Dietary Supplements Market by Type (Botanicals, Vitamins, Minerals, Amino Acids, Enzymes, Probiotics), Function, Mode of Application, Target Consumer, Distribution Channel (Pharmacy, Supermarket/Hypermarket, Online) and Region - Global Forecast to 2028
The global dietary supplements market is projected to grow from USD 167.5 billion in 2023 to USD 239.4 billion in 2028, at a CAGR of 7.4% during the forecast period. The factors driving the growth are the increasing elderly population, the shift from pharmaceuticals towards nutraceuticals, amino acids, and protein supplements due to the focus on preventive healthcare, and the growing personalized nutrition, which is supporting the dietary supplement industry. Consumers are shifting focus toward self-directed care driven by the growing personal health, weight management, and well-being trend. The personal care markets have changed drastically in recent years, from consumers adopting weight management and protein supplements to help manage lifestyle disorders. In most of the region, it is seen that people do not take an adequate amount of protein, and because of this, the need for amino acids and protein supplements is increasing. Additionally, due to wrong eating habits and improper lifestyles, a vast majority of consumers are opting for weight management supplements to curb obesity and overweight issues.
The expanding business has offered lucrative business opportunities to the players who are operating in the market segments. For instance, Nestle has expanded its business into the Brazilian market. Other key players like Abbott, GSK, and Glanbia provide supplements that have preventive benefits like vitamins and minerals to resolve micronutrient deficiency. The overall dietary supplements is classified as a competitive market, with the top 5 key players namely Nestle (Switzerland), Abbott (US), Amway Corp (US), Pfizer Inc. (US), ADM (US), occupying 25-50% of the market share. Herbalife International of America, Inc. (US) is one of the prominent player operating in the global dietary supplements market. In May 2021, Herbalife Nutrition formed a new partnership with the Asociacion Mexicana de Bancos de Alimentos ("BAMX"), a nonprofit dedicated to meeting the needs of people who are experiencing food insecurity in Mexico.
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Dietary Supplements Market Dynamics
Driver: Shift in consumer preferences due to the increasing focus on health and prevention
According to a recent survey conducted by the Council for Responsible Nutrition (CRN), 73% of Americans will use dietary supplements in 2020. The most important reason for the growing use of dietary supplements among consumers was their "overall health and wellbeing benefits." The increasing health awareness has also driven consumers toward customized dietary supplements that are specific to their biological requirements. As people become more conscious the demand for products such as protein supplements, vitamins, and mineral supplements has increased significantly. Consumers are increasingly opting for herbal (botanical) supplements in their daily diet to address health-related issues and for lifestyle change.
Restraint: High cost of dietary supplements
The price of a supplement is high as the ingredients, manufacturing, and storage involve a high amount of cost expenditure. Additionally, supplements need to be maintained under proper conditions while transporting due to the loss of their property. For instance, enzymes and probiotic supplements need the optimum storage condition to prevent any sort of product spoilage. Further, the availability of the raw materials in products is a factor of consideration that can influence the final cost of dietary supplements. Furthermore, if the supplements are made from natural ingredients, the cost of production adds up as the process increases to produce the final product.
Opportunity: Shift towards plant-based supplements
The market for plant protein ingredients is growing at a high rate. Plant-based products witness a significant opportunity in the current market scenario as alternatives. The change in consumer preference and interest in plant-based sources due to its nutritional profile, inclination toward clean eating, rise in health concerns like lactose intolerance, and environmental concerns have contributed to the growth for the plant-based supplements.
Challenge: Consumer skepticism and fake supplements associated with nutraceutical products
Nutraceuticals refer to food ingredients and dietary supplements that provide certain medicinal benefits. The adoption and use of nutraceuticals are increasing due to an increase in clinical disorders. For example, there are supplements which are for people suffering from diabetes, it provides the optimum amount of fiber and protein to reduce insulin spike. However, there is a rise in consumer skepticism over these products due to the lack of availability of experimental evidence, false advertisement, and stringent regulatory framework.
