Dietary Supplements Market is Projected to Register a CAGR of 8.12% During the Forecast Period due to the Increasing Adoption of Healthy Lifestyles by Consumers Across the Globe

August 2022, Market Research Future has published a Report on the Global Dietary Supplements Market Market Highlights

Dietary Supplements Market is estimated to be valued at USD 328.8 billion by 2030, registering a CAGR of 8.12% during the forecast period. Dietary supplements enhance bodily functions by adding to the nutrition derived from a regular diet. Dietary supplements may contain multiple nutrients or focus on a single nutrient. Increasing focus on preventive healthcare and positive outlook toward sports nutrition are the major factor driving the growth of the market. Moreover, the untapped market in various developing countries offers opportunities for growth. However, increasing awareness regarding the side effects of over-consumption of dietary supplements and stringent government regulations may hamper the growth of the market.      

North America constituted a dominant share of the dietary supplements market in 2020 due to the increasing demand for exotic and authentic flavors. The US, followed by Canada, is among the lucrative markets for manufacturers in the region. The escalating medical service costs have resulted in a shift of consumers toward the adoption of healthy alternatives in their daily routine, and the consumption and demand for dietary supplements have increased drastically. The market in Asia-Pacific is projected to grow at the fastest growth rate during the review period. The expanding organized retail sector in the emerging economies of Asia-Pacific is also expected to augment the growth of the dietary supplements market during the forecast period. The demand for sports nutritional products has increased at a significant rate over the last few years. The number of health clubs and fitness centers has surged in recent years, which consequently is expected to boost the demand for sports nutritional products. The key manufacturers are emphasizing the e-commerce platform to promote their products and increase the sale. Besides, new product launches with increasing investment in supplement products are expected to fuel the growth of the dietary supplements market in Asia-Pacific

Segmental Analysis

Global Dietary Supplements Market has been segmented on the basis of product Type, Category, Form, Distribution Channel, and Region.

By Type, the global market has been divided into vitamins, minerals, amino acids & proteins, probiotics, blends, and others. The vitamins segment accounted for maximum market share in 2020, whereas the amino acids & proteins segment is expected to register the highest CAGR of 7.50% during the forecast period. The vitamins supplements are being used by all the age groups for both preventive and curative healthcare. A certain group of the population, such as young children, vegan, pregnant women, and geriatric, may require supplements for curative purposes. In the US, more than half of the population consumes multivitamin supplements. These vitamin supplements are considered as stress relievers, and vitamins such as K and E are ideal for bone and skin health, respectively.

By Form, the market has been divided into tablets, capsules, & softgels, powders, gummies, and others. The tablets, capsules, & softgels segment accounted for maximum market share in 2020 while; the gummies segment is expected to register the highest CAGR of 8.40% during the projected period. Tablets are generally low in price and offer high-potency options. They have a longer shelf life than the other two forms. However, capsules are highly preferred form as they are easy to swallow than tablets; however, have a higher price and lower shelf life than the other two forms. Softgels are typically used for oil- or liquid-based supplements and are easy to swallow. Softgels are stable, sealed, and have a longer shelf life than liquid or capsule form of supplements.

Based on distribution channel, the global dietary supplements market has been classified into store-based and non-store-based. The store-based segment is further segregated into supermarkets & hypermarkets, convenience stores, and others. The store-based segment accounted for a larger market share in 2020. Consumers prefer store-based channels as they offer a one-stop shopping experience. However, growing consumer preference for online purchases and technological advancements in the e-commerce industry are fueling the growth of the non-store-based segment. This segment is projected to register a higher CAGR during the forecast period.

Regional Analysis

Geographically, the global dietary supplements market has been categorized into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, North America dominated the market, accounting for the largest share in 2018. Whereas Asia-Pacific is projected to register the highest CAGR of 7.41% during the forecast period. Europe is expected to grow at a lucrative growth rate during the forecast period.

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Key Players

Market Research Future recognizes Bayer AG (Germany), The Nature's Bounty Co. (US), Glanbia plc (Ireland), Herbalife Nutrition Ltd. (US), GlaxoSmithKline plc (UK), Abbott Laboratories (US), Amway Corp (US), Otsuka Holdings Co., Ltd (Japan), Nature's Way Products, LLC (US), and Living Essentials Marketing, LLC (US) as the Key Players in the Global Dietary Supplements Market.

Key Findings of the Study

• The Global Dietary Supplements Market is expected to register a growth rate of 8.12% from 2022 to 2030. Increasing focus on preventive healthcare, followed by a positive outlook toward sports nutrition, is projected to propel the growth of the global dietary supplements market.

• The vitamins segment is estimated to retain its prominent share by 2030. The amino acids & protein segment is projected to register a growth rate of 7.50% during the forecast period.

• The tablets, capsules & softgels segment is estimated to retain its prominent share by 2030. Whereas, the gummies segment is estimated to register the highest growth rate of 8.40% during the forecast period.

• The store-based segment accounted for the largest market share in 2020 and is expected to grow at a rate of 6.66% during the forecast period.