Dietary Supplements Market Forecast and Growth 2031

The dietary supplements market size is projected to reach US$ 380.43 billion by 2031 from US$ 238.76 billion in 2023. The market is expected to register a CAGR of 6.0% in 2023–2031. Increasing preference for plant-based dietary supplements and nutraceuticals is likely to remain key dietary supplements market trends.

Dietary Supplements Market Analysis

In recent years, health and fitness has picked up as a trend due to rising prevalence of various diseases, such as cancer and cardiovascular disorders, and several medical conditions, such as diabetes, high blood pressure, obesity, and high cholesterol. All these have resulted in rising popularity of dietary supplements worldwide. People have become more aware and concerned about their health and physique over the last few years. Millions of people of various age groups, backgrounds, and geographies are embracing fitness worldwide to better their physical health and overall well-being, which is boosting the demand for dietary supplements substantially. For instance, according to Penn Medicine, more than one third of American citizens use supplements, with 30% of adults of age 65 and older taking four or more supplements of any kind.

Furthermore, social media also plays a significant role in fitness motivation and influencing self-improvement. For instance, social media platforms, such as Instagram, Twitter, and Pinterest, have boosted the popularity of the health and fitness industry, with many celebrities and influencers introducing users to new fitness regimes and dietary supplements, highlighting the benefits they offer to their physical and mental health, in turn, aiding the dietary supplement demand.

Dietary Supplements Market Overview

Dietary supplements contain ingredients to improve their nutritional worth. Many people use dietary supplements to help them lead a healthy lifestyle. These supplements are typically used to replenish missing nutrients while maintaining adequate dietary levels in the body. Dietary supplements consist of nutrients such as vitamins, minerals, proteins, amino acids, probiotics, and others. They are available in different forms such as tablets, capsules and softgels, powders, and others. Dietary supplements help in fulfilling the specific nutritional requirement of an individual. Rising concerns related to health and fitness amongst the people especially young population group is one of the key factors driving the market growth. Moreover, growing traction for sports and recreational activities and rising awareness related to the advantages of consuming dietary supplements are also propelling the growth of the global dietary supplements market.

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Dietary Supplements Market: Strategic Insights

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Dietary Supplements Market Drivers and Opportunities

Rising Demand for Herbal and Plant-Based Supplements to Market

consumer preferences are shifting toward botanical extracts due to their increasing desire for clean-label products, rising concerns about sustainability, and an urgent need to avoid allergens. The demographic for these herbal supplements is transitioning from vegans to flexitarians, indicating changes in customer inclinations. Highly concerned about animal cruelty and environmental sustainability, consumers are encouraged to switch to plant-based diets. The changing consumer perception that plant-based products are safer and healthier than animal-derived products is driving the demand for plant-based dietary supplements.

Increasing New Product Development to Provide Lucrative Growth Opportunities

In recent years, the dietary supplements market has experienced various technological advancements. For instance, traditional hard and soft gelatin capsules, lozenges, tablets, powders, and liquids are joined by several other types of supplement forms, such as gummies, bilayer tablets, or granules. Due to increased product innovation and rising consumer desire for personalization in the supplement sector, consumers now have access to a diverse selection of delivery forms to suit their specific lifestyles and preferences, providing the industry with the option to solve swallowing issues and cater to increased consumer demand for customization. As a result, manufacturers are focusing on innovations and are launching new products in different forms and flavors. For instance, in October 2020, Abbott Laboratories has recently introduced Duphalac Bears in India. This product adheres to FSSAI regulations, has benefits of a trusted prebiotic, and promotes the growth of healthy bacteria in the digestive system while decreasing hostile bacteria levels. The company also introduced strawberry-flavored food supplements in India, to support the company's line of dietary supplements available in this country.

Dietary Supplements Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Dietary Supplements Market analysis are type, form, distribution channel, and geography.

• Based on type, the dietary supplements market is divided into vitamins, minerals, proteins and amino acids, probiotics, blends, and others. The vitamins segment held a larger market share in 2023. Vitamins are compounds that human bodies require for appropriate development and functioning. Some common vitamins are A, C, D, E, K, choline, and the B vitamins (thiamin, riboflavin, niacin, pantothenic acid, biotin, vitamin B6, vitamin B12, and folate/folic acid). Of late, there has been a rise in the demand for vitamins due to the growing need for energy and weight management among working professionals and athletes. The deficiency of vitamin A, B, C, and E is becoming increasingly prevalent in many developing countries as well. As a result, consumers are turning to vitamins supplements to meet their daily vitamin requirements, aiding the growth of this segment. Multivitamins are available in various forms, such as liquid, tablets, and powder, and can be consumed by people of all ages.
• Based on distribution channel, the dietary supplements market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held a larger market share in 2023. A specialty store segment include pharmacies and nutrition stores, where dietary supplements are easily available. These stores offer excellent customer service, exclusive pricing, and premium deals. Specialty stores keep a smaller number of products as they sell only products of a specific brand. The staff in these stores is well trained to assist customers regarding the details of products and understand their benefits and characteristics before purchasing, which draws a consistent set of customers, earning their loyalty.

Dietary Supplements Market Share Analysis by Geography

The geographic scope of the Dietary Supplements Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. The North America dietary supplements market held a significant market share in 2023. In North America, the US is the major market for dietary supplements. There is a rise in the prevalence of obesity, cardiovascular disease, constipation, and other disorders. Such disorders have adverse effects on the health of human beings. As a result, consumers are increasingly turning to dietary supplements in the region. Moreover, the region is dominated by key players such as Amway Corp. and Bayer AG. These players are continuously focusing on fulfilling the growing demand for dietary supplements. Major companies are continuously involved in merger and acquisition activities to introduce innovative products in the dietary supplements market.

Dietary Supplements Market Regional Insights

The regional trends and factors influencing the Dietary Supplements Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Dietary Supplements Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Dietary Supplements Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Dietary Supplements Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Dietary Supplements Market are:

1. Anona GmbH
2. Abbott
3. Amway Corp
4. Bayer AG
5. Arkopharma
6. Bionova

Disclaimer: The companies listed above are not ranked in any particular order.

Dietary Supplements Market News and Recent Developments

The Dietary Supplements Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:

• Optimum Nutrition launches new global marketing campaign "Unlock More You." The new campaign is the latest work inspired by the brand's core creative idea that 'there's more of you in you.' It continues the brand's journey of democratising the sports nutrition category by taking it beyond the gym and showing that no matter what your sport or motivation is, with the right mindset, you can unlock more from yourself with help from Optimum Nutrition. (Source: Glanbia Plc; Press Release/Company Website/Newsletter, 2024)
• Abbott, the global healthcare company, announced the launch of new Ensure with HMB – a new formulation to support Indians as they age. The new Ensure is a science-based nutritional supplement formulated with 32 vital nutrients like high-quality protein, calcium and vitamin D to help improve muscle and bone strength. It now contains a special and exclusive ingredient – HMB or β-hydroxy-β-methyl butyrate – that helps counteract muscle loss and restore strength and energy. (Source: Abbott, Press Release/Company Website/Newsletter, 2022)

Dietary Supplements Market Report Coverage and Deliverables

The “Dietary Supplements Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles