Dietary Supplements Market Overview
Dietary supplements consist of essential nutrients in various dosage forms that can be taken to improve the nutrient deficiency as well as enhance the normal body functions. These dietary supplements can be derived from either natural or synthetic sources and can be consumed in the form of tablets, capsules, soft gels and others. The market for dietary supplements is projected to grow at a significant CAGR of 6.78% over the forecast period, i.e., 2021-2028. Further, the global dietary supplements market accounted for a market value of USD 67,218.23 million in 2019 and is anticipated to attain a substantial market value by 2028.
Growth Highlights based on Region during 2019-2028
On the basis of region, the market for dietary supplements is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is anticipated to observe the leading share globally with a share of 33.64% in 2018 which is predicted to grow further in coming years. The growth in the market in North America can be attributed to increasing concerns regarding cardiovascular diseases among working professionals on account of fluctuating dieting patterns. This is further anticipated to increase the consumer spending on fitness and wellbeing and raise the demand for supplements. Additionally, the market in Asia Pacific is estimated to grow at the highest rate as a result of high demand for dietary supplements from countries such as China, India, Japan, and South Korea. The market in Europe captured a market size of USD 17,342.30 million in the year 2019 and is expected to reach a substantial size by 2028. The rising adoption rates for botanicals among the population of European countries along with the growing number of manufacturers investing in countries such as Germany, UK, & France to address the growing demand for dietary supplement products is a major factor contributing towards the market growth in the region.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Dietary Supplements Market Segmentation Synopsis
By Source
On the basis of source, the market is segmented into synthetic and natural dietary supplements. Out of these, the segment for synthetic segment holds the leading share in the market and is estimated to grow at a CAGR of 6.31% during the forecast period.
By Supplement
Based on the type of supplement, this market is segmented into vitamins, botanicals, proteins & amino acids, minerals and others, out of which, the vitamins segment is estimated to hold the largest share in the market across the globe, over the forecast period. Further, it is predicted to account for a value of USD 61,651.92 million by 2028 owing to the rising interest of consumers in personal health and wellness, which is leading to an increase in incorporation of vitamins as an essential part of the diet.
By Form
The form segment of dietary supplement market is segmented into tablets & capsules, soft gels, powders, liquids and others. Based on the form segment, the tablets and capsules segment is anticipated to lead the market and grow at the highest CAGR of 6.01% during the forecast period. Ease of handling of tablets and capsule form is estimated to contribute towards the growth of tablet and capsule segment in the dietary supplement market.
By Application
On the basis of application, the market for dietary supplements is segmented into bone & joint fitness, immune boosters, cardiovascular health, mental health, cholesterol lowering, digestive support and others. The immune boosters segment captured the largest market in 2019 and it is expected to reach USD 44,272.96 million by 2028. This can be attributed to the growing need of adopting optimal and efficient immunization for children due to which the demand for products offering immune support is projected to increase along with healthier lifestyles by providing efficient body nourishment.
By End User
The end user segment of the market is further segmented into pediatric, adults and geriatric. The segment for adults is predicted to dominate the global dietary supplement market over the forecast period by registering a CAGR of 6.70%. The high growth rate can be attributed to increasing overweight adult population as well as adults with low BMI (Body Mass Index), which are predicted to opt for dietary supplements for weight management.
By Distribution Channel
Based on distribution channel, the market is segmented into online and offline, out of which, the offline segment is further bifurcated into hospital pharmacies and retail pharmacies. The offline channel segment captured the largest market size with a value of USD 50,125.55 million in 2019 and it is expected to grow further by 2028.
Dietary Supplements Market Drivers and Challenges
Growth Indicators
The growing demand from an increasing health-conscious consumer base is anticipated to become a major growth factor for the dietary supplements market. Other factors such as rising health concerns, growth of key demographics, rising urbanization, and increasing consumer desire to lead a healthy life and avoid dependence on synthetic drugs are estimated to drive the growth of the dietary supplements market. Moreover, consumers are increasingly becoming conscious of balanced nutrition and preventive healthcare. Rise in obesity and lifestyle diseases due to increasing sedentary lifestyles tends to increase the demand for various weight-loss supplements. This is estimated to increase consumption of multivitamins and other industry supplements in their diets.
Barriers
Increasing regulations and complicated testing regimes on dietary supplements acts as a restraining factor for the major players operating in dietary supplements market. The testing of these products includes definition, categorization for their approval in various countries. These strict government regulations are predicted to limit the growth of dietary supplement market in the coming years.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global dietary supplements market are Abbott, Amway, Bayer, Otsuka, Pfizer Inc., GlaxoSmithKline plc, Herbalife International of America, Inc., NuSkin Enterprises, Arkopharma, Nature’s Bounty and others.
