Dietary Supplements Market Forecast and Growth 2031

Dietary Supplements Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Vitamins, Minerals, Proteins and Amino Acids, Probiotics, Blends, and Others), Form (Tablets, Capsules and Softgels, Powders, and Others), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography

  • Report Code : TIPRE00019553
  • Category : Food and Beverages
  • Status : Data Released
  • No. of Pages : 150
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The dietary supplements market size is projected to reach US$ 380.43 billion by 2031 from US$ 238.76 billion in 2023. The market is expected to register a CAGR of 6.0% in 2023–2031. Increasing preference for plant-based dietary supplements and nutraceuticals is likely to remain key dietary supplements market trends.

Dietary Supplements Market Analysis

In recent years, health and fitness has picked up as a trend due to rising prevalence of various diseases, such as cancer and cardiovascular disorders, and several medical conditions, such as diabetes, high blood pressure, obesity, and high cholesterol. All these have resulted in rising popularity of dietary supplements worldwide. People have become more aware and concerned about their health and physique over the last few years. Millions of people of various age groups, backgrounds, and geographies are embracing fitness worldwide to better their physical health and overall well-being, which is boosting the demand for dietary supplements substantially. For instance, according to Penn Medicine, more than one third of American citizens use supplements, with 30% of adults of age 65 and older taking four or more supplements of any kind.

Furthermore, social media also plays a significant role in fitness motivation and influencing self-improvement. For instance, social media platforms, such as Instagram, Twitter, and Pinterest, have boosted the popularity of the health and fitness industry, with many celebrities and influencers introducing users to new fitness regimes and dietary supplements, highlighting the benefits they offer to their physical and mental health, in turn, aiding the dietary supplement demand.

Dietary Supplements Market Overview

Dietary supplements contain ingredients to improve their nutritional worth. Many people use dietary supplements to help them lead a healthy lifestyle. These supplements are typically used to replenish missing nutrients while maintaining adequate dietary levels in the body. Dietary supplements consist of nutrients such as vitamins, minerals, proteins, amino acids, probiotics, and others. They are available in different forms such as tablets, capsules and softgels, powders, and others. Dietary supplements help in fulfilling the specific nutritional requirement of an individual. Rising concerns related to health and fitness amongst the people especially young population group is one of the key factors driving the market growth. Moreover, growing traction for sports and recreational activities and rising awareness related to the advantages of consuming dietary supplements are also propelling the growth of the global dietary supplements market.

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Dietary Supplements Market: Strategic Insights

Dietary Supplements Market

  • CAGR (2023 - 2031)
    6.0%
  • Market Size 2023
    US$ 238.76 Billion
  • Market Size 2031
    US$ 380.43 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • Anona GmbH
  • Abbott
  • Amway Corp
  • Bayer AG
  • Arkopharma
  • Bionova
  • Pfizer Inc
  • Otsuka Holdings Co., Ltd.
  • GlaxoSmithKlineplc.
  • The Bountiful Company

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Type
  • Vitamins
  • Minerals
  • Proteins and Amino Acids
  • Probiotics
  • Blends
  • Others
Form
  • Tablets
  • Capsules and Softgels
  • Powder
  • Others
Distribution Channel
  • Supermarkets and Hypermarkets
  • Specialty Stores
  • Online Retail
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Dietary Supplements Market Drivers and Opportunities

Rising Demand for Herbal and Plant-Based Supplements to Market

consumer preferences are shifting toward botanical extracts due to their increasing desire for clean-label products, rising concerns about sustainability, and an urgent need to avoid allergens. The demographic for these herbal supplements is transitioning from vegans to flexitarians, indicating changes in customer inclinations. Highly concerned about animal cruelty and environmental sustainability, consumers are encouraged to switch to plant-based diets. The changing consumer perception that plant-based products are safer and healthier than animal-derived products is driving the demand for plant-based dietary supplements.

Increasing New Product Development to Provide Lucrative Growth Opportunities

In recent years, the dietary supplements market has experienced various technological advancements. For instance, traditional hard and soft gelatin capsules, lozenges, tablets, powders, and liquids are joined by several other types of supplement forms, such as gummies, bilayer tablets, or granules. Due to increased product innovation and rising consumer desire for personalization in the supplement sector, consumers now have access to a diverse selection of delivery forms to suit their specific lifestyles and preferences, providing the industry with the option to solve swallowing issues and cater to increased consumer demand for customization. As a result, manufacturers are focusing on innovations and are launching new products in different forms and flavors. For instance, in October 2020, Abbott Laboratories has recently introduced Duphalac Bears in India. This product adheres to FSSAI regulations, has benefits of a trusted prebiotic, and promotes the growth of healthy bacteria in the digestive system while decreasing hostile bacteria levels. The company also introduced strawberry-flavored food supplements in India, to support the company's line of dietary supplements available in this country.

