Chicago, Nov. 01, 2023 (GLOBE NEWSWIRE) -- MarketsandMarkets, a premier market research firm, has published an in-depth analysis of the global dietary supplements market, forecasting significant expansion the global dietary supplements market size is expected to grow from USD 167.5 billion in 2023 to USD 239.4 billion by 2028, at a CAGR of 7.4%. The report underlines the market's robust growth, predicting its ascension on a global scale and showcasing its increasing value.
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Key Segments of the Dietary Supplements Market
- Type: This segment categorizes dietary supplements based on their primary ingredients, such as vitamins, minerals, botanicals, enzymes, amino acids, probiotics, and more. Each type serves specific health or nutritional needs.
- Function: Function segments classify dietary supplements based on their intended purposes. These purposes can include immune support, weight management, bone health, heart health, energy, and various other health-related functions.
- Mode of Application: This segment focuses on the various forms in which dietary supplements are available for consumption. It includes capsules, tablets, softgels, powders, liquids, and other methods.
- Target Consumer: Target consumer segments help identify the specific demographic or health groups that dietary supplements are designed for. This can include adults, children, elderly citizens, pregnant or nursing women, individuals with specific health conditions, and those seeking general wellness.
- Distribution Channel: Distribution channel segments pertain to how and where dietary supplements are sold to consumers. Common distribution channels include health and wellness stores, pharmacies, supermarkets, online retailers, specialty stores, convenience stores, and more.
Growth Drivers
Several factors are steering the robust expansion of the dietary supplements market:
- Shift in Consumer Preferences due to Increasing Focus on Health: Growing health consciousness among consumers has resulted in a preference for dietary supplements as a preventative measure to uphold their wellbeing and meet their nutritional needs.
- Rising Healthcare Burden due to Chronic Ailments: Due to the mounting strain that chronic diseases are putting on healthcare systems, people are turning to dietary supplements as an additional tool for managing and preventing these conditions.
- Rising Geriatric Population and Their Growing Use of Dietary Supplements: Seniors are using dietary supplements to support their unique health needs, like bone health and cognitive function, as the world's population ages, which is fueling the growth of the market.
- Growing Retail Sales of Functional Foods: Functional foods, which have additional health benefits, are becoming more and more popular. The market for dietary supplements is experiencing growth due to the growing trend of consumers incorporating these products into their diets in search of all-encompassing nutritional support.
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Opportunities
- Shift Toward Plant-Based Supplements: There is a notable trend among consumers towards plant-based dietary supplements, driven by a preference for natural and sustainable options. Plant-based supplements often appeal to those seeking vegetarian or vegan alternatives.
- Consumer Awareness About Micronutrient Deficiencies: Increasing awareness about the importance of micronutrients in overall health has led consumers to actively seek dietary supplements to address specific deficiencies, such as vitamin D, iron, or calcium, in their diets.
- Government Mandates Related to Food Fortification: Many governments are enforcing regulations that require certain food products to be fortified with essential nutrients to combat nutritional deficiencies in the population. This, in turn, bolsters the dietary supplement market, as consumers continue to seek additional nutritional support.
Key Players
Prominent companies driving the dietary supplements market's innovation and competitiveness include:
- Nestle (Switzerland)
- Abbott (US)
- Amway Corp (US)
- Pfizer Inc. (US)
- ADM (US)
- International Flavors & Fragrance (US)
- Otsuka Holdings Co., Ltd (Tokyo)
- Glanbia PLC (Ireland)
MarketsandMarkets' report provides valuable insights for businesses and stakeholders in the dietary supplements industry, offering a comprehensive view of market dynamics, trends, and future growth opportunities. The global dietary supplements market is poised for substantial growth, with increasing demand for operational excellence and manufacturing efficiency.