Dietary Supplements Market Ecosystem
Based on Type, Botanicals is anticipated to grow at a significant CAGR the market
Plant-based dietary supplements are derived from botanical sources such as herbs, fruits, vegetables, and other plant materials, offering natural health-promoting compounds for supplementation purposes. The increasing awareness of plant-based dietary supplement benefits, combined with a growing interest in plant-based lifestyles, has led to the popularity of botanical supplements among North American consumers. The demand for dietary supplements in the United States is being driven by increasing health consciousness, a desire for preventive healthcare, and the convenience of dietary supplements in bridging nutritional gaps in the diet.
The sports nutrition function segment is projected to grow at the highest rate during the forecast period.
Many sports nutrition supplements available today include multivitamins, branched-chain amino acids (leucine), omega-3 fatty acids, glucosamine, glutamine, beta-alanine, beetroot, and green tea extract, each of which provides different performance benefits. In general, all humans require an adequate amount of macro and micronutrients. However, due to extreme exertion athletes need to monitor their food intake. Sports nutrition supplements provide them with all the required nutrients, which is why this category is projected to grow fastly in the dietary supplements market.
Based on Mode of Application, Soft gel segments is projected to grow at the fastest rate during the forecast period.
Due to their ease of consumption, especially for individuals with swallowing difficulties. Their gel-like texture and easy-to-swallow nature make them a preferred choice. Soft gels offer enhanced bioavailability, with advanced formulations that improve nutrient absorption. They can be customized to include a wide range of ingredients, providing flexibility for specialized products. The visually appealing and professional appearance of soft gels, along with their ability to mask unpleasant tastes and odors, contribute to their popularity. Moreover, the gelatin-based shell of soft gels extends the shelf life of enclosed ingredients. These factors drive the growth of soft gels in the dietary supplements market.
The elderly age group hold a significant share in the dietary supplements market by target consumer during the forecast period
Due to the increasing aging population and their specific nutritional needs. As individuals age, they may require additional support to address nutritional deficiencies and age-related health concerns. Dietary supplements provide a convenient and targeted solution to fulfill these needs, offering vitamins, minerals, and other essential nutrients. The elderly segment seeks supplements to support joint health, cognitive function, cardiovascular health, bone strength, and immune system function. Manufacturers are developing specialized formulations to cater to the unique requirements of older adults. With the growing elderly population, the dietary supplements market is expected to experience significant growth in this segment.
By distribution channel, the pharmacy segment is projected to hold the second-largest market share
Inappropriate use of dietary supplements can have adverse effects on a patient’s health when given without proper examination. These supplements can be potentially toxic when consumed more than the recommended dietary allowance (RDA) and have toxic effect on the body. The provision on purchasing these supplements without a prescription or doctor’s recommendation has led to the improper consumption. The role that pharmacists play a crucial role in helping citizens disseminate scientific information as well as the dosage of dietary supplements. Young professionals in particular would benefit from continuous education to better advise patients.
North America: Dietary Supplements Market Snapshot
North America holds the highest market share during the forecast period.
North American nutrition and supplements hold the largest market share and are expected to expand further. North American population has become more aware of health and adopting dietary supplements as a part of their daily diet regime, to have overall benefits on health and weight. The population in the region is more prone to lifestyle disorders like diabetes, obesity, and blood pressure, due to improper diet. The region is more inclined towards consuming junk and processed food that are devoid of nutrition, which gives rise to health disorders. Additionally, the trend of consuming vegan and less processed food is leading to the increased intake of dietary supplements to tackle nutritional deficiencies. Additionally, South Africa seems to be a potential market, in terms of production and consumption of dietary supplements. The general trend of malnourishment and other nutritional deficiencies is seen in the population in the South African region. Together, it drives the overall dietary supplements market.
Top Companies in the Dietary Supplements Market
Key players in this market include Nestle (Switzerland), Abbott (US), Amway Corp (US), Pfizer Inc. (US), ADM (US), International Flavors & Fragrance (US), Otsuka Holdings Co., Ltd (Japan), Glanbia PLC (Ireland), GSK PLC. (UK), Bayer AG (Germany), Herbalife International of America, Inc. (US), Nature's Sunshine Products, Inc (US), Bionova (Canada), ArkoPharma (France), American Health (US), Pure Encapsulation (US), H&H Group (Hong Kong), Nu Skin (US), Power Gummies (India), Biomedical Research Laboratories (US), HealthKart (India), NutriScience Corporation (US), Nature's Essentials (US), and Life Extension (US).
