Dubai, UAE, April 11, 2023 (GLOBE NEWSWIRE) -- According to the report published by Extrapolate, the global Nutrition and Supplements Market size was worth around USD 371 billion in 2022 and is anticipated to grow to around USD 831.13 billion by 2032 at a CAGR of 8.4% between 2023 and 2032.
Extrapolate’s market outlook is positive with the rising prevalence of chronic diseases like obesity, diabetes, and cardiovascular diseases. Consumers today increasingly prefer natural nutritional solutions to improve overall health and prevent diseases. Additionally, the growing popularity of plant-based diets and changing lifestyles contribute to the market's growth.
However, the dietary supplements industry has been facing challenges related to regulations, as there have been concerns regarding the safety and efficacy of some of the nutrition and supplements.
The global nutrition and supplements market report offers a detailed analysis of the market size, growth potential, and competitive landscape, allowing businesses and individuals to make informed decisions about their investments and strategies. Moreover, the report provides a comprehensive understanding of the evolving consumer preferences and buying behaviors, allowing companies to tailor their products and services to meet the changing needs of their target audience. Additionally, the report includes valuable insights into the regulatory environment, industry best practices, and emerging technologies, helping businesses stay ahead of the competition.
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Competitive Landscape
The global nutrition and supplements market is highly fragmented, with a strong presence of numerous local and international market players. To stay afloat, companies invest in research and development activities to create innovative products catering to consumers' needs and preferences. For instance, personalized nutrition solutions and products targeting specific health concerns such as cognitive functioning and immunity and convenient delivery systems such as gummies and powders are some of the areas where nutrition and supplement manufacturers focus their efforts.
Some of the Major Players in the Nutrition and supplements market
- ABBOTT
- ADM
- AMWAY CORP.
- Arkopharma
- BA SPORTS NUTRITION, LLC.
- Bionova
- CSN
- Glanbia PLC
- GSK PLC
- HERBALIFE INTERNATIONAL OF AMERICA, INC.
Rising Demand for Beauty and Brain Health Supplements
Today’s aging population has increased interest in supplements that can promote brain health and cognitive functioning. Ingredients such as omega-3 fatty acids, phosphatidylserine, and Bacopa monnieri are becoming increasingly popular as people seek ways to optimize their mental health, further driving the nutrition supplements market share.
In addition to brain health, there has been a noticeable uptick in demand for beauty supplements as consumers strive to have healthy skin and hair growth and improve their overall appearance. Collagen supplements, in particular, have gained traction among consumers across Europe and North America due to their potential to improve skin elasticity and reduce the visible signs of aging, such as wrinkles.
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Key Takeaways
- Strong demand for plant-based and organic supplements: With the increasing trend towards healthy living, consumers in the global nutrition and supplements market are opting for plant-based and organic supplements as a safer, healthier, and more sustainable alternative than their counterparts.
- Shifting Focus to personalized nutrition: Consumers seek customized supplements and diets tailored to their needs and preferences.
- E-commerce and digitalization: E-commerce is transforming the market in the Asia Pacific region. Consumers increasingly turn to online channels to purchase supplements, driven by a wider range of products and competitive pricing.
- Functional food and beverages: Functional food and beverages are gaining popularity, with consumers looking for products that offer health benefits beyond essential nutrition.
Market Segmentation by Age Group:
- Kids
- Adults
- Geriatric
Adults Segment Dominates Nutrition and Supplements Market with 40% of Total Revenue
The adults demographic holds immense potential in the nutrition and supplements market, contributing a staggering 40% of the total revenue. This group, comprised of individuals aged 18 and above, seeks nutritional supplements for various reasons, including maintaining a healthy lifestyle, managing chronic conditions, and enhancing their overall well-being. With changes in metabolism, reduced appetite, and an increased risk of chronic diseases, it is not surprising that this age group is the primary consumer of nutrition and dietary supplements. Additionally, young adults increasingly turn to supplements to improve their athletic and fitness goals.
One of the key factors contributing to the dominance of this segment is the high expenditure of this age group, allowing them to invest in premium supplements for specific nutrition. Thus, these aforementioned factors are contributing prominently to segmental growth.
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Market Segmentation by Type:
- Capsule
- Liquid
- Powder
- Softgel
- Tablet
Powder Segment Experiences Booming Growth for Convenience, Versatility, and Customization
By form, powders of nutrition and supplements are leading the charge, contributing over 30% of the market revenue. The popularity of powder supplements can be attributed to their ease of use, convenience, and versatility. They can be easily mixed with various liquids, making them a popular choice among consumers who prefer customized and personalized nutrition solutions. Apart from this, powder supplements are also available in a wide range of flavors, thus, catering to diverse consumer preferences. Additionally, they are often marketed as natural and organic products, tapping into the rising demand for clean-label and sustainable products.
Asia Pacific and North America to Contribute More than 67% Revenue to Global Nutrition and Supplements Market
The Asia Pacific and North America regions are poised to play a crucial role in the nutrition supplement market growth. Collectively, they are expected to contribute more than 67% of the total revenue generated by the market. The Asia Pacific region is the most significant contributor to the market, holding over 37% revenue share. The region garners most of its revenue from sports nutrition products and dietary supplement sales, particularly in countries like China, Japan, and India. The region houses over 50% of the global athlete population, which translates to more than 2.6 million athletes. Hence with the growing demand for plant-based nutrition and supplements, this factor is attributable to the highest CAGR pertaining to the region. The demand for plant-based nutrition and supplement is growing at the highest CAGR.
Meanwhile, North America is a mature market characterized by high awareness and adoption of nutritional supplements. The region houses many established market players in the industry who are investing heavily in research and development to create innovative products that cater to the evolving needs of consumers. Additionally, the region is witnessing a substantial shift towards natural and organic products and increasing the demand for personalized nutrition solutions.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Global Nutrition and Supplements Market
Chapter 5. Global Nutrition and Supplements Market Overview, By Product, 2018 - 2032 (USD Million)
Chapter 6. Global Nutrition and Supplements Market Overview, By Distribution Channel, 2018 - 2032 (USD Million)
...
Chapter 12. Asia Pacific Nutrition and Supplements Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. Middle East & Africa Nutrition and Supplements Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. South America Nutrition and Supplements Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 15. Competitive Landscape
Chapter 16. Key Vendor Analysis
Chapter 17. Sourcing Strategy and Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
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