Dietary Supplements Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Dietary Supplements Market analysis are type, form, distribution channel, and geography.

  • Based on type, the dietary supplements market is divided into vitamins, minerals, proteins and amino acids, probiotics, blends, and others. The vitamins segment held a larger market share in 2023. Vitamins are compounds that human bodies require for appropriate development and functioning. Some common vitamins are A, C, D, E, K, choline, and the B vitamins (thiamin, riboflavin, niacin, pantothenic acid, biotin, vitamin B6, vitamin B12, and folate/folic acid). Of late, there has been a rise in the demand for vitamins due to the growing need for energy and weight management among working professionals and athletes. The deficiency of vitamin A, B, C, and E is becoming increasingly prevalent in many developing countries as well. As a result, consumers are turning to vitamins supplements to meet their daily vitamin requirements, aiding the growth of this segment. Multivitamins are available in various forms, such as liquid, tablets, and powder, and can be consumed by people of all ages.
  • Based on distribution channel, the dietary supplements market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held a larger market share in 2023. A specialty store segment include pharmacies and nutrition stores, where dietary supplements are easily available. These stores offer excellent customer service, exclusive pricing, and premium deals. Specialty stores keep a smaller number of products as they sell only products of a specific brand. The staff in these stores is well trained to assist customers regarding the details of products and understand their benefits and characteristics before purchasing, which draws a consistent set of customers, earning their loyalty.

Dietary Supplements Market Share Analysis by Geography

The geographic scope of the Dietary Supplements Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. The North America dietary supplements market held a significant market share in 2023. In North America, the US is the major market for dietary supplements. There is a rise in the prevalence of obesity, cardiovascular disease, constipation, and other disorders. Such disorders have adverse effects on the health of human beings. As a result, consumers are increasingly turning to dietary supplements in the region. Moreover, the region is dominated by key players such as Amway Corp. and Bayer AG. These players are continuously focusing on fulfilling the growing demand for dietary supplements. Major companies are continuously involved in merger and acquisition activities to introduce innovative products in the dietary supplements market.

Dietary Supplements Market Report Scope

Report Attribute Details
Market size in 2023 US$ 238.76 Billion
Market Size by 2031 US$ 380.43 Billion
Global CAGR (2023 - 2031) 6.0%
Historical Data 2021-2022
Forecast period 2023-2031
Segments Covered By Type
  • Vitamins
  • Minerals
  • Proteins and Amino Acids
  • Probiotics
  • Blends
  • Others
By Form
  • Tablets
  • Capsules and Softgels
  • Powder
  • Others
By Distribution Channel
  • Supermarkets and Hypermarkets
  • Specialty Stores
  • Online Retail
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Anona GmbH
  • Abbott
  • Amway Corp
  • Bayer AG
  • Arkopharma
  • Bionova
  • Pfizer Inc
  • Otsuka Holdings Co., Ltd.
  • GlaxoSmithKlineplc.
  • The Bountiful Company
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Dietary Supplements Market News and Recent Developments

    The Dietary Supplements Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:

    • Optimum Nutrition launches new global marketing campaign "Unlock More You." The new campaign is the latest work inspired by the brand's core creative idea that 'there's more of you in you.' It continues the brand's journey of democratising the sports nutrition category by taking it beyond the gym and showing that no matter what your sport or motivation is, with the right mindset, you can unlock more from yourself with help from Optimum Nutrition. (Source: Glanbia Plc; Press Release/Company Website/Newsletter, 2024)
    • Abbott, the global healthcare company, announced the launch of new Ensure with HMB – a new formulation to support Indians as they age. The new Ensure is a science-based nutritional supplement formulated with 32 vital nutrients like high-quality protein, calcium and vitamin D to help improve muscle and bone strength. It now contains a special and exclusive ingredient – HMB or β-hydroxy-β-methyl butyrate – that helps counteract muscle loss and restore strength and energy. (Source: Abbott, Press Release/Company Website/Newsletter, 2022)

    Dietary Supplements Market Report Coverage and Deliverables

    The “Dietary Supplements Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Market dynamics such as drivers, restraints, and key opportunities
    • Key future trends
    • Detailed PEST/Porter’s Five Forces and SWOT analysis
    • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type, Form, and Distribution Channel, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    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

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. 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.

    1. 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:

    Research Methodology

    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.

    1. 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.

    1. 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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