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Rise in Health Consciousness Spurs Growth in the Dietary Supplements Market
Published Date: 05 Dec 2022

With rising healthcare costs, the still-not-over pandemic regime, and, consequently, increasing focus on hygiene & wellness, more & more people have started including dietary supplements, such as vitamins and minerals, herbs and other botanicals, amino acids, and enzymes, among others, into their diets. Healthy aging, proper fitness & sleep management, and adequately maintaining mental & digestive health are all ongoing goals worldwide. People are willing to spend more on supplements, are taking their quality & efficacy more seriously, and no longer just opting for general products but personalized solutions.

As a result, manufacturers are actively working on introducing more effective products to the market and expanding their production capacities in order to cater to the ever-growing consumer requirements. In view of these trends, a recent research report has revealed that the Global Dietary Supplements Market is set to register around 7.5% CAGR between 2023 & 2028. Rising urbanization & disposable incomes, growing adoption of nutrient-specific products, and ever-increased consumer spending on health & wellness products, alongside changing consumer lifestyles, buying patterns, & dietary habits, are the prime aspects projected to drive the industry in the coming years.

Key Highlights from the Research Report

  • With the growing fitness zeal, there's intensifying propensity for sports-based & athletic performance enhancement supplements, owing to which manufacturers are coming up with enriching dietary supplements.
  • Continuous R&D investments by companies in introducing natural & organic product segments are also infusing the adoption of dietary supplements, especially by the vegan population.
  • Moreover, active efforts of governments toward promoting the supplement business and the production of herbal products are further providing the necessary impetus to the global market. For instance:
    • On 2 June 2022, the US FDA announced a new initiative, 'Supplement Your Knowledge,' to educate, inform, & widen the awareness of dietary supplements among consumers, educators, & healthcare professionals.
    • In July 2020, the Indian government, in line with the Atmanirbhar Bharat Abhiyan initiative, announced an economic stimulus package of USD 535 million to the herbal sector in order to promote herbal supplement cultivation.
    • In January 2019, Nestle S.A., with an investment of USD 31.46 million, inaugurated its first R&D center in Ireland to support novelties in manufacturing infant nutrition products & milk-based materials.
  • Dietary supplements in the form of tablets hold a sizable market share, which owes to their easy dosage & storage, longer shelf-life, and cost-effectiveness. Their rising sales through e-commerce platforms are notably contributing to the dietary supplements market growth.
  • On the other hand, capsules are becoming increasingly popular owing to their well-defined dosage and the mounting importance of microencapsulation of finished products to ensure controlled release.
  • Furthermore, liquid supplements are also in high demand owing to their high bioavailability & absorption rates, the easy-to-promote synergy of nutrients with them, and the growing inclination of consumers toward supplements with functional properties.

Asia-Pacific: A Mega Opportunity for Supplement Manufacturers

More & more people across Asia-Pacific, especially in India, China, & South Korea, have started including nutritional supplements in their diets owing to ever-increased health consciousness after the pandemic. With growing awareness of the benefits & importance of such products, alongside their rising per capita income, consumers are increasingly spending on health-enhancing products to maintain their wellness.

The emerging trend of personalized nutrition is also contributing to the rapidly rising sales of dietary supplements across these countries. Manufacturers are actively participating in developing more effective & innovative products and expanding their production & distribution capacities to widen their reach and attract more consumers. Hence, these aspects indicate that Asia-Pacific is set to become the fastest-growing Dietary Supplements Market in the forecast years.

With consumer interest rising unprecedentedly, it’s clear that the dietary supplements market is highly lucrative for manufacturing, pharmaceutical, and science & technology-backed sectors. The advent of AI is also boding well for market expansion as soon consumers will be able to go for brands that provide personalized nutrition products. While still in the nascent stage, integrating such technologies can certainly curate a way for a more tailored future for health-conscious consumers. Hence, the future of the dietary supplements market is set to remain optimistic for both consumers & industry players.

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