Dietary Supplements Market Expected to Reach $239.4 Billion

Chicago, June 16, 2023 (GLOBE NEWSWIRE) -- The dietary supplements market is poised for significant growth, with an estimated value of USD 167.5 billion in 2023, projected to reach USD 239.4 billion by 2028, exhibiting a robust CAGR of 7.4%. Dietary supplements are ingestible products that contain various "dietary ingredients" aimed at supplementing the diet. These ingredients encompass a wide range of components, including vitamins, minerals, herbs, botanicals, amino acids, enzymes, and probiotics, all of which are derived from the food supply. Additionally, dietary supplements may contain concentrates, metabolites, constituents, extracts, or combinations of these dietary ingredients. They are available in diverse forms such as pills, tablets, capsules, gummies, soft gels, liquids, and powders, and can even be incorporated into conventional food categories like teas or bars. Join the movement towards optimal health and well-being with dietary supplements!

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Key Industry Development:

The dietary supplements market has witnessed several key industry developments in recent years. These developments have had a significant impact on the market landscape and the way dietary supplements are produced, marketed, and consumed.

One notable development is the increasing demand for natural and organic dietary supplements. Consumers are becoming more conscious of their health and are seeking products that are derived from natural sources and free from synthetic additives. This trend has led to the growth of organic and plant-based supplements, as well as the use of clean labeling to clearly communicate the ingredients used in the products.

Report Scope & Segmentation:

Report Metrics	Details
Forecast Period	2023-2028
Forecast Period 2023-2023 CAGR	7.4%
2028 Value Projection	USD 239.4 billion
Segments covered	Type, Function, Mode of Application, Target Consumer, Distribution Channel and Region
Regions covered	North America, Europe, Asia Pacific, and RoW

Key Takeaways:

Consumers are increasingly seeking natural and organic supplements for their health needs.
Personalized nutrition is gaining popularity as individuals look for customized solutions based on their genetic profile and lifestyle.
E-commerce has become a prominent distribution channel, providing convenience and a wide range of product options.
Regulatory changes aim to ensure the safety and efficacy of dietary supplements, enhancing consumer confidence.
Sustainability practices are gaining importance, with a focus on responsible sourcing and eco-friendly packaging.

Drivers and Opportunities:

Driver: Increasing Focus on Health and Prevention Fuels Consumer Preference Shift

According to a recent survey by the Council for Responsible Nutrition (CRN), 73% of Americans are projected to use dietary supplements in 2020. The primary reason behind this surge in usage is the growing emphasis on overall health and well-being benefits. As health awareness continues to rise, consumers are gravitating towards personalized dietary supplements tailored to their specific biological needs. This trend has led to a significant increase in demand for protein supplements, vitamins, mineral supplements, and herbal (botanical) supplements, as individuals seek to address health concerns and make lifestyle changes.

Opportunity: Rise in Plant-Based Supplements

The market for plant protein ingredients is experiencing rapid growth, presenting a lucrative opportunity in the current market landscape. Plant-based products have gained traction due to shifting consumer preferences towards cleaner eating, concerns over lactose intolerance, and a heightened focus on environmental sustainability. The nutritional profile of plant-based sources has further fueled the demand for plant-based supplements, providing a viable alternative for health-conscious consumers.

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Segments:

The high demand for vitamins for all age groups drives the market.

The market for vitamins is driven by high demand from all age groups. Vitamins are essential for maintaining the health and proper functioning of the human body. They play a vital role in various functions such as maintaining bone density, hormonal activity, weight management, and muscle mass. Since the human body cannot produce these micronutrients in sufficient quantities, they need to be obtained from daily dietary intake. However, factors like consuming processed and junk food, as well as lifestyle changes, have led to a decrease in vitamin consumption, creating a demand for dietary supplements.

The rising popularity of additional supplements is projected to boost the additional supplement function segment.

One segment that is experiencing increased popularity is additional supplements, which complement daily diets. These supplements are concentrated sources of nutrients, including vitamins, minerals, and other substances with nutritional or physiological effects. They are designed to address nutritional deficiencies, maintain adequate nutrient intake, and support specific bodily functions. They are not considered medicinal products and do not have pharmacological, immunological, or metabolic actions. The growing awareness of overall health and wellness, particularly among the younger generation, is driving the demand for these additional supplements.

Liquid beverage supplements are expected to dominate the market during the study period.

These supplements help address nutritional deficiencies by providing the recommended daily allowance of micronutrients and macronutrients. They are convenient and affordable to consume, as they are easily digestible and suitable for all age groups. Liquid supplements do not possess active pharmaceutical ingredients or exert pharmacological, immunological, or medicinal actions. These factors contribute to their popularity and projected dominance in the market.

The demand for dietary supplements in adults is increasing due to the need for optimal nutrition caused by changing lifestyles.

While most adults can meet their nutritional needs through a healthy diet, some may require additional nutrients. Dietary supplements support the body's needs for staying healthy. Adults often have busy lifestyles, making them more susceptible to chronic health conditions and high stress levels. Although supplements do not prevent these disorders, they help individuals maintain overall good health.

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The growth of online distribution channels is fueled by the ease of use and convenience they offer in the global dietary supplements market.

Online platforms provide an efficient and effective way for producers to make their products available to consumers. A survey conducted in March 2022 found that 51% of respondents who took dietary supplements or nutraceuticals purchased them online. This indicates a preference for online purchases, driving the demand for this distribution channel.

In 2023, the Asia Pacific region is expected to provide the highest growth prospects for the dietary supplements market.

The market in this region is diverse in terms of manufacturing and consumption of dietary supplements. The adoption of dietary supplements in various forms, particularly those sourced naturally, has been increasing as people in the Asia Pacific region strive for healthier lifestyles. Additionally, the geriatric population is growing in countries like Japan, leading to an increased demand for geriatric and medicinal supplements. Following the pandemic, countries such as India and China have seen a rise in the adoption of supplements for preventive and dietary purposes. These countries offer a large customer base, attracting key players in the dietary supplements market to expand their operations and manufacturing facilities, further driving market growth in the region.

List of Key Players Mentioned in the Report: