The global Dietary Supplement Market is poised for unprecedented growth, with projections estimating the market will achieve a valuation of approximately USD 170.1 billion by 2034, growing at a steady CAGR of 9.5% from 2024 to 2034. By the end of 2024, the market is anticipated to reach USD 74.3 billion, reflecting the rising health consciousness among consumers and the increasing adoption of preventive healthcare measures.
The dietary supplement market is being shaped by several key trends. There is a notable increase in demand for probiotics and prebiotics aimed at enhancing digestive health. Consumers are increasingly seeking natural and organic supplements, driven by a desire for holistic health and wellness solutions. The sports nutrition segment is also witnessing significant growth as athletes and fitness enthusiasts look for supplements that can improve performance, endurance, and muscle strength.
Government regulations are playing a crucial role in the market’s expansion. Regulatory bodies are focusing on updating food laws to influence product claims and labeling, fostering greater transparency and consumer trust in dietary supplements. Additionally, innovations in microencapsulation and nanoencapsulation technologies are ensuring better delivery and absorption of nutrients, further propelling market growth.
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The burgeoning dietary supplement market offers a wealth of opportunities for investors. The increasing awareness of health and wellness among consumers, coupled with technological advancements in supplement formulation, is creating a fertile ground for growth. Established companies and new entrants are actively exploring diverse opportunities to capture the expanding consumer base.
Key players in the market are investing in research and development to create high-quality, multifunctional supplements that cater to specific health needs. The demand for value-added products is prompting manufacturers to shift their focus from high-volume production to the development of premium supplements that offer multiple health benefits.
Key Takeaways from the Dietary Supplement Market Report
- The global dietary supplement market is expected to reach a valuation of US$ 170.1 billion by 2034.
- Global demand for dietary supplements will likely soar at a 9.5% CAGR over the forecast period.
- Based on form, the soft gel (capsule) segment is anticipated to expand significantly by generating a share of 35.8% in 2024.
- Australia’s dietary supplement industry will likely expand at a steady CAGR of 8.4% from 2024 to 2034.
- China is expected to showcase a considerable CAGR of around 7.8% in the evaluation period.
“Sales of nutritional, herbal, and vitamin supplements have increased significantly. Along with the established enterprises, a number of new ones have entered this industry in tandem with this increase. These producers are all actively looking for new ways to reach large consumer bases,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Who is winning?
Following key dietary supplement manufacturers listed in the report:
- BASF SE
- Abbott Laboratories
- Bayer AG
- Glanbia Plc
- Royal DSM N.V.
- Now Health Group, Inc.
- Herbalife International
- Amway Corp.
- ADM
- Arkopharma
- GlaxoSmithKline plc
- Nu Skin Enterprises, Inc.
- Ayanda
- Other
The dairy supplement market is characterized by intense competition among key players. They are vying for high market shares through innovations in product formulations, marketing strategies, and expanding product portfolios.
They aim to meet the growing demand for nutritional enhancements and functional dairy-based products. Competitive assessments in this market emphasize continual research & development, quality control, and strategic collaborations to capture consumer attention amid evolving health trends and preferences.
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For instance,
- BioAdaptives Inc., a well-known producer and distributor of cutting-edge, sustainable dietary supplements, announced the opening of a dedicated research and development Food Lab in January 2024. Its goal is to provide healthy powder goods and snacks that can be fed to both people and animals.
- In December 2023, O Positiv, a well-known supplement brand, increased its reach by launching its goods on Target.com and in over 250 Target locations nationwide. The company introduced FLO PMS Capsules & Gummies, MENO Menopause Capsules & Gummies, and URO Vaginal Probiotic Capsules.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global dietary supplement market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the dietary supplement market based on form (soft gel (capsule), gummies, powders, liquid, bars, and others), ingredients (vitamins, minerals, botanical supplements, amino acid, and others), sales channel (store-based retailing and online retailing), application (weight management, immune & digestive health, general health, heart health, sports nutrition, brain/mental health, bone & joint health, and others), and regions.
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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