Dietary Supplements Market

Global Dietary Supplements Market Outlook (2022-2032)

The global dietary supplements market is anticipated to secure a market value of US$D 163 Billion in 2022 and reach US$ 351 Billion by 2032.

The projected growth rate is 8% during the forecast period. The growth of the market can be credited to increasing health awareness, the adoption of a healthy diet, and the increasing geriatric population.

Report Attributes	Details
Anticipated Market Value in 2021	US$ 160 Billion
Estimated Market Value in 2022	US$ 163 Billion
Estimated Market Value in 2032	US$ 351 Bn
Projected CAGR from 2022 to 2032	8%
Market Share of North America in 2021	34%
Key Companies Profiled	Amway Corp. Glanbia Plc. Abbott Nutrition Bayer AG Pfizer Inc. ADM Nu Skin Enterprises Inc. GlaxoSmithKline Plc. Bionova Ayanda Arkopharma Herbalife International of America Inc. Nature’s Sunshine Products Inc.

Revenue Analysis of Global Dietary Supplements Market 2015 to 2021 vs. Future Outlook 2022 to 2032

The global dietary supplements market is anticipated to have garnered significant market value in 2021 by procuring about US$ 160 Billion. The market growth can be attributed to the increasing disposable income and the growing awareness about personal health.

During the peak of the COVID-19 pandemic, the market experienced significant gains, as the fear of contracting infections prompted consumers to focus on building their immunity, leading to increased sales of different dietary supplement categories.  This trend of increased consumption is expected to carry forward in the post-pandemic era.

Changing lifestyles, increased working hours, and the growing initiatives taken by the corporates in the R&D of health booster products are likely to augment the market significantly in the coming period. As per the analysis, the global dietary supplements market is anticipated to secure a market value of US$ 351 Bn while expanding at a CAGR of 8% during the forecast period from 2022 to 2032.

How is the Growing Disposable Income and Growing Consumer Awareness Boosting the Market?

Increasing Consumer Consciousness towards Health to Boost the Industry

The global dietary supplement market is expected to be significantly boosted by the increasing personal income and the growing awareness about the health benefits of dietary supplements. Further, the improvement in distribution channels and the growing consumer health consciousness among the youth are projected to augment the industry in the coming time.

Moreover, the rising cases of obesity and other health issues can boost the demand for dietary supplements, thereby, expanding the market reach. In addition, the increasing dependence on the supplements to fulfill the nutrient requirement due to their high convenience are likely to make a significant impact on the market in the assessment period.

Formulation of innovative supplements such as; capsules, gummies, chewable products is likely to propel the market in the coming time. Besides, the outbreak of COVID-19 created an urgent need to improve to boost immunity, which is likely to spike the market graph.

What are the factors impeding the Market Growth?

High Costs of Raw Materials to Hinder the Market Expansion

The high costs of raw materials are likely to be the key factor impeding the market growth during the forecast period. Since small and medium-scale players make a very handful of investments, withstanding a high cost of labor becomes a challenge.

Procurement of raw material and labor are the two major challenges faced by the manufacturers. Further, the availability of counterfeit products can impede the market in the coming time. In addition, the outbreak of COVID-19 affected the supply and distribution channel owing to the imposition of global lockdown.

Region-Wise Analysis

What is the Role of North America in Boosting the Market?

Growing Usage of Products with High Nutritional Value to Boost the Market in Region

Estimations at Fact. MR reveals that North America is anticipated to have garnered about 34% of the market share in 2021. The region is predicted to expand at a CAGR of 5% during the forecast period.

The growth of the region can be attributed to the increasing awareness about the consumption of supplement products and the increasing usage of products with high nutritional value. In addition, high disposable income, high prevalence of obesity, and the increasing sports and fitness activities among the youth are likely to act as a significant market driver in the coming time.

What is the Contribution of Asia Pacific in Driving the Market?

Growing Expenditure on Health Boosters to Drive the Market in Region

According to the analysis, the region is expected to garner the largest market share by the end of 2032, at a CAGR of 7.6%. The expansion of the regional market can be attributed to the rising consumer base in emerging countries such as India, China, and Japan.

Furthermore, the increasing awareness about dietary supplements and the rising disposable income are predicted to bolster the market in the region. Also, the rising consciousness regarding one’s health has brought a positive impact on the market, spiking the market growth graph in an upward direction.

Category-Wise Analysis

What is the Role of Application Segment in Driving the Market Growth?

Energy and Weight Management Application to Lead the Market in Forecast Period

As per the analysis, the energy and weight management application segment is likely to dominate the market in the forecast period. The segment is predicted to have secured about 30% of the revenue share in 2022. The expansion of the segment can be attributed to the increasing awareness of consumers regarding personal health and wellness.

On the other hand, the immunity application segment is projected to record a CAGR of 8% during the forecast period. The growth of the segment can be attributed to the sudden outbreak of COVID-19. Immunity boosters like minerals, vitamins, and herbs experienced a significant boost in 2020 which is likely to continue throughout the forecast period.

Based on End-User Segment, what are the Growth Prospects of the Market?

Changing Lifestyles among Adults to Boost the Adult Segment

According to Fact. MR, the adult segment is anticipated to dominate the market owing to the growing hectic working schedules and the changing lifestyles. The segment is projected to have secured about 46% of the global revenue share in 2022. The growth of the segment can be attributed to the growing prevalence of diabetes, obesity, cardiovascular diseases, and other health issues.

On the other hand, the geriatric population is projected to witness significant growth in the coming time. The geriatric population is likely to raise significant demand for dietary supplements due to weak immunity and their susceptibility to several infections.

Competitive Landscape

The players of the global dietary supplement market adopt various strategies to enhance their market reach. Some of the most adopted strategies are acquisition, partnerships, and collaborations. Vendors also make a significant investment in the R&D of the product to secure their forefront position in the global market.

• In March 2021, Zomato disclosed its own range of functional foods, such as dietary supplements in the coming time.
• In September 2020, Prorganiq, a known entity of natural and organic supplements, disclosed the release of their ’24-in-1 Mega Superfoods’. The new product has a promising formula of 24 different green veggies, herbs, and fruits. 24-in-1 Mega Superfoods is a plant-based dietary supplement that is GMO and Gluten-free.

Key Market Segments Covered in the Global Dietary Supplements Market

• By Ingredient :

  • Vitamins
  • Botanicals
  • Minerals
  • Proteins & Amino Acids
  • Fibers & Specialty Carbohydrates
  • Omega Fatty Acids
  • Others

• By Form :

  • Tablets
  • Capsules
  • Supplements
  • Powders
  • Gummies
  • Liquids
  • Other Dietary Supplement Forms

• By Application :

  • Energy & Weight Management
  • General Health
  • Bone & Joint Health
  • Gastrointestinal Health
  • Immunity
  • Cardiac Health
  • Diabetes
  • Anti-Cancer Applications
  • Lungs Detox/Cleanse
  • Skin/Hair/Nails
  • Sexual Health
  • Brain/Mental Health
  • Insomnia
  • Menopause
  • Anti-Aging
  • Prenatal Health
  • Other Applications

• By End User :

  • Adult Dietary Supplements
  • Geriatric Dietary Supplements
  • Dietary Supplements for Pregnant Women
  • Dietary Supplements for Children
  • Dietary Supplements for Infants

• By Type :

  • OTC Dietary Supplements
  • Prescribed Dietary Supplements

• By Distribution Channel :

  • Offline Dietary Supplements Sales
    • Hypermarkets/Supermarkets
    • Pharmacies
    • Specialty Stores
    • Practitioners
    • Others
  • Online Dietary Supplements Sales