New York, US, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Dietary Supplements Market Summary:
According to a Comprehensive Research Report by Market Research Future (MRFR) "Dietary Supplements Market Information by Type, Form, Distribution, and Region - Forecast till 2030", the market is expected to register a CAGR of 8.12% and reach USD 328.8 Billion by 2030.
Market Scope:
Vitamins, minerals, nutrients, amino acids, botanical extracts, and enzymes are just few of the many ingredients that make up dietary supplements. The modern consumer is more concerned with eating a well-rounded diet and is boosting their consumption of nutritious foods. Since conditions like diabetes and obesity are on the rise, consumers have become more health conscious. Because of this, the market for nutritional supplements has exploded in recent years. More and more individuals around the world are becoming aware of the importance of maintaining a healthy body and are taking steps to ensure they are obtaining all the vital nutrients they need. For this reason, they should take the nutritional supplement.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 328.8 Billion |
| CAGR | 8.12% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, Form, Distribution, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The Rising focus on healthy food consumption |
| The market for plant-based ingredients is growing at a rapid pace |
Competitive Dynamics:
The key players of the market are:
- Herbalife Nutrition Ltd. (US)
- GlaxoSmithKline plc (UK)
- Otsuka Holdings Co. Ltd (Japan)
- Abbott Laboratories (US)
- Amway Corp (US)
- Bayer AG (Germany)
- The Nature's Bounty Co. (US)
- Glanbia plc (Ireland)
- Nature's Way Products
Market USP:
Market Drivers
The growing awareness of the importance of eating healthily is one factor driving the global food business. More people are cognizant of the need for health aids such dietary supplements as a result of the rising incidence of lifestyle-related diseases and the sizeable increase in the elderly population. People are increasingly more conscientious about their health, and as a result, they are making better decisions about the foods they put into their bodies. The manufacturing of dietary supplements also sees ongoing innovation and improvement.
The efforts of government agencies like the FDA in the United States to regulate the industry and guarantee the safety and efficacy of dietary supplements has also helped to increase their popularity. The dietary supplements business should benefit from the rising trend of using natural, non-toxic, and transparently stated substances. The rising interest in bodybuilding and competitive sports is also fueling demand for nutritional supplements. These athletes' use of nutritional supplements to increase their performance is a major element in the expansion of this industry.
Plant-based components are becoming increasingly popular, and people are preferring them to animal-based supplements. This creates possibilities for the dietary supplement industry as consumers are expected to switch their focus to herbal supplements derived from plants. Also influencing customer preference are issues such as the necessity for clear product labels, the need to avoid allergens, and the desire to reduce one's environmental impact. The leading companies are constantly innovating to keep up with consumer demand, which bodes well for future growth in the global industry.
The changing tastes of consumers, the expansion of the global population, and the widespread acceptance of a healthy way of life all contribute to the expansion of the market for dietary supplements. With the help of the doctors' recommendations, the public has become more aware of these supplements, which is fueling the expansion of the global market. The expansion of the global market is also influenced by the success of advertising and marketing campaigns for these supplements. The global market for dietary supplements is expected to expand rapidly because of these causes.
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Market Restraints
Due to scientific and technological progress, people now have access to weight-control aids that can actually work. However, not everyone can afford these supplements, especially in less developed countries. It has the potential to be a significant barrier to international trade.
COVID-19 Analysis:
The market for nutritional supplements was hit both positively and negatively by the covid-19 pandemic. But in the long run, the nutritional supplement sector will benefit from the pandemic. Strong immunity functions and a decreased hazard of coronavirus explain the increased demand for dietary supplements in industrialized countries. Consumers are leaning toward immunity-boosting and healthy goods as the number of reported instances of covid-19 rises.
There was a negative effect on the market from the covid-19 as well, because production dropped. Lockdown meant production stopped, which meant there was less available. The global market was negatively impacted as a result of the difficulty in transporting raw materials due to travel restrictions around the world. When things get back to normal, a rise in the popularity of nutritional supplements is expected.
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Market Segmentation:
The market for nutritional supplements can be broken down into several distinct subsets, based on its shape and function.
By Form
The sector dominates the global market because of its low price, improved packaging, and extended storage time. Tablets are preferred because of the clarity with which they can be read. In addition, the powder sector is expected to grow throughout the forecast period of the worldwide market due to the increasing need for protein supplements.
By Type
The vitamin category has the largest market share in the dietary supplements business because of its widespread use around the world. People in many nations are turning to vitamin supplements to make up for the widespread vitamin deficiencies that are plaguing their diets.
Due of the serious health consequences of mineral deficiency in both pregnant women and adults, the mineral market is seeing increased demand. Rising interest in weight training and dieting might further boost demand for protein powder in the years ahead.
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Regional Analysis:
Due to the high prevalence of cardiovascular diseases, diabetes, obesity, and others, North America is expected to hold the largest share of the global market over the forecast period. One of the main reasons this region's market is expanding is the region's expanding population and associated increase in activity levels.
Due to the increasing prevalence of health issues in the region, the Asia-Pacific market is predicted to develop at the fastest rate during the projected period (10.3% CAGR). As a result, more and more people are choosing for a supplement-based healthy lifestyle. It's causing a rise in supplement consumption in major economies like China and India. The European market for dietary supplements is expanding at a moderate rate as a result of people there adopting healthier ways of living.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
