Delray Beach, FL, Nov. 12, 2024 (GLOBE NEWSWIRE) -- According to a recent report titled "Dietary Supplements Market by Type (Botanicals, Vitamins, Minerals, Amino Acids, Enzymes, Probiotics), Function, Mode of Application, Target Consumer, Distribution Channel (Pharmacy, Supermarket/Hypermarket, Online) and Region - Global Forecast to 2028," published by MarketsandMarkets, the dietary supplements market size is projected to grow from USD 167.5 billion in 2023 to USD 239.4 billion by 2028, with a compound annual growth rate (CAGR) of 7.4%. Dietary supplements are products consumed to supplement the diet and may contain dietary ingredients like vitamins, minerals, herbs, amino acids, enzymes, and probiotics. Available in various forms-such as pills, tablets, capsules, gummies, liquids, and powders-they are sometimes offered in food-like forms, including teas or bars.
High Demand for Vitamins Fuels the Dietary Supplements Market Growth
The demand for vitamins spans all age groups, playing a crucial role in maintaining health by supporting essential body functions such as bone density, hormonal activity, weight, and muscle mass. Many of these micronutrients cannot be synthesized by the human body, thus needing to be derived from diet or supplements. Increased consumption of processed foods and lifestyle shifts have decreased natural vitamin intake, driving consumers to dietary supplements to meet these nutritional needs.
Report Coverage and Details
| Report Metric | Details |
| Market Size Value in 2022 | US $156.5 billion |
| Market Size Value in 2023 | US $167.5 billion |
| Market Size Value Forecast in 2028 | US $239.4 billion |
| Growth Rate | CAGR of 7.4% from 2023 to 2028 |
| Base year considered | 2022 |
| 24/5 Research Support | Speak to Industry Expert |
| Units considered | Value (USD), Volume (KT) |
| Segments Covered | Type, Function, Mode of Application, Target Consumer, Distribution Channel, and Region |
| Regions covered | North America, Europe, South America, Asia Pacific, and RoW |
Rise in Popularity of Additional Supplements for Health and Wellness
Additional supplements, concentrated sources of nutrients with physiological effects, have grown in popularity to counter nutritional deficiencies and support specific physiological functions. These supplements, aimed primarily at maintaining overall wellness, have gained traction particularly among the younger generation, who are increasingly health-conscious and seek products to support their daily dietary needs.
Asia Pacific Emerges as the Fastest-Growing Dietary Supplements Industry
The Asia-Pacific region, marked by a high rate of dietary supplement adoption and a vast customer base, presents substantial growth opportunities. Health-conscious populations in countries like China, India, and Japan are increasingly incorporating supplements into their daily diets. The expanding geriatric population in Japan is fueling demand for products designed to support aging health needs. Post-pandemic, the demand for preventive health measures has further accelerated growth in this region, attracting key players such as Abbott and Nestlé, who are expanding their presence to meet rising consumer demands.
Online Distribution Channels Gaining Traction
The convenience of online shopping has significantly contributed to the growth of dietary supplement sales through e-commerce platforms. According to a survey by TimesNow in India, 51% of respondents reported purchasing dietary supplements online, reflecting a growing consumer preference for convenient and accessible distribution channels.
Growing Demand for Liquid Dietary Supplements
Liquid dietary supplements are increasingly popular due to their ease of consumption and fast absorption. By providing essential nutrients in a convenient form, they are accessible to all age groups, including those who may have difficulty swallowing pills or tablets. Liquid supplements are projected to dominate the market, as they offer an effective solution for addressing nutritional deficiencies.
Dietary Supplements Market Trends
- Growing Demand for Natural and Organic Supplements: Consumers are increasingly seeking natural and organic dietary supplements made from whole food sources. There's a rising awareness about the potential health benefits of consuming supplements derived from natural ingredients rather than synthetic ones.
- Focus on Health and Wellness: With a heightened focus on health and wellness, consumers are turning to dietary supplements to complement their diets and address specific health concerns. This trend is driven by an aging population, growing interest in preventive healthcare, and a desire for overall well-being.
- Personalization and Customization: Companies are offering personalized supplements tailored to individual needs. This customization can include factors such as age, gender, health goals, and even genetic predispositions. Personalized supplements are gaining popularity as consumers seek more targeted solutions for their health concerns.
- Transparency and Clean Labeling: Consumers are increasingly demanding transparency regarding the ingredients used in dietary supplements. Clean labeling, which involves clearly listing all ingredients and avoiding artificial additives, has become a significant trend. Consumers are scrutinizing labels more than ever, opting for supplements with minimal, recognizable ingredients.
- Focus on Immune Health: The COVID-19 pandemic has heightened awareness of the importance of immune health, leading to increased demand for supplements that support immune function. Ingredients such as vitamin C, vitamin D, zinc, and elderberry are experiencing particularly high demand due to their perceived immune-boosting properties.
Key Dietary Supplements Leaders
- Nestle (Switzerland)
- Abbott (US)
- Amway Corp (US)
- Pfizer Inc. (US)
- ADM (US)
- International Flavors & Fragrance (US)
- Otsuka Holdings Co., Ltd (Tokyo)
- Glanbia PLC (Ireland)
- GSK PLC. (UK)
- Bayer AG (Germany)
- Herbalife International of America, Inc. (US)
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA : 1-888-600-6441
UK +44-800-368-9399
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/
