Dietary Supplements Market Size, Global Demand, Growth, Share and Industry Forecast by 2028
The global dietary supplements market size is anticipated to hit USD 128.64 billion by 2028 and exhibit a CAGR of 8.68% during the forecast period. The escalating demand for personalized supplements and the rising emphasis on quality supplements are predicted to foster market growth. Fortune Business InsightsTMhas presented this information in its report titled “Dietary Supplements Market, 2021-2028”. The market size stood at USD 61.20 billion in 2020 and is anticipated to reach USD 71.81 billion in 2021.
Additionally, the growing emphasis on preventive healthcare measures due to the rising prevalence of lifestyle and age-related diseases is projected to favor market growth. The growing consumer consciousness towards preventive healthcare measures is likely to boost the demand for health-boosting dietary supplements.
Segmentation-
On the basis of form, the market is segmented into powders, liquids, capsules, and tablets. On the basis of type, the market is fragmented into proteins, fatty acids, enzymes, minerals, vitamins, and others. Geographically, the market is classified into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Drivers & Restraints-
Rising Emphasis on Quality Supplement Production to Fuel Market Growth
The rising use of organic, clean-labeled, and safe ingredients in food supplement production is likely to favor the market growth. The rising emphasis on the production of quality supplements is likely to amplify the global dietary supplements market growth. Additionally, the rising preference of sportspersons for food supplements to enhance endurance and performance is projected to complement the global market growth.
The growing emphasis on preventive healthcare measures shall aid market growth. The rising consumer consciousness towards preventive healthcare measures due to the escalating prevalence of lifestyle and age-related diseases is likely to boost the global market growth.
Lastly, market players' increasing developments and innovations and the expanding demand for personalized supplements are anticipated to further amplify the market growth.
However, the high prices of these supplements may hinder market growth.
Regional Insights-
Rising Health Consciousness to Accelerate Growth in Asia Pacific
Asia Pacific is projected to register the fastest growth in the global dietary supplements market share. The rising health consciousness amongst consumers is estimated to be the key factor driving the market growth in the region. The increasing awareness for personalized nutrition concepts is likely to fuel the regional market growth. Additionally, expansion of product portfolios and production bases of international market players across China, India, Malaysia, South Korea, and other Asian countries is projected to favor market growth.
North America is anticipated to exhibit remarkable growth during the forecast period. The increasingly hectic lifestyles, aging population, obesity, and other diseases are expected to stimulate growth in the region. Additionally, the strict regulatory guidelines to supply safe and high-quality supplements in the U.S. are predicted to aid market growth.
Europe is expected to witness substantial growth in the global market. The rising consumer awareness and consciousness for preventive healthcare solutions are predicted to favor the region’s market growth. Additionally, the expanding geriatric population is anticipated to complement the market growth.
South America is predicted to attain significant growth due to the growing adoption of healthy lifestyles, increasing middle-class population, and growing new product launches.
Competitive Landscape-
Market Players Adopt Ingenious Strategies to Amplify Market Presence
The major market players emphasize diversifying their product portfolios by launching innovative products. They adopt collaborations, product innovation, new product launches, partnerships, acquisitions, mergers, and other growth strategies to augment their consumer bases and market presence. For instance, GNC partnered with Renmintongtai, a Harbin Pharmaceutical Group’s pharmacy chain, in January 2020. The company also unveiled four ‘blue hat’ products.
Industry Development-
June 2020: Evonik, Germany, launched Medox, an anthocyanin food supplement to support blood vessels’ health. The supplement includes highly concentrated plant pigments from Scandinavian blackcurrants and bilberries.
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