Dietary Supplements Market is Estimated to Witness High Growth Owing to Growing Demand for Preventive Healthcare
The Global Dietary Supplements Market is estimated to be valued at US$ 181.07 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 To 2031.
Naufan Cmi
Dietary supplements are products that are commonly consumed orally in addition to normal or modified diet in order to supplement the dietary needs of the body. Dietary supplements include vitamins, minerals, fiber and herbal supplements among others. Factors such as rising incidence of lifestyle diseases, aging population, and increased awareness regarding preventive healthcare have been fueling the demand for dietary supplements globally. The growing demand for dietary supplements that support immunity, joint health, cardiovascular health, brain health and digestion is further expected to propel the market growth over the forecast period.
The Global Dietary Supplements Market is estimated to be valued at US$ 181.07 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Dietary Supplements are Archer Daniels Midland Company, Abbott Laboratories, Amway Corporation, Bayer AG, Glanbia plc, Herbalife Nutrition Ltd., GlaxoSmithKline plc, Nestl; S.A., Pfizer Inc., DSM Nutritional Products AG, Nature's Bounty Co., Otsuka Holdings Co., Ltd., Pharmavite LLC, GNC Holdings Inc., Suntory Holdings Limited, The Himalaya Drug Company, The Nature's Way Co., XanGo, LLC, USANA Health Sciences, Inc., and NOW Foods.
Key opportunities in the market include growing demand for dietary supplements with functional claims related to brain health, heart health, immunity, gut health and joint health. There is an increased focus on fitness and preventive healthcare which has created growth opportunities for specialized supplements. The rising health-conscious population especially in developing countries also presents growth opportunities.
Technological advancements have increased efficiency, absorption rate and bioavailability of active ingredients in dietary supplements. New delivery forms such as gel caps, chewables, powders and Ready-to-Drink formats have increased consumer convenience. Advancements in nanotechnology have further enhanced the bioavailability of certain ingredients.
Market Drivers
The increasing prevalence of lifestyle diseases such as diabetes, obesity, and cardiovascular diseases is a major factor driving the for Dietary Supplements Market Demand globally. As per a study, cardiovascular diseases, cancer, respiratory diseases and diabetes accounted for over 80% of global deaths in 2020. This has increased the focus on preventive healthcare and consumption of supplements that promote heart health, brain health and immunity. The growing aging population especially in developed economies is also fueling the growth of the dietary supplements market.
Challenges in Dietary Supplements Market
The dietary supplements market is facing various challenges such as lack of awareness, safety concerns, and stringent regulations. Many people remain unaware of the health benefits offered by dietary supplements and have doubts regarding their safety and efficacy. This poses a major challenge for market players in terms of educating consumers. There are also concerns regarding contamination, mislabeling, and interactions with medications. Stringent regulations introduced by regulatory bodies require companies to meet certain criteria for approval and marketing which increases the overall cost of the product. Other challenges include intense competition and threat from counterfeit products. Dietary supplements producers need to focus on product innovation, safety assurance, and creating brand trust to overcome these challenges.
SWOT Analysis
Strength: Wide range of product portfolio catering to different health needs; Growing consumer preference for preventive healthcare.
Weakness: Safety concerns around excess usage and interactions; Strict regulatory standards increase compliance costs.
Opportunity: Rising health consciousness; Growing aging population driving demand for supplements to promote wellness.
Threats: Intense competition from substitutes like functional foods and threat from counterfeit products.
Geographical Regions
North America region accounts for the largest share of the global dietary supplements market. The US is the major revenue generator due to high per capita expenditure on health and wellness. However, the Asia Pacific region is witnessing fastest growth on the back of growing middle class, changing lifestyle diseases, and rising incomes in developing countries like India and China. Countries like Japan, South Korea and Australia are also major dietary supplements markets in the Asia Pacific region.
Fastest Growing Region
The Asia Pacific region is emerging as the fastest growing market for dietary supplements globally. The significant growth is attributed to rising health awareness, growing urbanization, increase in lifestyle diseases like obesity and diabetes, and rising disposable incomes. India and China are poised to become future growth engines. Key factors fueling growth include heavy promotional activities by international brands, launch of tailored products, and increasing penetration in tier 2 and tier 3 cities. The Asia Pacific region presents immense growth opportunities for dietary supplements producers over the forecast period 2024-2031.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
