The Global Dietary Supplements Market is Segmented by Type (Botanicals, Vitamins, Minerals, Amino Acids, Probiotic), by Application (Health Care Products, Food & Beverages): Opportunity Analysis and Industry Forecast, 2022–2027. It is published in Valuates Reports under the Vitamins & Supplements Category
The global Dietary Supplements market size is projected to reach USD 121110 Million by 2027, from USD 89810 Million in 2020, at a CAGR of 3.9% during 2021-2027.
Major Factors Driving the Growth of the Dietary Supplements Market
Increasing consumer awareness of personal health and well-being is expected to be a key driving factor for dietary supplements over the forecast period.
The working population around the globe is struggling to fulfill the daily nutrient requirements owing to hectic work schedules and changing lifestyles thereby increasing dependence on supplements as it is convenient and easy to consume.
Extensive R&D initiatives and favorable government support will drive the growth of the market over the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE DIETARY SUPPLEMENTS MARKET
Self-care is an essential part of the modern consumer’s lifestyle. People are making significant dietary changes to fill the nutritional gaps from everyday meals and to boost immunity. Supplementing increases the level of nutrients prevents deficiencies and improves holistic health. It helps in achieving specific wellness goals and is a viable alternative therapeutic option. The use of vitamins, organic products, and minerals has increased significantly. These factors will boost the growth of the dietary supplements market during the forecast period.
Consumers are getting busier with hectic work-life schedules. They are in constant need of health-boosting supplements that can provide all the necessary nutrients on the go. Portability, dietary preference, convenience, and ease of use are the major driving forces of the dietary supplements industry. Hence manufacturers have come up with all-encompassing multivitamins, chewable tablets, candies, and powders that mix easily in the water. The number of pills taken has also been reduced by mixing several herbal and vital ingredients into a single condensed supplement.
Significant research and development initiatives are underway for the development of newer supplements. Heavy investments are being done under separate consumer healthcare divisions of pharmaceutical players. Companies are putting all their resources because supplements have a shorter development time, and lesser product lifecycle costs in comparison to pharmaceutical products. Hence firms have launched drug-like supplements, and functional foods including cereal bars, cereals, and beverages.
Government organizations like the FDA have established good manufacturing practices and strict regulatory guidelines for ensuring the safety, purity, identity, and composition of dietary supplements. Independent quality assurance testing is being carried out by several organizations around the world. Hence strong government backing will fuel the growth of the dietary supplements market in the coming years.
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DIETARY SUPPLEMENTS MARKET ANALYSIS
Based on type, the vitamins segment is expected to dominate with a market share of 60% due to increasing demand from working professionals, and athletes for energy, and weight management. Multivitamins come in various shapes such as tablets, powder, and liquid. The convenience is high. While minerals are the second largest with a share of 10%.
Based on region, North America is likely to maintain dominance in the dietary supplements market share due to increasing awareness regarding supplements and growing consumption of products with high nutritional value and low-calorie count.
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Key Companies
- Pfizer Pharmaceuticals
- Amway Corporation
- Abbott Laboratories
- Herbalife International
- ADM
- Nestle
- DuPont
- GlaxoSmithKline
- Carlyle Group
- Danone
- Bayer HealthCare
- BASF
- Glanbia
- Yakult
- DSM
- The Himalaya Drug Company.
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SIMILAR REPORTS:
– Due to the COVID-19 pandemic, the global Vitamin E market size is estimated to be worth USD 669.7 Million in 2022 and is forecast to be a readjusted size of USD 882.2 Million by 2028 with a CAGR of 4.7% during the review period.
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– Due to the COVID-19 pandemic, the global Probiotics market size is estimated to be worth USD 1682.1 Million in 2022 and is forecast to a readjusted size of USD 2306.2 Million by 2028 with a CAGR of 5.4% during the review period.
– In 2020, the global Gummy Vitamin market size was USD 1700 Million and it is expected to reach USD 2300 Million by the end of 2027, with a CAGR of 4.5% during 2021-2027.
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– The global plant extract market is estimated to be worth USD 17790 Million in 2022 and is projected to reach USD 31170 Million by 2028 with a CAGR of 9.8% during the forecast period.
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