Future Market Insights (FMI) has forecasted that the global dietary supplement market will witness substantial growth in the coming years, with a projected valuation of US$ 74.3 billion in 2024, expected to soar to US$ 170.1 billion by 2034. This growth trajectory reflects a remarkable Compound Annual Growth Rate (CAGR) of 9.5% over the estimated period from 2024 to 2034.
In an era where health and wellness take center stage, consumers are increasingly prioritizing their well-being, driving the surge in demand for dietary supplements. “Consumers today are genuinely invested in their health and are actively seeking preventive measures to preserve it,” states Future Market Insights.
The trend towards preventive care has become ingrained in everyday life, with individuals adopting a proactive approach to maintaining their health. This shift is significantly contributing to the expansion of the dietary supplement market, as consumers seek products that support their overall well-being.
One notable segment experiencing rapid growth is weight management supplements, as people worldwide grapple with obesity and seek healthier avenues for weight reduction. “The rising prevalence of obesity and the growing emphasis on proactive health management are driving the demand for dietary supplements, particularly those targeting weight management.
As consumers continue to embrace a proactive mindset towards health and wellness, the dietary supplement market is poised for sustained growth. Manufacturers and suppliers are innovating to meet evolving consumer preferences, offering a wide range of products tailored to address various health needs and preferences.
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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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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 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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