Pune, April 27, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, “The Dietary Supplements Market was valued at USD 164.81 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2023 to 2030, ultimately reaching USD 316.53 billion by 2030”.
Market Report Scope
Dietary supplements are products intended to supplement one's diet and provide additional nutrients such as vitamins, minerals, amino acids, and other substances that may be missing or inadequate in one's regular diet. These supplements can come in various forms such as pills, capsules, powders, and liquids, and are often marketed to support overall health and well-being. They are not intended to replace a healthy diet or serve as a primary source of nutrition but rather to complement it.
Market Analysis
The dietary supplements market is being driven by several factors, with the growing geriatric population being one of the primary drivers. As the global population ages, there has been a corresponding increase in the incidence of age-related health conditions, such as osteoporosis, cognitive decline, and cardiovascular disease. This has led to a rise in demand for dietary supplements that can help manage these conditions and promote healthy aging. Another factor driving the growth of the market is the shift from pharmaceuticals towards nutraceuticals, which are seen as a more natural and holistic approach to healthcare.
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Impact of Recession
The impact of a recession on the dietary supplements market can vary depending on the severity and length of the recession, as well as the specific product categories and consumer preferences. However, as long as there is a demand for supplements, the market is likely to remain resilient, albeit with some fluctuations.
Key Regional Development
The dietary supplements market in Asia Pacific is witnessing rapid growth, owing to the increasing consumer base in countries such as India, China, and South Korea. With a large population base, these countries offer a vast market for dietary supplement manufacturers, who are leveraging this opportunity to expand their presence and tap into the growing demand for health-enhancing products. One of the key drivers of the market in the Asia Pacific region is the increasing expenditure on health and wellness products, driven by the growing per capita income in the region.
Key Takeaway from Dietary Supplements Market Study
- The hypermarkets/supermarkets segment is set to become a dominant player in the global market. With the growing demand for health and wellness products, consumers are increasingly turning to dietary supplements to supplement their diets and support their overall wellbeing.
- The vitamins segment is poised to become a dominant force in the global market. Vitamins are essential micronutrients that play a vital role in maintaining overall health and wellness. Due to the increasing prevalence of nutrient deficiencies, consumers are turning to vitamin supplements to bridge the gap in their diets and support their wellbeing.
Recent Developments Related to Dietary Supplements Market
- SPE Capital, a private equity firm based in North Africa and the Middle East, has acquired a majority stake in Vital, the leading nutritional supplements company in Tunisia. The deal marks a significant investment in the growing market in Tunisia and the wider North African region.
- The U.S. Food and Drug Administration (FDA) has launched a dietary supplement ingredient directory aimed at improving transparency and accessibility of information for manufacturers and consumers. The directory, which is accessible on the FDA's website, includes a list of all dietary supplement ingredients that have been the subject of a pre-market notification, also known as a new dietary ingredient (NDI) notification, or an exemption notification.
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| Report Attributes | Details |
| Market Size in 2021 | US$ 151.9 Billion |
| Market Size by 2028 | US$ 268.8 Billion |
| CAGR | CAGR 8.5% From 2022 to 2028 |
| Base Year | 2021 |
| Forecast Period | 2022-2028 |
| Historical Data | 2017-2020 |
| Key Segments | • by Ingredient (Vitamins, Minerals) • by Form • by Application • by End User • by Distribution Channel by Regio |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Amway Corp., Glanbia PLC, Abbott, Bayer AG, Pfizer Inc., ADM, Nu Skin Enterprises, Inc., GlaxoSmithKline plc, Bionova, Ayanda, Arkopharma, Herbalife International of America, Inc., Nature’s Sunshine Products, Inc. |
| Market Drivers | •Change in shopper inclination because of expansion in the center around wellbeing and anticipation. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Dietary supplement Market Segmentation, based on Ingredient
9. Dietary supplement Market Segmentation, based on Form
10. Dietary supplement Market Segmentation, based on Application
11. Dietary supplement Market Segmentation, based on End-user
12. Dietary supplement Market Segmentation, based on Type
13. Dietary supplement Market Segmentation, based on Distribution Channel
14. Regional Analysis
15. Company Profiles
16. Competitive Landscape
17. Conclusion
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