The term “dietary supplements market” refers to the industry that manufactures goods that are meant to supplement the diet. These products may include vitamins, minerals, herbs, and other components that are either natural or synthetic. These products are typically available for purchase in a variety of forms, including capsules, tablets, powders, and liquids. They are marketed to provide a variety of health benefits, including enhancing overall health and wellness, bridging nutritional gaps, and providing support for particular health conditions.
According to a survey published by Zion Market Research, the global market for dietary supplements is expected to reach a size equivalent to USD 191.1 billion in the year 2020 and is expected to reach USD 307.8 Billion by 2028 This represents significant growth when compared to previous years. Between the years 2021 and 2028, it is anticipated that the market would expand at a compound annual growth rate (CAGR) of 5.9%.
Some of the Top Market Players Are:
- Integrated BioPharma Inc.
- NBTY Inc.
- Herbalife Ltd.
- Omega Protein Corporation
- Nu Skin Enterprises Inc.
- Bayer AG
- Naturalife Asia Co. Ltd.
- Nu Skin Enterprises Inc.
- Blackmores Ltd.
- BASF SE
- Epax AS
- Surya Herbal Ltd.
- Koninklijke DSM N.V.
- Bio-Botanica Inc.
- The Himalaya Drug Company
- Ricola AG
- Pharmavite LLC
- Blackmores Ltd.
The expansion of the market is being fueled by a number of different factors, some of which are rising consumer awareness about the advantages of leading a healthy lifestyle, rising expenditures associated with medical treatment, and an expanding elderly population. There are also other variables, such as the growing popularity of sports and fitness activities, the tendency towards preventative healthcare, and the availability of nutritional supplements in a variety of forms as well as flavours.
The market is extremely competitive, with a large number of different producers and brands each offering a diverse selection of goods. Amway, Abbott Laboratories, Nestle, Glanbia, Herbalife, and Pfizer are among the major participants in this market. Other major companies are Herbalife and Pfizer. These businesses put a significant amount of money into research & development in order to produce new items and enhance their existing offerings. This helps the businesses stay one step ahead of their rivals.
Alterations in consumer behaviour and preferences are another factor that has an impact on the market for dietary supplements. For instance, there has been a rise in demand for supplements that are created from substances derived from plants as a direct result of the trend towards natural and organic products. Additionally, as a result of the COVID-19 pandemic, there has been an upsurge in demand for goods that strengthen the immune system and promote general health and wellness.
In general, the market for dietary supplements is a dynamic and rapidly expanding business that continues to develop in response to the shifting requirements and tastes of consumers.
Dietary Supplements Market Growth Drives
The dietary supplements market has been growing steadily in recent years and is expected to continue to grow in the future. Here are some of the key drivers of growth in the dietary supplements market:
Rising health and wellness awareness: There is a growing awareness among consumers of the importance of maintaining good health and wellness. This trend is driving the demand for dietary supplements that can support overall health and help prevent chronic diseases.
Increasing aging population: The world’s aging population is increasing, and older adults are more likely to use dietary supplements to help support their health and manage chronic conditions.
Growing demand for natural and organic products: There is a growing demand for natural and organic products in the dietary supplements market, driven by consumer concerns about the safety and efficacy of synthetic ingredients.
Expansion of e-commerce platforms: The growth of e-commerce platforms has made it easier for consumers to purchase dietary supplements online. This trend is driving the development of new e-commerce platforms and the expansion of existing ones to make it easier for consumers to purchase dietary supplements online.
Expansion into new markets: The dietary supplements market is expanding into new markets, including the Asia Pacific region and other emerging markets. This trend is driving the development of new products and innovations to meet the unique needs and preferences of consumers in these markets.
Increasing demand for personalized nutrition: Personalized nutrition is a growing trend, and consumers are looking for dietary supplements that are tailored to their unique needs and preferences. This trend is driving the development of new products that are customized to an individual’s age, gender, health status, and other factors.
Overall, the dietary supplements market is evolving in response to changing consumer needs and preferences, with an increasing focus on natural and organic products, personalized nutrition, and expansion into new markets. Companies are developing new products and innovations to meet these changing needs and remain competitive in the market.