Dublin, June 19, 2023 (GLOBE NEWSWIRE) -- The "Dietary Supplements Market by Type (Botanicals, Vitamins, Minerals, Amino Acids, Enzymes, Probiotics), Function, Mode of Application, Target Consumer, Distribution Channel (Pharmacy, Supermarket/Hypermarket, Online) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The dietary supplements market size is estimated to be valued at USD 167.5 billion in 2023 and is projected to reach USD 239.4 billion by 2028, recording a CAGR of 7.4%
Various factors, such as increasing health awareness, rising demand for preventive healthcare, aging population, expanding e-commerce, and the preference for natural and sustainable products drive the market.
Dietary supplements are used to supplement the diet and provide essential nutrients, vitamins, minerals, herbs, or other beneficial substances. They help support overall health, fill nutritional gaps, and address specific health concerns. Dietary supplements come in various forms such as tablets, capsules, powders, liquids, soft gels, and gel capsules.
They can be taken as additional supplements to enhance nutrient intake, as medicinal supplements to address specific deficiencies or health conditions, or as sports nutrition supplements to enhance athletic performance and support muscle recovery. These different types and applications of dietary supplements cater to a wide range of health and wellness needs.
The dietary supplements market is expected to witness significant growth during the forecast period increasing demand for health and wellness products, preventive healthcare, and the trend toward self-care and personal well-being.
Manufacturers are continuously investing and expanding their market to meet the growing demand for dietary supplements. For example, Nestle strengthens its presence in the Brazilian dietary supplements market with the acquisition of PurVida, Brazil.
By type, the Vitamin segment is the largest segment during the forecast period.
Vitamins play a crucial role in maintaining overall health and are essential for various bodily functions. Factors driving the growth of the vitamin segment include increasing health awareness, rising prevalence of vitamin deficiencies, and a growing focus on preventive healthcare.
Consumers are seeking to fill nutritional gaps through vitamin supplementation to support their well-being. The availability of a wide range of vitamin formulations, including single vitamins or multivitamin combinations, caters to diverse consumer needs. With the increasing emphasis on maintaining optimal nutrition, the vitamin segment is expected to witness significant growth in the dietary supplements market.
By function, the additional supplements segment is expected to grow at the highest growth rate during the forecast period.
Additional supplements encompass a wide range of products aimed at supporting overall health and well-being. These supplements provide additional nutrients, such as vitamins, minerals, antioxidants, or herbal extracts, to supplement the daily diet and fill nutritional gaps.
The increasing demand for preventive healthcare and the growing emphasis on maintaining optimal nutrition are driving the growth of the additional supplements segment. Consumers are seeking these supplements to enhance their overall health, boost immune function, support energy levels, and promote specific health benefits.
The availability of a diverse range of additional supplements catering to various health concerns contributes to the segment's dominance in the dietary supplements market.
By mode of application, the liquid segment is projected to grow at the highest CAGR in the dietary supplement markets.
The popularity of liquid dietary supplements can be attributed to several factors. Liquids offer convenience and ease of consumption, especially for individuals who have difficulty swallowing pills or capsules. They provide a quick and efficient way to deliver nutrients to the body. Liquid supplements often have faster absorption rates compared to other forms, allowing for quicker nutrient uptake.
Additionally, liquids are highly versatile, as they can be formulated with various ingredients, flavors, and concentrations to meet specific consumer preferences and health needs. The liquid segment's growth is driven by the demand for convenient, fast-acting, and customizable dietary supplements.
By target consumer, the adult segment is expected to dominate the market during the forecast period.
The adult segment is projected to dominate the dietary supplements market during the forecast period. Several factors contribute to this dominance. Adults generally have higher purchasing power and a greater emphasis on maintaining their health and well-being.
They are more likely to proactively seek out dietary supplements to support their nutritional needs and address specific health concerns. The adult population encompasses a wide range of age groups, each with different nutritional requirements.
This diversity drives the demand for a variety of dietary supplements tailored to address specific age-related concerns, such as bone health, heart health, cognitive function, and immune support. The adult segment's dominance reflects the significant market potential and wide-ranging needs within this consumer group.
By distribution channel, the online segment is expected to grow at a significant CAGR during the forecast period.
The online segment is projected to be the largest distribution channel within the dietary supplements market during the forecast period. Several factors contribute to the dominance of the online segment.
