by Dietary Supplements Market set to Witness High Growth Owing to Increasing Health and Fitness Awareness
Dietary supplements are products intended to supplement the diet by increasing the total dietary intake. They are usually sold as capsules, tablets, powder, or soft gels. Dietary supplements contain vitamins, minerals, herbs, amino acids, enzymes, and various other plant and animal extracts. The globally growing health and fitness trends have increased the demand for various dietary supplements. Dietary supplements help promote general health and well-being through the consumption of essential vitamins, minerals, fats, proteins etc. that may be lacking in one’s regular diet. The Global Dietary Supplements Market is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
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. The major players are focusing on new product launches, partnerships, and expansion strategies to gain a competitive advantage in the market.
The growing health consciousness and disposable income of consumers especially in the developing regions provides a huge growth opportunity for players in the dietary supplements market. With increasing awareness about dietary supplements and their associated health benefits, consumers are more willing to spend on products that can boost immunity, energy levels and overall wellness.
The global expansion of key players through online channels and e-commerce platforms has further increased the accessibility of dietary supplements across remote regions globally. The market leaders are focusing on geographical expansion plans to strengthen their global footprint.
Market Drivers
The rapidly ageing global population prone to age-related health issues and chronic diseases is one of the major drivers of growth in the dietary supplements market. With growing health awareness and health expenditure, more people are regularly consuming supplements to address nutritional deficiencies and maintain overall wellness. The increasing demand for products with perceived benefit like weight management, heart health, sports nutrition etc. is also propelling the dietary supplements market growth.
PEST Analysis
Political: Dietary supplement regulations are determined and enforced by government agencies like the FDA. Changes in regulations could impact product demand and development.
Economic: Factors like rising disposable income levels and increasing health awareness are driving people to spend more on dietary supplements for nutrition and wellness. Economic downturns may negatively impact spends.
Social: A growing health-conscious population and changing lifestyles with increasing workload and less time for exercises are leading to higher adoption of supplements. Social media is also promoting their usage.
Technological: Advancements are allowing formulations of supplements incorporating cutting-edge delivery systems. Technology is also aiding in traceability, quality control and developing customized supplements using big data and AI.
North America dominates the market currently holding the largest share in terms of value. The United States accounts for the major contribution to this regional market. The high disposable income and adoption of western lifestyle with changing dietary patterns have been major drivers of growth in North America.
Asia Pacific is projected to witness the fastest growth over the forecast period. The increasing health awareness and rapidly growing middle class population with rising living standards across developing countries such as India and China are prominent factors driving higher spends on dietary supplements. Regions like Southeast Asia, the Middle East and Latin America are also underscoring strong sales upturn supported by expanding availability and aggressive promotional activities by leading global companies looking to tap opportunities beyond saturated Western markets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
