Dietary Supplements Market Size Worth $ 340.62 Billion by 2030, Says The Brainy Insights
NEWARK, N.J., Aug. 23, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global dietary supplements market is expected to grow from USD 157.22 billion in 2021 to USD 340.62 billion by 2030, at a CAGR of 8.97% during the forecast period 2022-2030.
The population's increased need for a healthy lifestyle and rising disposable income have changed consumer preferences to favor high-end supplementary products like dietary supplements that are affordable, safe, and natural. Dietary supplements are the perfect way for today's busy people to meet their body's daily nutritional needs. In addition, COVID has increased the demand for dietary supplements that support immune function and fight against diseases in the future. The dietary supplement business is expanding because COVID-19 has prompted people to make preventative healthcare and general well-being a part of their lifestyle.
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The new inventions have been promising with claims of healing ailments like constipation, eczema, sepsis, gum disease, yeast infections, irritable bowel disease, irritable bowel syndrome, and diarrhea due to increasing research and development. Additionally, the personal care sector is seeing growth in the use of supplements for healthy skin and hair. Numerous product launches and more research and development in the industry have resulted from the growing demand for energy and weight management supplements. However, the high costs of dietary supplements will restrict the market's growth. Furthermore, the stringent international guidelines and regulations governing dietary supplements will challenge the market's growth. Increased research and development and streamlining compliance procedures can mitigate the restrictions and challenges for the market players.
Competitive Strategy
- ADM completed the acquisition of Deerland Probiotics & Enzymes in November 2021. Spore probiotics, which offer improved stability for wider use in food & beverage, pet nutrition, and supplement applications, are among the company's goods and solutions.
- Abbott, in October 2021, signed a contract to become the Real Madrid Football Club's Health Sciences and Nutrition Partner and Global Partner of the Real Madrid Foundation, a group established by the club to spread the ideals associated with the sport to kids all over the world. The alliance will assist at-risk youth in 80 different nations through educational, sporting, and social welfare initiatives. It will also provide nutritional assistance for the inaugural men's and women's teams and new product development.
Market Growth & Trends
According to the WHO report "Impact of Covid-19 Pandemic on Livelihoods and Food Security," poverty has increased. Around 30 million of the middle-class population slid below the poverty line in 2020. The loss of income has reduced food consumption or the nutritional value, as food of inferior quality has to be consumed. Children of those who lost their livelihoods are suffering from malnutrition, wasting, and stunting. On the other side, the closure of the school and the sports-related activities conducted in schools have increased the number of obese children. The worst hit countries are in the African continent and the South Asian region of the Asian continent, including India. Dietary supplements can be employed to mitigate the problem of undernutrition and overnutrition. They aid in weight management; they promote digestion and improve immunity. They can fulfill the nutritional requirements of the body as well as help fight diseases and illnesses.
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Key Findings
- In 2021, the vitamin segment dominated the market with the largest market share of 37% and market revenue of 58.17 billion.
The ingredient type segment is divided into minerals, vitamins, enzymes, probiotics, fibers & specialty carbohydrates, botanicals, proteins & amino acids, omega fatty acids, and others. In 2021, the vitamin segment dominated the market with the largest market share of 37% and market revenue of 58.17 billion.
- Over the forecast period, the gastrointestinal health segment will grow at the fastest CAGR of 12.29%.
The application segment is divided into bone & joint health, energy & weight management, immunity, diabetes, lungs, sexual health, skin/hair, mental health, menopause, prenatal health, anti-aging, insomnia, anti-cancer, gastrointestinal health, cardiac health, general health, and others. Over the forecast period, the gastrointestinal health segment will grow at the fastest CAGR of 12.29%.
- In 2021, the tablets segment accounted for the largest share of the market, with 44% and market revenue of 69.17 billion.
The form type segment is divided into tablets, gummies, soft gels, liquids, powders, capsules, and others. In 2021, the tablets segment accounted for the largest share of the market, with 44% and market revenue of 69.17 billion.
- In 2021, the pharmacies segment accounted for the largest market share, with 45% and market revenue of 70.74 billion.
The distribution channel segment is divided into supermarkets/hypermarkets, pharmacies, specialty stores, and online. In 2021, the pharmacies segment accounted for the largest market share, with 45% and market revenue of 70.74 billion.
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Regional Segment Analysis of the Dietary Supplements Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America emerged as the largest market for the global dietary supplements market, with a market share of around 40.34% and 63.42 billion of market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The dietary supplements market in the Asia Pacific has been expanding rapidly. China, India, South Korea, Japan, and Vietnam dominate the dietary supplements market in the Asia Pacific. Japan's aging population is inclined towards consuming dietary supplements due to their natural and compact nature in the form of pills, capsules, and tablets, which are easy to in-take. The cases of obesity and malnutrition are increasing in the South Asian region, with the numbers of malnutrition rising because of COVID-induced lockdowns. The cases of malnutrition are a combination of numbers of children with conditions like wasting and stunting. The immunity of individuals has also reduced globally. These factors have increased the need for supplements like probiotics, immunity boosters, and other dietary supplements which promote heart, lung, & gut health, improve digestion, increase immunity and fight off diseases/illnesses.
Key players operating in the global dietary supplements market are:
- Abbott
- ADM
- Amway Corporation
- Bayer AG
- Glanbia PLC
- GlaxoSmithKline PLC
- Herbalife International of America Inc.
- Nestle SA
- Nu Skin Enterprises Inc.
- Pfizer Inc.
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global dietary supplements market based on the below-mentioned segments:
Global Dietary Supplements Market by Ingredient Type:
- Vitamins
- Minerals
- Enzymes
- Probiotics
- Fibers & Specialty Carbohydrates
- Botanicals
- Proteins & Amino Acids
- Omega Fatty Acids
- Others
Global Dietary Supplements Market by Application:
- Energy & Weight Management
- Bone & Joint Health
- Immunity
- Diabetes
- Lungs
- Skin/Hair
- Mental Health
- Menopause
- Prenatal Health
- Anti-Aging
- Insomnia
- Sexual Health
- Anti-Cancer
- Cardiac Health
- Gastrointestinal Health
- General Health
- Others
Global Dietary Supplements Market by Form Type:
- Tablets
- Soft Gels
- Gummies
- Liquids
- Powders
- Capsules
- Others
Global Dietary Supplements Market by Distribution Channel:
- Supermarkets/Hypermarkets
- Pharmacies
- Specialty Stores
- Online
- Others
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About the report:
The global dietary supplements market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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