The increasing penetration of e-commerce platforms and the growing trend of online shopping have made dietary supplements easily accessible to consumers. Online platforms offer a wide range of products, enabling consumers to explore a broader selection and compare prices conveniently.
The online segment provides a platform for direct-to-consumer brands and smaller supplement manufacturers to reach a wider audience without the need for extensive physical distribution networks. Additionally, the convenience, 24/7 availability, and doorstep delivery offered by online channels align with consumer preferences for seamless shopping experiences, contributing to the online segment's market dominance.
Asia Pacific market is estimated to be the fastest-growing region in the dietary supplements market.
Asia Pacific is poised to be the fastest-growing region in the dietary supplements market during the forecast period. Several factors contribute to this growth.
The region is experiencing rapid urbanization, along with rising disposable incomes and a growing middle class, leading to increased consumer spending on health and wellness products. There is a rising awareness of preventive healthcare and a shift towards proactive approaches to well-being among consumers in the region.
Moreover, the popularity of traditional medicine and herbal supplements, coupled with a strong cultural inclination towards natural and holistic remedies, further drives the demand for dietary supplements. The expanding e-commerce landscape in the Asia Pacific provides convenient access to a wide variety of dietary supplements, bolstering market growth in the region.
Competitive landscape
Key players operating in this market are Nestle (Switzerland), Abbott (US), Amway Corp (US), Pfizer Inc. (US), ADM (US), International Flavors & Fragrance (US), and Otsuka Holdings Co., Ltd (Japan).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 442 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $167.5 Billion |
| Forecasted Market Value (USD) by 2028 | $239.4 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Premium Insights
- Emerging Demand for Personalized Nutrition to Present Opportunities for Market Growth
- India to be the Fastest-Growing Market for Dietary Supplements During Forecast Period
- Vitamins to Account for Largest Share in Asia-Pacific Dietary Supplements Market
- Asia-Pacific and Tablets Segment Projected to Dominate Market
- Vitamins Projected to Dominate During Forecast Period
- Additional Supplements Segment Projected to Dominate the Global Market
- Adults Projected to Dominate Dietary Supplements Market
- Online Segment Projected to Dominate the Global Market
Market Dynamics
Drivers
- Shift in Consumer Preferences Due to Increasing Focus on Health
- Rising Healthcare Burden due to Chronic Ailments
- Rising Geriatric Population and Their Growing Use of Dietary Supplements
- Growing Retail Sales of Functional Foods
Restraints
- High Cost of Dietary Supplements
- High R&D Investments and Cost of Clinical Trials
Opportunities
- Shift Toward Plant-Based Supplements
- Consumer Awareness About Micronutrient Deficiencies
- Government Mandates Related to Food Fortification
Challenges
- Consumer Skepticism and Fake Supplements Associated with Nutraceutical Products
- Challenging Regulatory Environment
Industry Trends
Value Chain
- Research & Development
- Sourcing
- Manufacturing
- Packaging and Storage
- Distribution
- End-users
Technology Analysis
- Food Microencapsulation
- Encapsulation of Omega-3 to Mask Odor
- Biotechnology
- Innovative and Disruptive Technologies
- Robotics to be a Key Technological Trend Leading to Innovations
- 3D Printing of Dietary Supplements
Case Studies
- Safety Assessment and Certification Demand by Industry Players to Ensure Transparency
- Companies Focused on Developing Flavored Dietary Supplement Products
- US-Based Firm Started Offering Easy-To-Use and Efficient-To-Take Vitamin and Mineral Pills That Dissolve Instantly
Company Profiles
Key Players
- Nestle
- Abbott
- Amway Corp
- Pfizer Inc.
- Adm
- International Flavors & Fragrances Inc. (Iff)
- Otsuka Holdings Co., Ltd.
- Glanbia plc
- Gsk plc.
- Bayer Ag
Other Players
- Herbalife International of America, Inc.
- Nature's Sunshine Products, Inc.
- Bionova Lifesciences
- Arkopharma
- American Health
- Pure Encapsulation LLC
- H&H Group
- Nu Skin
- Power Gummies
- Biomedical Research Laboratories
- Healthkart
- Nutriscience Corporation
- Nature's Essentials
- Life Extension
For more information about this report visit https://www.researchandmarkets.com/r/es14g9
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