Dietary supplements are products intended to supplement the diet through oral intake in forms like pills, capsules, softgels, gel tabs, or liquids. These supplements help fulfill the nutritional requirement beyond the basic diet. They contain a variety of ingredients like vitamins, minerals, antioxidants, amino acids, and enzymes.
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, as highlighted in a new report published by Coherent Market Insights.
The global dietary supplements market is driven by growing focus towards preventive healthcare. With growing disposable incomes and rising health consciousness, people are preferring supplements to counter nutritional deficiencies and reduce the risk of chronic diseases. Dietary supplements aid in muscle building, weight management, bone & joint health, digestion, immunity, heart health, and anti-ageing. The market is also witnessing demand for supplements catering to special nutritional needs like sports nutrition, pregnancy, pediatric, and geriatric care.
Market key trends:
One of the key trends propelling the global dietary supplements market growth is the growing focus on preventive healthcare. There has been a paradigm shift from conventional cure-centric approach to preventive healthcare due to rising lifestyle diseases. People are increasingly incorporating supplements in their daily routine to augment nutritional intake and reduce the risk of diseases. Dietary supplements help bridge nutritional gaps through diet alone and assist in proactive healthcare management. This focus on preventive healthcare through regular consumption of supplements is expected to significantly drive the market growth over the forecast period.
SWOT Analysis
- Strength: Dietary supplements offer various health benefits and help fulfill nutrient deficiencies in the body. They are easily available in the form of tablets, capsules and powders.
- Weakness: Lack of proper regulations in some regions leads to various fake and low-quality supplements in the market. Improper use of certain supplements can also pose health risks.
- Opportunity: Increasing health-conscious population and growing awareness about preventive healthcare drives the demand. Emerging economies with aging population provides new growth avenues.
- Threats: Strict regulations and certifications imposed by various governments increases the cost of production and compliance. Intense competition and presence of alternative therapies also poses challenges.
Key Takeaways
The global dietary supplements market is expected to witness high growth. The market size is projected to reach US$ 203.43 billion by 2024, growing at a CAGR of 8.2% during the forecast period.
North America currently dominates the market owing to rising health awareness and busy lifestyles. However, Asia Pacific is expected to witness fastest growth due to improving healthcare infrastructure and rising disposable incomes in major countries like China and India.
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 adopting strategies like new product launches, mergers & acquisitions and expansion of production facilities to strengthen their market position. For instance, NBTY acquired Vitamin World in 2018 to expand its retail footprint in the US market. Similarly, Herbalife opened a new state-of-the-art manufacturing facility in Changsha, China in 2020.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
