are preferred by consumers over other products. People in the area are interested in obtaining vitamin boosts for cognitive health, which has resulted in a significant growth in the demand for and sales of various health supplements.

The market is seeing an increase in demand for clean-label products, which is driving up demand for non-GMO and gluten-free components in supplements. For instance, OZiva is the top clean-label active nutrition brand in India and combines contemporary cuisine with conventional Ayurveda. Furthermore, ENTRACKR reports that Oziva earned INR 721 million in operating income for the fiscal year 2021. The financial year saw tremendous growth when compared to the previous one. Online sales of plant-based goods are offered by this e Indian health and wellness company. Oziva. As a result, the segment's considerable growth trend in this region is the primary driving factor.

Furthermore, people's busy schedules and long work hours have led to a lack of attention to their daily food, health, and exercise, which has resulted in a variety of health problems like stress, sadness, mood swings, and lowered immunity. Owing to this, individuals are paying more attention to preventative health and favoring supplements that provide greater health benefits without having negative consequences. These factors are anticipated to cause dietary health supplement sales in this area to soar during the forecast period.

Key Market Developments:

February 2023, Elemis introduced new supplements for skincare and wellness. These Pro-Collagen Skin Future pills contain vitamins A and C, chlorella, an antioxidant combination, and hyaluronic acid. The market is projected to increase as a result of the rising demand for skin care supplements that encourage collagen synthesis to support healthy skin.

May 2023, Perfect Game, a softball and baseball organization, teamed with Launch Hydrate, a significant participant in the sports nutrition sector. This partnership sought to provide several sports beverages including dietary supplements to the competitors. Furthermore,Additionally, Hemperella introduced protein bars, hemp muesli, and protein powder in April 2023, among other products.
November 2022, Jollywell announced the introduction of a new line of plant-based and clean goods in its line of nutritional supplements. To make the recently released supplements safer to use without running the danger of negative effects, they were professionally created using healthy and natural components. In February 2023, with the addition of SEPIBLISSTM BIO, a virgin coriander seed oil produced in the southwest of France and certified organic, Seppic broadens its line of nutricosmetic products for sensitive skin.
October 2022, a new range of organic pea components, including organic pea protein and organic pea starch, was introduced by the French company Roquette. These components are made in the company's facilities in Portage la Prairie, Manitoba, Canada, with the help of organic Canadian pea producers who are part of a network. With these additional options, Roquette gives its clients the freedom to select the food they wish to provide consumers knowing that it will be of high quality, reliable, and fully traceable to the farm.

Key Players:

Nestle is one of the leading markets when it comes to nourishing health solutions, food, and beverages. The company plans to improve people's quality of life and help ensure a healthy future. Nestle employs almost 270,000 people, has over 2,000 brands, and is present in 188 countries.
BASF’s product line includes oil and gas as well as chemicals, polymers, performance items, and crop protection goods. Being the top chemical firm in the world, the company balances social responsibility, environmental preservation, and commercial success. The company’s extensive range of premium health components is supported by strong scientific evidence and helps people live longer healthier lives. It provides a variety of dietary supplements that include lutein, omega-3 fatty acids, vitamins, and carotenoids, which are used in a range of applications.
Amway is an American company that offers home care, cosmetics, and health goods. Nutrilite is the brand of vitamins and nutritional supplements that the company sells the most. Botanical extracts from plants cultivated on Amway's almost 6,000 acres of certified organic farmland are used to make Nutrilite products.

Segmentation:

By Age Group
0-5 Years
6-20 Years
20-50 Years
By Usage
Preventive
Proactive
By Type
Botanicals
Vitamins
Minerals
Fatty Acids
Others
By Sales Channel
Hypermarkets
Specialty Stores
Pharmacies
Independent Retailers
Direct Sellers
Online
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others