The global sales of dietary supplements market is anticipated to secure a market value of US$D 163 Bn in 2022 and reach US$ 351 Bn by 2032. The projected growth rate is 8% during the forecast period. The growth of the market can be credited to increasing health awareness, the adoption of a healthy diet, and the increasing geriatric population.
During the peak of the COVID-19 pandemic, the market experienced significant gains, as the fear of contracting infections prompted consumers to focus on building their immunity, leading to increased sales of different dietary supplement categories. This trend of increased consumption is expected to carry forward in the post-pandemic era.
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Awareness regarding maintaining a healthy diet to complete nutritional
Awareness regarding maintaining a healthy diet to complete nutritional requirements has been gaining a lot of momentum. Governments over the globe, especially in developing nations where malnutrition is highly prevalent, have been taking initiatives to improve the health condition of people. Nutritional supplementation has been key in improving the status of malnutrition in these nations.
Access to dietary supplementation has been made easier through online platforms and retail channels. The ease of availability has been a major factor driving the market. E-commerce platforms are also propelling the growth of the market due to enhanced visibility of products, wider reach across all age groups, and socio-economic strata. The adoption of e-commerce platforms has increased due to the pandemic and has further propelled market growth.
Plant-based foods and superfoods are being adopted as a part of living and eating healthier. Companies in the nutritional supplement industry have been focusing on developing a new line of products and creating products that are not just tablets but are in palatable forms like gummies and soft chews with flavors that don’t taste like medicine. Innovative products like vitamin supplements from Frunutta are regular vitamins that dissolve under the tongue and are helpful for people who do not prefer chewing gummies or swallowing pills. Along with this, the formulation eliminates the use of traditional ingredients like added colors, coatings, and preservatives. These new products have the potential to capture the market, in turn helping the growth of the market.
The players of the global dietary supplement market adopt various strategies to enhance their market reach. Some of the most adopted strategies are acquisition, partnerships, and collaborations. Vendors also make a significant investment in the R&D of the product to secure their forefront position in the global market.
- In March 2021, Zomato disclosed its own range of functional foods, such as dietary supplements in the coming time.
- In September 2020, Prorganiq, a known entity of natural and organic supplements, disclosed the release of their ’24-in-1 Mega Superfoods’. The new product has a promising formula of 24 different green veggies, herbs, and fruits. 24-in-1 Mega Superfoods is a plant-based dietary supplement that is GMO and Gluten-free.
Prominent Key Players:
- Amway Corp.
- Glanbia Plc.
- Abbott Nutrition
- Bayer AG
- Pfizer Inc.
- Nu Skin Enterprises Inc.
- GlaxoSmithKline Plc.
- Herbalife International of America Inc.
- Nature’s Sunshine Products Inc.
Key Market Segments Covered:
- By Ingredient :
- Proteins & Amino Acids
- Fibers & Specialty Carbohydrates
- Omega Fatty Acids
- By Form :
- Soft Gels
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Questionnaire answered in the Dietary Supplements Market report include:
- How the market for Dietary Supplements has grown?
- What is the present and future outlook of the global Dietary Supplements on the basis of region?
- What are the challenges and opportunities for the Dietary Supplements?
- Why the consumption of Dietary Supplements highest in region?
- In which year segment is expected to overtake segment?