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Report Metric |
Details |
|
Market Size Value in 2023 |
US $167.5 billion |
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Revenue Forecast in 2028 |
US $239.4 billion |
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Growth Rate |
CAGR of 7.4% from 2023 to 2028 |
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Base year considered |
2022 |
|
Forecast period considered |
2023–2028 |
|
Units considered |
Value (USD), Volume (KT) |
|
Segments Covered |
Type, Function, Mode of Application, Target Consumer, Distribution Channel, and Region |
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Regions covered |
North America, Europe, South America, Asia Pacific, and RoW |
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Key Companies Profiled |
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This research report categorizes the dietary supplements market, based on type, function, mode of application, target consumer, distribution channel, and region.
Dietary Supplements Market by Type
- Botanicals
- Vitamins
- Minerals
- Amino acids
- Enzymes
- Probiotics
- Other Dietary Supplements
By Function
- Additional Supplements
- Medical Supplements
- Sports Nutrition Supplements
Dietary Supplements Market by Mode of Application
- Tablets
- Capsules
- Liquid
- Powder
- Soft gels
- Gel caps
By Target Consumer
- Infants
- Children
- Adults
- Pregnant Women
- Elderly
Dietary Supplements Market by Distribution Channel
- Pharmacy
- Supermarket/Hypermarket
- Online
By Region
- North America
- Europe
- Asia Pacific
- South America
- RoW
Target Audience:
- Supply-side: Dietary supplements producers, suppliers, distributors, importers, and exporters
- Demand-side: Large-scale food & beverage manufacturers, manufacturers of nutraceuticals, functional food ingredient manufacturers, and research organizations
- Regulatory side: Related government authorities, commercial Research & Development (R&D) institutions, and other regulatory bodies
- Other related associations, research organizations, and industry bodies.
Recent Developments
- In February 2023, Otsuka Pharmaceutical Co., Ltd. (Japan) partnered with Tokyo Marathon in order to provide health management support for approximately 38,000 participating runners and 80 race officials. This will increase public awareness focusing on the importance of exercise and nutrition which is part of the strategic development of the company.
- In December 2022, Amway opened a Business Innovation Hub in Singapore in partnership with the Economic Development Board to meet evolving wellness needs in Asia. This strategic expansion helps Amway tap into the growing demand for tailored health and wellness solutions in the region, which is expected to boost the company's sales and profitability.
- In May 2022, Nestlé expands its presence in the Brazilian dietary supplement market through the acquisition of Puravida. This strategic move enhances Nestlé's supplement offering, strengthening its position and capturing growth opportunities in Brazil's thriving health and wellness industry.
Frequently Asked Questions (FAQ):
What is the projected market value of the global dietary supplements market?
The global dietary supplements market is anticipated to grow from USD 167.5 billion in 2023 to USD 239.4 billion in 2028.
What is the estimated growth rate (CAGR) of the global dietary supplements market for the next five years?
The global dietary supplements market is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2023 to 2028
What are the major revenue pockets in the dietary supplements market currently?
North American nutrition and supplements hold the largest market share and are expected to expand further. North American population has become more aware of health and adopting dietary supplements as a part of their daily diet regime, to have overall benefits on health and weight.
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This research involves the extensive use of secondary sources; directories; and databases (Bloomberg and Factiva) to identify and collect information useful for a technical, market-oriented, and commercial study of the dietary supplements market. In-depth interviews were conducted with various primary respondents, such as key industry participants, Subject Matter Experts (SMEs), C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and to assess prospects.
Secondary Research
In the secondary research process, various sources, such as the Food and Agricultural Organization (FAO), United States Department of Agriculture (USDA), U.S. Food and Drug Administration (FDA) U.S. Food and Drug Administration (FDA), European Food Safety Authority (EFSA), World Health Organization (WHO), National Institutes of Health (NIH), Centers for Disease Control and Prevention (CDC), European Medicines Agency (EMA), Council for Responsible Nutrition (CRN), Consumer Healthcare Products Association (CHPA), American Herbal Products Association (AHPA), Natural Products Association (NPA), International Alliance of Dietary/Food Supplement Associations (IADSA), European Federation of Associations of Health Product Manufacturers (EHPM), Canadian Health Food Association (CHFA), Health Food Manufacturers' Association (HFMA), International Probiotics Association (IPA), were referred to identify and collect information for this study. The secondary sources also include journals, press releases, investor presentations of companies, whitepapers, certified publications, articles by recognized authors and regulatory bodies, trade directories, and paid databases.
