The global dietary supplement market is set to witness an impressive growth rate of 8% over the forecasted years of 2022 to 2032. The dietary supplement market size is anticipated to reach a valuation of around US$ 350.96 Billion by the end of year 2032 from the current valuation of US$ 163.12 Billion in 2022.
The market for dietary supplements is a quickly expanding sector of the economy that provides a vast array of goods intended to enhance general health and wellbeing. Vitamins, minerals, herbs, botanicals, amino acids, enzymes, and other compounds taken as pills, capsules, tablets, powders, or liquids are considered dietary supplements.
Dietary supplements are mostly used to make up for deficiencies in human nutrition. In the upcoming quarters, the market for dietary supplements is expected to experience significant trends and opportunities due to the public’s growing awareness of overall wellbeing. The popularity of sports clubs, gym memberships, and fitness classes as well as a surge in young people’s fitness sensitivity are expected to increase demand for macronutrients and low-carbohydrate diets.
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The dietary supplements market trends are also anticipated to rise throughout the projected period due to new product introductions, which are likely to enhance the product’s popularity among different categories of demography.
Key Factors Driving the Market:
- Increasing Consumer Awareness: Growing awareness about the importance of preventive healthcare and wellness has led consumers to seek dietary supplements as a way to support their overall health and bridge nutritional gaps.
- Aging Population: The global population is aging, and older adults often use dietary supplements to address specific health concerns associated with aging, such as joint health, cognitive function, and cardiovascular health.
- Active Lifestyles: The rising interest in fitness and sports activities has contributed to the demand for dietary supplements among athletes and fitness enthusiasts looking to enhance performance, support muscle recovery, and optimize nutrition.
- E-commerce and Online Retailing: The growth of e-commerce platforms has made dietary supplements more accessible to consumers, offering a convenient way to purchase products online.
What is the Future of Global Dietary Supplements Market?
The dietary supplements market is expected to experience significant growth in the foreseeable future, driven by several factors. One of the key drivers is the increasing consumption of supplement powder among bodybuilding champions, professional athletes, and individuals who frequent gyms. This trend reflects a growing interest in enhancing physical performance and supporting muscle development through the use of dietary supplements.
These trends indicate that the dietary supplements market is poised for expansion, driven by the preferences and lifestyles of individuals seeking improved physical performance and those embracing vegan dietary choices. However, it is essential for individuals to consult with healthcare professionals before incorporating new dietary supplements into their routines to ensure safety and suitability for their specific needs.
With a strong focus on quality and innovation, large public and private enterprises are competing more fiercely to maintain their brand value in the worldwide market for nutritional supplements. Enhancing product quality is a top priority for major companies in the dietary supplement industry, who invest in novel ideas and use cutting-edge technology. These businesses must maintain their competitiveness in the ever-changing market environment by putting a strong emphasis on technology developments and ongoing improvement.
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Global Dietary Supplements Market Key Players
- Amway Corp.
- Glanbia PLC
- Abbott
- Bayer AG
- Pfizer Inc.
- ADM
- Nu Skin Enterprises, Inc.
- GlaxoSmithKline plc
- Bionova
- Ayanda
- Arkopharma
- Herbalife International of America, Inc.
- Nature’s Sunshine Products, Inc.
Key Takeaways from Market Study
- The overall growth of the global dietary supplements market, in terms of absolute dollar, is estimated to be around US$ 188 Billion over the next ten years, by following the average CAGR of 8%.
- On the basis of different form of Dietary Supplements For the Weight Loss Market, soft gel or pills are the highest grossing segment for the target market, with an overall valuation of US$ 83.5 Billion in the year 2022.
- On the basis of ingredients used for the production of dietary supplements, vitamins & minerals are the most widely used segment that translates into a total value of US$ 78 Billion for the year 2022.
- Among all the categories of end users, men or adults were found by the dietary supplements market analysis report in 2022, to be the largest user of the products.
- General wellbeing segment in the applications category incurred the highest demand for dietary supplements that was nearly US$ 42 Billion in the current year.
- Pharmacies drug stores still remain the most preferred distribution channel for the global dietary supplements market by contributing for almost 40% of the total sales. On the other hand online distribution channels is predicted to grow at an above average growth rate during the projection period.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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