The global dietary supplement market is set for significant growth, projected to reach approximately USD 170.1 billion by 2034, with a steady CAGR of 9.5% from 2024 to 2034. By the end of 2024, the market is expected to hit USD 74.3 billion, fueled by key trends shaping the industry.
Key Trends in the Dietary Supplement Market
A major trend driving growth is the rising demand for probiotics and prebiotics aimed at improving digestive health. Regulatory changes by government agencies worldwide, particularly in food laws, are expected to impact product claims and labels, influencing consumer decisions. Additionally, the increasing popularity of sports nutrition supplements among athletes and bodybuilders, known for enhancing endurance and strength, is contributing to the market’s expansion.
Market Dynamics and Growth Factors
- Probiotics and Prebiotics: The rising awareness of gut health and the benefits of probiotics and prebiotics is driving demand. Consumers are increasingly seeking products that support digestive health and overall well-being.
- Sports Nutrition Supplements: With a surge in the number of health-conscious individuals and athletes, there is a growing demand for supplements that enhance physical performance. Sports nutrition supplements are gaining traction for their ability to support muscle growth, endurance, and recovery.
- Government and Private Sector Initiatives: Various government NGOs and private organizations are creating awareness about the nutritional benefits of vitamins and minerals, further boosting market demand. These initiatives are particularly focused on reducing nutrient deficiencies among different population segments.
- Natural Health Supplements: There is an increasing preference for natural health supplements among consumers, especially sports enthusiasts. These supplements are sought after for their ability to reduce wear and tear, enhance muscular strength, and restore energy levels.
Herbal Supplement Market Insights
The use of dietary supplements among young athletes to decrease body fat, enhance muscle tone, and manage weight is projected to accelerate market growth. Multivitamin and mineral supplements are gaining traction due to the need for essential nutrients among athletes engaged in rigorous exercise. The consumption of multivitamin supplements helps safeguard health and fill nutritional gaps caused by dietary preferences, food allergies, or restrictive diets.
Innovations and Technological Advancements
The dietary supplement market is also benefiting from innovations in microencapsulation and nanoencapsulation technologies. These advancements allow manufacturers to add specialty ingredients to their products, catering to the rising demand for scientifically proven supplements. Microencapsulation technology ensures a proper supply of vitamins and minerals in one’s diet, making it possible to fortify staple food items in developing countries where affordability is a concern.
Country-wise Insights
- The US dietary supplement market is expected to witness a CAGR of 6.7% through 2034. Factors such as the prioritization of holistic wellness, increasing consumer interest in supplements for overall well-being, and stringent safety standards by the FDA are driving growth.
- China is projected to showcase a CAGR of 7.8% during the evaluation period, driven by government regulations, growing consumer awareness, and the rising geriatric population.
- The dietary supplement market in Australia is anticipated to expand at a steady CAGR of 8.4% from 2024 to 2034, fueled by the high influx of tourists, a wellness-focused culture, and the availability of herbal supplements.
Key Takeaways:
- Market Valuation: The global dietary supplement market is expected to reach approximately USD 170.1 billion by 2034.
- Growth Rate: The market is projected to grow at a steady CAGR of 9.5% between 2024 and 2034.
- 2024 Projection: By the end of 2024, the market is estimated to reach a valuation of USD 74.3 billion.
- Industry Trends: Growth is driven by rising demand for probiotics, prebiotics, and sports nutrition supplements.
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Competitive Landscape
Key players in the dietary supplement market are BASF SE, Abbott Laboratories, Bayer AG, Glanbia Plc, Royal DSM N.V., Now Health Group, Inc., Herbalife International, Amway Corp., ADM, Arkopharma, GlaxoSmithKline plc, and Ayanda.
Leading manufacturers are focused on developing high-quality dietary supplements, coupled with offering gluten-free products with high nutritional value. The increasing demand for value-added products in several countries is expected to create new opportunities.
Recent Dietary Supplement Market Developments
- In January 2024, BioAdaptives Inc., a prominent manufacturer and supplier of innovative, all-natural dietary supplements, announced the launch of a specialized research and development Food Lab. It is dedicated to the development of natural powder products and treats for animal and human consumption.
- In January 2024, Smart Protein, which is part of The Original Fit Factory’s wellness chain of products and services, announced the launch of an all-new, high-quality active wellness supplement across 142 Tesco stores in the United Kingdom.
Dietary Supplement Market Outlook by Category
By Form:
- Soft Gel (Capsule)
- Gummies
- Powders
- Liquid
- Bars
- Others
By Ingredients:
- Vitamin
- Minerals
- Botanical Supplements
- Amino Acid
- Others
By Application:
- Weight Management
- Immune & Digestive Health
- General Health
- Heart Health
- Sports Nutrition
- Brain/Mental Health
- Bone & Joint Health
- Others
By End-user:
- Children
- Women
- Men
By Sales Channel:
- Store-based Retailing
- Hypermarkets/Supermarkets
- Conventional Stores
- Drug Stores & Pharmacies
- Other Retailers
- Online Retailing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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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