Global Dietary Supplements Market to Surpass US$ 290.9 Billion by 2027, owing to rising awareness of its health benefits, Says CMI

SEATTLE, March 31, 2020 (GLOBE NEWSWIRE) -- A dietary supplement is consumed to add extra supplements to the diet and is available in different forms such as capsule, pill, tablet, and liquid. Dietary supplements are produced from food sources or can be prepared synthetically. Basically, these products are beneficial in supporting better health while supplementing the diet and providing essential nutrients. Vitamin, mineral, herb or other botanical, amino acid, concentrate, metabolite, and constituent. All these ingredients or combinations of these ingredients can be categorized under dietary supplements. These supplements nourish the overall body and maintain a well-balanced diet in the body. A dietary supplement is also beneficial for pregnant women and for people do consume animal products such as vegetarian and vegans.

The global dietary supplements market is estimated to account for around US$ 149.5 billion in terms of value in the year 2018 and it predicted to grow at a CAGR of 7.7% during the forecast period (2019-2027).

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Drivers:

Growth in the establishment of sports complexes and gymnasiums around the globe is primarily fueling the market growth of dietary supplements. Rising demand for medical nutrition due to growing cases of chronic disorder coupled with the growing number of weight management programs around the globe is also projected to foster market growth. All these factors are estimated to augment the market growth of dietary supplements over the forecast timeframe.

The increasing popularity of e-commerce and m-commerce platform for selling the nutraceutical products which enable easy access to the consumer in term of purchasing the products. This is expected to fuel the market growth of dietary supplements. The growing focus of manufacturers to develop the improved quality of the product in order to deliver the rising need around the globe is further anticipated to foster the market growth of dietary supplements.

Market Opportunities

Growing usage of nutraceutical for mental disorders around the globe will provide lucrative growth opportunities over the forecast period. According to the World Health Organization, 19.1% of U.S. adults experienced mental illness in 2018 (47.6 million people).  This represents 1 in 5 adults. Therefore, rising cases of mental disorder are propelling the demand for nutraceutical which in turn augmenting the market growth of dietary supplements.

A high prevalence of digestive health issues is expected to foster the market growth of dietary supplements over the forecast period.  According to the U.S. Department of Health & Human Services, annually around 14.8 million have been diagnosed with ulcers in the U.S.  Thus, rising cases of digestive health issues are projected to provide enormous growth opportunity to the market of dietary supplement over the forecast period.

Key Takeaways:

On the basis of distribution channel, pharmacies & drug stores dominated the dietary supplements market in 2018 with around 40% of market share in terms of revenue, followed by health & beauty stores and direct selling, respectively.

Market Trends

Rising usage of dietary supplements among pregnant women is expected to foster market growth over the forecast period. Dietary supplements with ingredients such as a prenatal multivitamin, vitamin D3, folate, and magnesium are beneficial for pregnant women as this ingredient supports the overall health of pregnant women as well as the fetus. This is expected to augment the market growth of dietary supplements in the near future.

The growing trend of consuming organic products among the consumer due to growth in the number of health-conscious people around the globe is expected to accelerate the market growth over the forecast period. Rising demand for high nutritional value content products with a reduced level of calories among athletes is another major factor propelling market growth.

Competitive Section:

Company names

Key players operating in the global dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline plc, Herbalife International, and BASF

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Market Taxonomy
By Form

• Soft gel/Pills
  • Confectionery Products 
    • Gummies
    • Chews
    • Others (Lollipops, hard-boiled candies)
  • Pharmaceutical Products
    • Chewable Pills and Pills
    • Gelcaps
• Powder
• Liquid

By Application

• Weight Loss
• Sports Nutrition
• General Wellbeing
• Immune and Digestive Health
• Bone and Joint Health
• Heart Health
• Other Specific Requirements (Beauty Supplements, anti-allergies, and eye health)

By Ingredients

• Vitamins & Minerals
• Amino Acids
• Botanical Supplements
• Others (concentrate, metabolite, constituent, or extract)

By End Use

• Men
• Women
• Senior Citizens
• Others (kids and toddlers)

By Distribution Channel

• Pharmacies/drugstores
• Health & Beauty stores
• Hypermarket/Supermarket
• Internet

By Region

• North America
• Latin America
• Europe
• Asia-pacific
• Middle East