Vantage Market Research
Mar 14, 2023
In terms of revenue, the Global Dietary Supplements Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 8.5% from 2023 to 2030.
Over the projected period, rising consumer awareness of their health and well-being is anticipated to be a significant market driver for Dietary Supplements. Due to busy schedules and evolving lifestyles, the working population worldwide needs help to meet the needs for dairy nutrients. The industry is anticipated to grow increasingly dependent on supplements to meet nutritional deficiencies due to their high level of convenience. Due to the immense spending power of the population, the U.S. became the region's largest market for Dietary Supplements in North America. Over the next several years, market growth is anticipated to be aided by increased healthcare spending, an aging population, rising interest in preventative care, and rising consumer interest in achieving wellness through nutrition. The demand for energy and weight management is anticipated to grow as more gyms, health clubs, and fitness centers are available, along with a rise in youth fitness awareness. The market for Dietary Supplements will profit from the growing acceptability of sports as a career by increasing demand for sports nutrition. The main success factor for Dietary Supplements is research and development, which demands significant financial outlays.
Key Highlights from the Report
- Based on Type, the Vitamins segment dominates the Dietary Supplements market with the maximum market share and will continue its dominance in the forecast period. This results from the rise in demand from athletes and working professionals.
- Among Target Consumers, the Pregnant Women segment accounted for the highest CAGR in the forecast period. Pregnant women are expected to consume more Dietary Supplements, which will provide them an extra energy boost to perform well all day.
- In terms of region, North America holds the significant market share within the Dietary Supplements market. Sales are anticipated to increase as people become more aware of the health benefits.
Consumers are becoming more aware of preventive healthcare practices due to the rising frequency of age- and lifestyle-related disorders. As a result, they are gravitating towards items that promote good health, such as food additives, which is likely to boost the global market. Furthermore, growing innovation from both major and minor market participants is accelerating the market's expansion on a worldwide scale. Additionally, numerous measures are made by regulatory agencies like the Food and Drug Administration of the United States (USFDA) to guarantee that only high-quality and secure dietary and food supplements are marketed in the market and to encourage consumer use of Dietary Supplements. In addition, it is anticipated that throughout the projection years, the market demand for these supplements will increase due to the use of clean-labeled, secure, and organic ingredients in the manufacturing of food nutritive additives.
The growing popularity of sports and bodybuilding among people is another reason for fostering market expansion for human Dietary Supplements. Sportspeople and athletes are showing an increasing interest in sports nutrition products and supplements to improve their stamina and performance. Therefore, the market will do well in the following years due to the trend toward sports nutrition products and vitamin nutrition for their capacity to improve endurance and performance. In addition, people worldwide are becoming more interested in the idea of personalized or custom-made nutritional products and Dietary Supplements, which favorably affects the market growth for dietary additives. In the future, market growth is anticipated to be further fueled by technological developments and increased expenditure in the research and development of nutraceuticals and supplement products. For instance, Nestle S.A. invested USD 31.46 million in opening its first R&D center in Ireland in January 2019. To promote innovations in creating newborn nutrition products and milk-based materials for the worldwide market, the new R&D center will concentrate on scientific research.
Among regions, North America Dietary Supplements market is anticipated to observe significant market growth with the highest CAGR in the coming years. This is due to the rising popularity of foods with great nutritional value but few calories. In addition, the demand for Dietary Supplements is also anticipated to rise throughout the forecast period due to new product introductions, which are expected to raise awareness about the use of supplement products in Mexico.
The Global Dietary Supplements Market is Segmented as follows
- Amino Acids
- Other Dietary Supplements
- Additional Supplements
- Medicinal Supplements
- Sports Nutrition
- Target Consumers
- Pregnant Women
- Old Age Populations
- Soft Gels
- Gel Caps
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Dietary Supplements Market is
Amway Corp (US), Abbot (US), Arkopharm (France), Bayer AG (Germany), Glanbia PLC (Ireland), Pfizer Inc. (US), ADM (US), The Nature’s Bounty (US), NU SKIN (US), Herbalife Nutrition of America Inc. (US), Nature’s Sunshine Products Inc. (US), Ayand (Pakistan), XanGo LLC (US), Nutracutics Corp (US), American Health (US), BPI Sport (US), Dymatize Enterprices LLC (US), Bionova (India), GlaxoSmithKline Inc. (UK), Himalaya Global Holdings Ltd. (India)
The Global Dietary Supplements Market Scope can be Tabulated as below
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|