by The global Dietary Supplements Market is estimated to be valued at US$ 160.6 Bn or in 2022 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dietary supplements are products meant to complement the diet and are consumed to improve health. They come in a variety of forms such as tablets, capsules, powders and liquids. Dietary supplements aim to provide nutrients that may be lacking as part of general diets or may provide additional health benefits. The demand for dietary supplements is increasing globally due to rising awareness among people about their health, aging population and growth in healthcare expenditure.
Market key trends:
One of the major trends in the global dietary supplements market is the growing demand for personalized nutrition. Consumers are increasingly demanding supplements catering to their specific health needs and preferences. This has led manufacturers to offer customized dietary supplements with vitamins, minerals, plant-based extracts and other ingredients tailored to individual requirements. Another key trend is the rising popularity of herbal supplements. Herbs and plant-based formulations are becoming increasingly preferred due to their natural origins and fewer side effects compared to allopathic medicines. Turmeric, ginger, garlic, aloe vera and ginseng are some of the commonly used herbs finding wide applications in supplements. The market is also witnessing a surge in vegan and organic supplements as more people opt for sustainable and ethical products.
Porter’s Analysis
Threat of new entrants: The dietary supplements market has moderate barriers to entry due to high manufacturing costs and stringent regulations regarding quality control.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and brand loyalty of consumers.
Bargaining power of suppliers: Manufacturers have high bargaining power due to limited raw material sources and differentiated products.
Threat of new substitutes: Threat of substitutes is high due to availability of other nutraceutical products and functional foods with similar health benefits.
Competitive rivalry: The market is highly competitive with presence of global and regional players catering to untapped segments.
Key Takeaways
The global Dietary Supplements Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period 2023 to 2030, due to increasing health consciousness among consumers. The market was valued at US$ 160.6 Billion in 2021.
North America currently dominates the market, with the US being the major revenue generator. This can be attributed to rising obesity rates driving demand for weight management supplements. Asia Pacific is expected to exhibit the fastest growth during the forecast period owing to growing health expenditure, increasing middle class population and their willingness to spend on preventive healthcare.
Key players operating in the dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. These players are focusing on new product launches, mergers & acquisitions and expansion of manufacturing facilities to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