Primary Research
The dietary supplements market encompasses various stakeholders involved in the supply chain, including dietary supplement manufacturers and suppliers, raw material suppliers, regulatory organizations, and research institutions. To gather comprehensive information, primary sources from both the supply and demand sides were engaged. Primary interviewees from the supply side consisted of manufacturers, distributors, importers, and technology providers involved in the production and distribution of dietary supplements. On the demand side, key opinion leaders, executives, and CEOs of companies in the dietary supplements industry were approached through questionnaires, emails, and telephonic interviews. This approach ensured a comprehensive and well-rounded understanding of the dietary supplements market from various perspectives.
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Dietary Supplements Market Size Estimation
The research methodology used to estimate the size of the dietary supplements market includes the following details. The top-down and bottom-up approaches were used to estimate and validate the market’s and various dependent submarkets’ size The research methodology used to estimate the market size includes extensive secondary research of key players, reports, reviews, and newsletters of top market players, along with extensive interviews from leaders, such as CEOs, directors, and marketing executives.
Global Dietary supplements market size: Bottom-Up Approach
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Global dietary supplements market size: Top-Down Approach
Data Triangulation
The data triangulation and market breakdown procedures explained above were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Dietary Supplements Market Definition
According to the National Institute on Aging (NIA) [a part of the National Institutes of Health (NIH)], “Dietary supplements are substances you might use to add nutrients to your diet or to lower your risk of health problems such as osteoporosis or arthritis. Dietary supplements come in the form of pills, capsules, powders, gel tabs, extracts, or liquids. They might contain vitamins, minerals, fiber, amino acids, herbs or other plants, or enzymes. Sometimes, the ingredients in dietary supplements are added to foods, including drinks. A doctor’s prescription is not needed to buy dietary supplements.”
The United States Food and Drug Administration (USFDA), defines Dietary supplements as supplements intended to treat, diagnose, cure, or prevent disease, as it is a drug even if it is labeled as a supplement. It comes in different forms like tablet, capsules, soft gels, gummies, liquids, etc.
Dietary Supplements Market Stakeholders
- Manufacturers of food products, beverages, and dietary supplements
- Manufacturers of nutraceutical ingredients
- Intermediary suppliers, such as traders and distributors of nutraceutical products
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Government, research organizations, and institutions
- World Health Organization (WHO)
- Codex Alimentarius Commission (CAC)
- Associations, regulatory bodies, and other industry-related bodies:
- Food and Agriculture Organization (FAO)
- United States Department of Agriculture (USDA)
- Food Safety Council (FSC)
- Food and Drug Administration (FDA)
- European Food Safety Authority (EFSA)
- Food Standards Australia New Zealand (FSANZ)
- Dietary Supplement Health and Education Act (DSHEA)
- International Probiotics Association
- Indian Health Foods and Dietary Supplements Association (INHADSA)
Report Objectives
- To define, segment, and project the global market for Dietary supplements market on the basis of type, function, mode of application, target consumer, distribution channel and region
- To provide detailed information regarding the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the micro markets with respect to individual growth trends, future prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape of the market leaders
- To project the size of the market and its submarkets, in terms of value with respect to the regions (along with the key countries)
- To strategically profile the key players and comprehensively analyze their market position and core competencies
- To analyze competitive developments in the dietary supplements market, including joint ventures, mergers & acquisitions, new product developments, and research & development activities, while also considering related markets such as nutraceuticals and functional foods.
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
The following customization options are available for the report:
Product Analysis
- Product Matrix, which gives a detailed comparison of the product portfolio of each company
Geographic Analysis
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
- Further breakdown of the Rest of the European Dietary supplements market, by key country
- Further breakdown of the Rest of South America Dietary supplements market, by key country
Company Information
- Detailed analyses and profiling of additional market players
Generating Response ...
Growth opportunities and latent adjacency in Dietary Supplements Market