[Research Report] The dietary supplements market was valued at US$ 214,165.30 million in 2021 and is projected to reach US$ 319,085.34 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.
MARKET INSIGHTS & ANALYST VIEW
Dietary supplements have become increasingly popular as individuals seek ways to enhance their health and well-being. These supplements provide a convenient means of delivering essential nutrients that may be lacking in one's diet. They offer a wide range of options, including vitamins, minerals, herbal extracts, and other bioactive substances, catering to various health concerns and goals. Many people turn to dietary supplements to address specific deficiencies, support immune function, promote heart health, improve cognitive function, or enhance overall vitality. However, it's important to remember that supplements should not replace a balanced diet and healthy lifestyle. They are intended to complement existing dietary habits and provide additional support, and it is advisable to consult with a healthcare professional to ensure safe and appropriate use. While dietary supplements offer potential benefits, it is crucial to approach them with caution and informed decision-making. Not all supplements are created equal, and their quality, purity, and efficacy can vary significantly. It's important to choose reputable brands that adhere to strict manufacturing standards and quality control. Additionally, understanding proper dosage and potential interactions with medications is vital to ensure safe usage. By combining responsible supplement selection with a nutritious diet and active lifestyle, individuals can make the most of dietary supplements and optimize their overall health and well-being. Rising prevalence of health diseases, surging concern related to health and fitness amongst the people, especially in the young population group, is one of the key factors driving the dietary supplements market growth. Moreover, growing traction for sports and recreational activities and rising awareness related to the health benefits of consuming dietary supplements are also propelling the growth of the global dietary supplements market.
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Dietary Supplements Market: Strategic Insights
Market Size Value in US$ 214,165.30 million in 2021 Market Size Value by US$ 319,085.34 million by 2028 Growth rate CAGR of 5.9% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Dietary Supplements Market: Strategic Insights
| Market Size Value in | US$ 214,165.30 million in 2021 |
| Market Size Value by | US$ 319,085.34 million by 2028 |
| Growth rate | CAGR of 5.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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GROWTH DRIVERS AND CHALLENGES
The increasing health consciousness among individuals has had a significant impact on the growth of the dietary supplement market. As people prioritize their health and well-being, they are actively seeking ways to support their nutritional needs and address specific health concerns. Dietary supplements have emerged as a popular choice due to their convenience and ability to provide targeted support. With a wide range of supplements available, individuals can choose products that align with their unique health goals, whether it's boosting immunity, improving cognitive function, or supporting overall wellness. Moreover, the accessibility of information through social media and online platforms has empowered health-conscious consumers to educate themselves about the benefits of dietary supplements, further driving the market's growth. The expansion of distribution channels, particularly the rise of e-commerce, has also played a crucial role in the dietary supplement market's growth. Health-conscious individuals can now easily access a variety of supplements from the comfort of their homes, making it more convenient to incorporate them into their daily routines. This increased accessibility, coupled with personalized and customizable options, has catered to the demand for tailored solutions. As a result, the dietary supplement market continues to thrive, offering individuals the means to proactively manage their health and well-being in line with their evolving health consciousness. However, it is essential for consumers to make informed choices and consult healthcare professionals when considering dietary supplements to ensure safety and suitability for their individual needs.
However, presence of counterfeit products acts as a challenge for the dietary supplements market players. Counterfeit products are fraudulent or imitation supplements designed to mimic genuine brands but often contain inferior or harmful ingredients. These counterfeit products compromise the safety and efficacy of dietary supplements and erode consumer trust in the market. The sale of counterfeit supplements can lead to adverse health effects, undermining the reputation of legitimate brands and causing potential harm to consumers. Counterfeit products' prevalence poses challenges in product quality control, regulatory compliance, and consumer education.
REPORT SEGMENTATION AND SCOPE
The "Global Dietary supplements Market Analysis to 2028" is a specialized and in-depth study with a major focus on the global dietary supplements market trends and growth opportunities. The report aims to provide an overview of the global dietary supplements market with detailed market segmentation by type, form, distribution channel, and geography. The global dietary supplements market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of dietary supplements worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the dietary supplements market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the dietary supplements market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative dietary supplements market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global dietary supplements market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global dietary supplements market is segmented based on type, form, distribution channel, and geography. Based on type, the dietary supplements market is segmented as vitamins, minerals, proteins and amino acids, probiotics, blends, and others. Based on form, the dietary supplements market is classified as, tablets, capsules and softgels, powders, and others. Based on distribution channel, the dietary supplements market is classified as, supermarkets and hypermarkets, specialty stores, online retail, and others.
Based on type, the vitamins segment accounted for a significant dietary supplements market share in 2021. Vitamin dietary supplements have emerged as a dominant force in the market due to several factors. Firstly, vitamins are crucial in maintaining overall health and well-being, and consumers widely recognize their importance. They are essential for various bodily functions and are often lacking in regular diets, making supplementation necessary. Secondly, the extensive scientific research conducted on vitamins has generated a vast body of knowledge about their benefits, which has increased consumer confidence in their effectiveness. Additionally, vitamins are available in various forms, such as multivitamins, individual vitamin supplements, and specialized formulations, catering to different age groups and specific health concerns. The wide availability of vitamins in diverse retail channels, including pharmacies, health stores, and online platforms, further contributes to their dominance in the dietary supplements market.
REGIONAL ANALYSIS
The report provides a detailed overview of the global dietary supplements market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.
