The global dietary supplements market is anticipated to secure a market value of US$D 163 Bn in 2022 and reach US$ 351 Bn by 2032. The projected growth rate is 8% during the forecast period. The growth of the market can be credited to increasing health awareness, the adoption of a healthy diet, and the increasing geriatric population.
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|Anticipated Market Value in 2021||US$ 160 Bn|
|Estimated Market Value in 2022||US$ 163 Bn|
|Estimated Market Value in 2032||US$ 351 Bn|
|Projected CAGR from 2022 to 2032||8%|
|Market Share of North America in 2021||34%|
|Key Companies Profiled||Amway Corp.Glanbia Plc.Abbott NutritionBayer AGPfizer Inc.ADMNu Skin Enterprises Inc.GlaxoSmithKline Plc.BionovaAyandaArkopharmaHerbalife International of America Inc.Nature’s Sunshine Products Inc.|
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Revenue Analysis of Global Dietary Supplements Market 2015 to 2021 vs. Future Outlook 2022 to 2032
The global dietary supplements market is anticipated to have garnered significant market value in 2021 by procuring about US$ 160 Bn. The market growth can be attributed to the increasing disposable income and the growing awareness about personal health.
During the peak of the COVID-19 pandemic, the market experienced significant gains, as the fear of contracting infections prompted consumers to focus on building their immunity, leading to increased sales of different dietary supplement categories. This trend of increased consumption is expected to carry forward in the post-pandemic era.
Changing lifestyles, increased working hours, and the growing initiatives taken by the corporates in the R&D of health booster products are likely to augment the market significantly in the coming period. As per the analysis, the global dietary supplements market is anticipated to secure a market value of US$ 351 Bn while expanding at a CAGR of 8% during the forecast period from 2022 to 2032.
How is the Growing Disposable Income and Growing Consumer Awareness Boosting the Market?
Increasing Consumer Consciousness towards Health to Boost the Industry
The global dietary supplement market is expected to be significantly boosted by the increasing personal income and the growing awareness about the health benefits of dietary supplements. Further, the improvement in distribution channels and the growing consumer health consciousness among the youth are projected to augment the industry in the coming time.
Moreover, the rising cases of obesity and other health issues can boost the demand for dietary supplements, thereby, expanding the market reach. In addition, the increasing dependence on the supplements to fulfill the nutrient requirement due to their high convenience are likely to make a significant impact on the market in the assessment period.
Formulation of innovative supplements such as; capsules, gummies, chewable products is likely to propel the market in the coming time. Besides, the outbreak of COVID-19 created an urgent need to improve to boost immunity, which is likely to spike the market graph.
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What are the factors impeding the Market Growth?
High Costs of Raw Materials to Hinder the Market Expansion
The high costs of raw materials are likely to be the key factor impeding the market growth during the forecast period. Since small and medium-scale players make a very handful of investments, withstanding a high cost of labor becomes a challenge.
Procurement of raw material and labor are the two major challenges faced by the manufacturers. Further, the availability of counterfeit products can impede the market in the coming time. In addition, the outbreak of COVID-19 affected the supply and distribution channel owing to the imposition of global lockdown.
The players of the global dietary supplement market adopt various strategies to enhance their market reach. Some of the most adopted strategies are acquisition, partnerships, and collaborations. Vendors also make a significant investment in the R&D of the product to secure their forefront position in the global market.
- In March 2021, Zomato disclosed its own range of functional foods, such as dietary supplements in the coming time.
- In September 2020, Prorganiq, a known entity of natural and organic supplements, disclosed the release of their ’24-in-1 Mega Superfoods’. The new product has a promising formula of 24 different green veggies, herbs, and fruits. 24-in-1 Mega Superfoods is a plant-based dietary supplement that is GMO and Gluten-free.
Key Market Segments Covered in the Global Dietary Supplements Market
- By Ingredient :
- Proteins & Amino Acids
- Fibers & Specialty Carbohydrates
- Omega Fatty Acids
- By Form :
- Dietary Supplement Tablets
- Dietary Supplement Capsules
- Soft Gels Dietary Supplements
- Dietary Supplement Powders
- Dietary Supplement Gummies
- Dietary Supplement Liquids
- Other Dietary Supplement Forms
- By Application :
- Dietary Supplements for Energy & Weight Management
- Dietary Supplements for General Health
- Dietary Supplements for Bone & Joint Health
- Dietary Supplements for Gastrointestinal Health
- Dietary Supplements for Immunity
- Dietary Supplements for Cardiac Health
- Dietary Supplements for Diabetes
- Dietary Supplements for Anti-Cancer Applications
- Dietary Supplements for Lungs Detox/Cleanse
- Dietary Supplements for Skin/Hair/Nails
- Dietary Supplements for Sexual Health
- Dietary Supplements for Brain/Mental Health
- Dietary Supplements for Insomnia
- Dietary Supplements for Menopause
- Dietary Supplements for Anti-Aging
- Dietary Supplements for Prenatal Health
- Dietary Supplements for Other Applications
- By End User :
- Adult Dietary Supplements
- Geriatric Dietary Supplements
- Dietary Supplements for Pregnant Women
- Dietary Supplements for Children
- Dietary Supplements for Infants
- By Type :
- OTC Dietary Supplements
- Prescribed Dietary Supplements
- By Distribution Channel :
- Offline Dietary Supplements Sales
- Specialty Stores
- Online Dietary Supplements Sales
- Offline Dietary Supplements Sales
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