By 2033, the size of the worldwide dietary supplement market is expected to exceed 163.66 billion US dollars. The dietary supplement market’s participants can anticipate a competitive CAGR of 9.1% through 2033. The market for dietary supplements is growing quickly worldwide, with a current estimate of US$ 68.20 billion in 2023.
Over the projected years of 2022 to 2032, the global market for dietary supplements is expected to increase at an excellent rate of 8%. It is projected that the size of the dietary supplement industry would increase from its present valuation of US$ 163.12 billion in 2022 to approximately US$ 350.96 billion by the end of 2032.
The dietary supplement industry is a rapidly growing economic sector offering a range of products designed to improve overall health and wellness. Dietary supplements include vitamins, minerals, herbs, botanicals, amino acids, enzymes, and other substances that are consumed as pills, capsules, tablets, powders, or liquids.
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The global dietary supplements market is gearing up for unprecedented growth, with projections indicating a staggering valuation exceeding $163.66 billion by 2033. According to Future Market Insights (FMI), the market is anticipated to witness a competitive Compound Annual Growth Rate (CAGR) of 9.1%, showcasing the increasing demand for products that contribute to overall health and wellness.
Key Points:
- Dietary Supplement Industry Overview: The dietary supplement industry is witnessing remarkable growth, providing a variety of products such as vitamins, minerals, herbs, and botanicals aimed at enhancing overall health and well-being.
- Driving Market Factors:
- Increasing Consumer Awareness: The awareness of preventive healthcare and wellness is driving consumers to seek dietary supplements to support their health and address nutritional gaps.
- Aging Population: Older adults are turning to dietary supplements to address specific health concerns associated with aging, including joint health, cognitive function, and cardiovascular health.
- Active Lifestyles: Growing interest in fitness and sports activities is fueling demand among athletes and fitness enthusiasts looking to enhance performance, support muscle recovery, and optimize nutrition.
- E-commerce Growth: The accessibility of dietary supplements through e-commerce platforms is providing consumers with a convenient way to purchase products online.
Key Takeaways:
- Market Projection: FMI’s research anticipates the dietary supplements market to exceed $163.66 billion by 2033, fueled by a robust 9.1% CAGR.
- Rapid Growth: The market is experiencing rapid expansion, with an estimated valuation of $68.20 billion in 2023, set to skyrocket to approximately $350.96 billion by the end of 2032.
- Market Dynamics: Increasing consumer awareness, an aging population, active lifestyles, and the growth of e-commerce contribute to the industry’s upward trajectory.
Dietary supplements are mostly used to compensate for the nutritional deficiencies in humans. In the upcoming quarters, it is projected that the public’s growing consciousness of overall wellbeing will lead to significant trends and opportunities in the dietary supplements industry. It is projected that the growing popularity of sports clubs, gym memberships, and fitness classes, along with an increase in young people’s fitness sensitivity, will drive up demand for macronutrients and low-carb diets.
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.
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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.
The global dietary supplements market is witnessing intensifying competition as major public and private companies strive to maintain their brand value through a strong emphasis on quality and innovation. Key players in the dietary supplements market are prioritizing product quality enhancements by investing in innovative solutions and adopting cutting-edge technologies. This focus on continuous improvement and technological advancements is crucial for these companies to stay competitive in the dynamic market landscape.
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.
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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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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