The global Dietary Supplements Market is estimated to be valued at US$ 160.6 Bn or Mn 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 provide essential nutrients either obtained from food or synthetic essential ingredients to enhance health and meet specific nutritional needs. Vitamin and mineral supplements are commonly taken to prevent nutritional deficiencies.
Market key trends:
The demand for dietary supplements is growing rapidly due to increasing health consciousness among consumers and rising disposable incomes. One of the key trends driving market growth is the shifting consumer preference towards supplements containing multiple vitamins and minerals instead of single or bisupplements. Manufacturers are introducing dietary supplements with blends of vitamins A, C, D, K, and minerals like calcium, iron and magnesium to simplify daily supplement intake.
Market key trends:
The dietary supplements market has been witnessing increased demand for clean label and vegan products. Consumers are more aware of ingredients used in products and prefer supplements made from natural sources without artificial additives. To cater to this demand, manufacturers are focusing on developing clean label supplements using plant-based and naturally sourced ingredients. For example, supplements containing turmeric, ginger, garlic, etc. are gaining popularity due to their perceived health benefits. This clean label trend is expected to drive the growth of the dietary supplements market during the forecast period.
SWOT Analysis
Strengths: Wide product portfolio and innovations; increased health awareness among consumers.
Weaknesses: Negative publicity over incorrect labeling and inaccurate claims; market highly dependent on discretionary consumer spending.
Opportunities: Growing aging population and increased focus on preventive healthcare; expansion in emerging markets.
Threats: Strict regulatory environment; entry of private label brands.
Key Takeaways
The Global Dietary Supplements Market Size was valued at US$ 160.6 Billion in 2021. It is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period, due to increasing health consciousness and focus on preventive healthcare among consumers.
Regional analysis: The US is expected to dominate the global dietary supplements market over the forecast period. This can be attributed to increasing lifestyle diseases, growing health consciousness, and an aging population seeking dietary supplements to supplement their nutrient intake. Europe is also expected to grow at a significant rate owing to growing demand for nutritional and herbal supplements in countries like Germany, UK, France.
Key players: Key players operating in the dietary supplements market include 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 expanding their product portfolio through new product launches and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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