February 23, 2024

Dietary Supplements Market is expected to be Flourished by Growing Health and Wellness Trend

Dietary supplements are products intended to supplement or improve the diet when taken by mouth as pills, capsules, tablets, powders, or liquids. Common dietary supplements include vitamins, minerals, fiber, fatty acids, and amino acids. These products are used for various uses including but not limited to, immunity enhancement, joint pain relief, weight management, athletic performance enhancement and heart health improvement. With growing focus on preventive healthcare, healthy lifestyles and holistic well-being, the demand for dietary supplements has increased significantly. Factors such as rising disposable incomes, growing aging population and health awareness drive sales of dietary supplements globally.

The global Dietary Supplements Market is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

  • Growing Health and Wellness Trend: The growing consumer preference for holistic well-being along with preventive healthcare approach has led to rising adoption of dietary supplements. Along with growing health and fitness consciousness, shift towards usage of natural and organic ingredients is expected to drive the dietary supplements market over the forecast period.
  • Anti-aging Population: Rapid aging of population worldwide is expected to significantly impact the growth of dietary supplements industry. As elderly population is more prone to deficiencies and remains concerned about maintaining quality of life, demand for supplements offering anti-aging benefits, joint & bone health support is expected to rise substantially.

Segment Analysis

The dietary supplements market can be segmented into vitamins, minerals, botanicals, probiotics, protein, and other supplements. The vitamins segment dominates the market and accounts for over 30% share owing to increased focus on good health and wellness. Vitamin supplements help fulfill the recommended dietary allowance and maintain overall well-being.

PEST Analysis

  • Political: Regulations regarding the formulation, safety, and claims of dietary supplements vary across countries. Harmonization of regulations is being adopted to streamline the approval process and facilitate international trade.
  • Economic: Rising disposable incomes and growing health expenditure are fueling the demand for dietary supplements globally. Increased awareness about preventive healthcare drives the intake of supplements for nutrition.
  • Social: Changing lifestyles, increased stress levels, and growing geriatric population have boosted the consumption of supplements. People prefer dietary aids for immunity, digestive health, beauty from within, and general wellness.
  • Technological: New formulations featuring enhanced bioavailability, targeted release, and multi-nutrient combinations are gaining popularity. Supplements are being infused into beverages, confectioneries and functional foods for convenience.

Key Takeaways

The global dietary supplements market is expected to witness high growth. The global dietary supplements industry is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

North America dominates the global dietary supplements market led by the U.S. due to heavy spending on nutrition and supplements. Asia Pacific is poised to be the fastest growing region attributed to changing diets, growing middle class, and increased health awareness in nations like India, China, and Japan.

Key players operating in the dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Key players focus on expanding their product lines, strengthening distribution networks and carrying out promotional campaigns to increase market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it