The North America dietary supplements market is one of the largest markets having revenue of more than US$ 63,000 million in 2021. North America is one of the largest and most mature markets for dietary supplements. The United States dominates the region, accounting for a significant share of the market. Factors contributing to the growth in North America include a strong emphasis on preventive healthcare, a high level of consumer awareness about the benefits of dietary supplements, and a robust distribution network. The dietary supplements market in North America is characterized by a wide range of products, including multivitamins, minerals, botanicals, sports nutrition supplements, and specialty supplements targeting specific health conditions. The US dietary supplements market dominated the market share in North America region.
The Europe dietary supplements market is expected to reach a revenue of more than US$ 56,000 million in 2028. Europe is another prominent market for dietary supplements, with countries like Germany, France, and the United Kingdom being major contributors. The European dietary supplements market is characterized by stringent regulations and a focus on product quality and safety. The demand for dietary supplements in Europe is driven by a growing aging population, increasing consumer awareness of health and wellness, and the rise of personalized nutrition. Functional foods and nutraceuticals also play a significant role in the European market, with consumers seeking products that offer both nutrition and health benefits.
The dietary supplements market in Asia Pacific region is expected to reach a compound annual growth rate of more than 6% during forecast period. The Asia Pacific region has witnessed rapid growth in the dietary supplement market, fueled by factors such as increasing disposable incomes, urbanization, and a growing middle class. Countries like China, Japan, India, and Australia are key players in the region. The dietary supplements market is driven by rising health consciousness, a shift towards preventive healthcare, and a growing interest in Western dietary and wellness trends. In Asia Pacific, there is a strong demand for traditional herbal remedies and natural ingredients, driving the popularity of supplements derived from traditional Chinese medicine, Ayurveda, and other indigenous systems. India dietary supplements market is expected to grow at significant rate in Asia Pacific region.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions, and new product launches were found to be the major strategies adopted by the players operating in the global dietary supplements market.
- In June 2020, Nature’s Bounty unveiled three new products for its Brain Health Platform headlined by Brain HP. Brain HP contains fast-acting L-theanine, an amino acid found in tea, to help enhance reaction time and lessen errors while on task.
- In April 2022, Abbott has launched Arachitol Gummies, an easy-to-consume dietary supplement for daily Vitamin D, calcium and curcumin requirements in children and adults, in India.
- In February 2022, Amway Corp. launched nutrition supplements in gummies and jelly strips across India. This new range of product is designed to suit modern lifestyles, especially millennials. This range of dietary supplements has strengthened the company’s nutrition portfolio.
IMPACT OF COVID
The COVID-19 pandemic has had a profound impact on the dietary supplements market. While the initial stages of the pandemic saw a surge in demand for immune-boosting supplements, the market faced challenges in the form of disrupted supply chains, manufacturing delays, and increased regulatory scrutiny. The pandemic highlighted the importance of maintaining good health and bolstered consumer interest in preventive healthcare, leading to sustained demand for dietary supplements. However, the economic downturn and financial uncertainties caused by the pandemic have resulted in shifts in consumer spending patterns, with some individuals prioritizing essential items over discretionary purchases like dietary supplements. Additionally, the increased focus on hygiene and safety has prompted consumers to seek trusted and reliable brands, emphasizing the need for transparency, quality assurance, and evidence-based claims. As the world recovers from the pandemic, the dietary supplements market is expected to rebound, driven by ongoing health concerns, evolving consumer preferences, and the renewed emphasis on personal health and wellness.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the dietary supplements market include Anona GmbH; Abbott; Amway Corp.; Bayer AG; Arkopharma; Bionova; Pfizer Inc.; Otsuka Holdings Co., Ltd.; GlaxoSmithKline plc.; and The Bountiful Company among others.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Form, and Distribution Channel, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global dietary supplements market are Anona GmbH; Abbott; Amway Corp.; Bayer AG; Arkopharma; Bionova; Pfizer Inc.; Otsuka Holdings Co., Ltd.; GlaxoSmithKline plc.; The Bountiful Company and many others.
In 2020, Asia-Pacific held the largest share of the global dietary supplements market. Asia-Pacific is one of the rapidly progressing regions consisting of economies such as China, Japan, Australia, India, and South Korea, among others. Rising inclination towards health and fitness and increasing healthcare expenditure are some of the crucial factors driving the growth of the dietary supplements market across Asia-Pacific.
Based on type, the dietary supplements market is segmented into vitamins, minerals, proteins and amino acids, probiotics, and others. The vitamins segment is expected to account for the largest share of the dietary supplements market during the forecast period. Vitamins play an essential role in the development and appropriate functioning of the body.
Based on distribution channels, the dietary supplements market has been segmented into supermarkets and hypermarkets, specialty stores, online retail, others. The specialty stores segment is expected to account for the largest revenue share during the forecast period.
The global dietary supplements market growth is majorly influenced by determinants such as the rising popularity of dietary supplements, increasing healthcare expenditure, and availability of counterfeit products.
Based on form, the dietary supplements market has been segmented into tablets, capsules and softgels, and powders. The capsules and softgels segment led the dietary supplements market with a share of more than 35% in 2020.
The List of Companies - Dietary Supplements Market
- Anona GmbH
- Abbott
- Amway Corp.
- Bayer AG
- Arkopharma
- Bionova
- Pfizer Inc.
- Otsuka Holdings Co., Ltd.
- GlaxoSmithKline plc.
- The Bountiful Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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