Global Dietary Supplements Market Research Report: Forecast (2023-2028)

Market Definition

Dietary supplement refers to a wide range of products, including vitamins & minerals, herbs & other botanicals, amino acids, enzymes, and more. One can find dietary supplements in many forms, such as powders, liquids, pills, gummies, teas, and bars.

Market Insights & Analysis: Global Dietary Supplements Market (2023-28)

The Global Dietary Supplements Market is projected to grow at a CAGR of around 7.5% during the forecast period, i.e., 2023-28. Rapid urbanization and increasing disposable income, paired with a substantial shift in consumers’ lifestyles, buying patterns, and dietary habits, have positively influenced the demand for dietary supplements worldwide. Another crucial factor thriving the market growth is the growing health awareness that has led to the adoption of more nutrient-specific products in recent years. This predominantly attributes to the emerging consumer need for daily requirements of micronutrients in the body and increased consumer spending on health & wellness products.

Further, intensifying propensity for sports-based and athletic performance enhancement supplements owing to the mounting fitness enthusiast crowd has compelled the prominent players in the market to come up with enriching dietary supplements in the past few years. Besides, extensive product innovation by the companies in terms of giving them an ‘organic’ touch is likely to call for more adoption by the consumer, particularly from the vegan population. Furthermore, the active participation of several governments in aiding the production of herbal supplements is anticipated to provide the necessary impetus required for market growth during the forecast period. For instance:

• On 2 June 2022, the US Food and Drug Administration began a new initiative, 'Supplement Your Knowledge', to widen consumer understanding of dietary supplements.
• In July 2020, Under the Atmanirbhar Bharat Abhiyan initiative, the Indian government announced an economic stimulus package while allocating USD 535 million to the herbal sector in a bid to promote herbal cultivation.

Key Trends in the Global Dietary Supplements Market

• Growing Propensity for Personalized Supplements

The burgeoning familiarity with personalized or tailor-made nutritional products and dietary supplements has garnered the attention of consumers across different corners of the world, thereby positively influencing the dietary additives market growth. Besides, a substantial investment in the R&D of nutraceuticals and supplement products, accompanied by technical advances, has led to market ascension in the past few years. For instance,

• In January 2019, Nestle S.A. inaugurated its first R&D center in Ireland with an investment of USD 31.46 million. The new R&D center shall consolidate scientific research to support novelties in manufacturing infant nutrition products and milk-based materials for the global market.

Market Dynamics

Key Driver: Intensifying Focus On Preventive Healthcare Practices to Propel the Adoption of Dietary Supplements

Consumers are becoming more aware of preventive healthcare practices due to the rising frequency of age- and lifestyle-related disorders. As a result, they are gravitating toward items that promote good health, such as food additives, which is likely to boost the global market. Besides, growing innovation from market leaders, as well as new entrants, is likely to accelerate the market expansion globally. For instance, The GHT firms launched a new product line of nutrition that is entirely vegan in March 2018. These goods intend to satisfy the rising demand for weight-management aids made from plants rather than animals.

Possible Restraint: Side-effects Associated with Frequent Consumption of Dietary Supplements

Although these supplements intend to promote better health and well-being with higher nutritional value, they do not guarantee any favorable impact on the immune system. Overdosing supplements can lead to decreased bone strength, blood clotting, and birth abnormalities, among other things. Frequent consumption of these dietary supplements may also weaken the body's ability to absorb nutrients. An excessive amount of vitamin A, for instance, can lead to migraines, liver damage, poor bone strength, and birth defects. Overdose of iron may result in nausea and vomiting, as well as damage to the liver and other organs. These aspects altogether may hinder the market growth during the forecast period.

Market Segmentation

Based on Form:

• Tablets
• Capsules
• Soft gels
• Powders
• Gummies
• Liquids
• Others

Here, Tablet form acquired a sizable share of the Global Dietary Supplements Market in the historical period. It principally owes to its convenient packaging, higher shelf-life, and high affordability of tablets, which has called for more demand for tablets in the past few years, leading to a considerable surge in the dietary supplement market. Further, capsules and soft gels have again contributed to the market growth with the increasing popularity they have attained in the last few years owing to the well-defined dosages. Furthermore, the mounting demand for protein supplements is predicted to generate a massive growth scope for powder supplements, as most of the protein supplements available in the market are in powder form.

On the other hand, Liquid supplements are readily gaining traction owing to their high bioavailability & absorption rates and easy-to-promote synergy of nutrients with them. The growing affinity for liquid supplements with functional properties are thriving, and due to this, dietary supplement manufacturer is relentlessly investing in this industry to book maximum profits.

Based on Ingredients:

• Botanicals
• Vitamins
• Minerals
• Proteins & Amino Acids
• Omega Fatty Acids
• Fibers & Specialty Carbohydrates
• Others

Here, Vitamins acquired a noticeable market share in the historical period and are likely to prevail in the same trend in the coming years. It is primarily because vitamins are the most consumed supplements worldwide, followed by minerals and proteins. Besides, the prevalence of diseases stemming from the deficiency of vital vitamins such as vitamins A, B, C, and E among the population in developing countries has called for more vitamin-based supplements in recent years.

On the other hand, protein supplements are likely to exhibit higher demand in the future owing to the rising consumer inclination towards bodybuilding, weight management, and endurance. The protein and amino acid additives are expected to grow at a speedy pace because of their diverse use in muscle growth, fatigue reduction, increased mental focus, and improved recovery.

Regional Projection

Geographically, the Global Dietary Supplements Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Here, the Asia-Pacific is expected to attain the fastest growth pace in the Global Dietary Supplements Market during the forecast period. It primarily attributes to the rising consumer health consciousness and their desire to include health-improving supplement items in their daily lives. In the region's most populous nations, like China and India, the need for nutritional supplements is mounting rapidly. The region's consumer base for food supplements is expected to grow as the concept of tailored nutrition becomes more widely understood. In addition, due to high population density, prominent international market players are expected to show significant interest in extending their production bases and product range throughout Asian and Southeast Asian countries like South Korea, Malaysia, India, China, and others.

Recent Developments in the Global Dietary Supplements Market

• April 2022: US-based GSK brand, Emergen-C has launched two new extensions to the brand’s Botanicals line of gummy and powder dietary supplements, namely Emergen-C Ashwagandha and Emergen-C Apple Cider Vinegar.
• Feb, 2022: Amway India has unveiled nutrition supplements in trendy, tasty, convenient and simplified formats like flavourful gummies and mouth dissolving jelly strips under its flagship brand Nutrilite. This new range of products is intended for modern lifestyles, especially of the busy young millennials.

Regulatory Landscape in the Global Dietary Supplements Market

• FDA regulates dietary supplements under a different set of regulations than those covering 'conventional' foods & drug products. Under the Dietary Supplement Health and Education Act of 1994 (DSHEA), manufacturers and distributors of dietary supplements are prohibited from promoting adulterated or misbranded products. In case of promotions, they must ensure that products comply with the standards of the Federal Food, Drug, and Cosmetic Act as amended by DSHEA and FDA regulations.

Gain a Competitive Edge with Our Global Dietary Supplements Market Report

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