The global dietary supplements market size is expected to showcase an exponential growth by reaching USD 128.64 billion in 2028 while exhibiting a CAGR of 8.68% between 2021 and 2028. This is attributable to the increasing demand for personalized dietary supplements and the rising prevalence of chronic diseases such as diabetes, hypertension, high cholesterol levels, and other heart ailments. This information is published by Fortune Business Insights, in its latest report, titled, “Dietary Supplements Market Size, Share & Industry Analysis, By Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form (Tablets, Capsules, Liquids, and Powders), and Regional Forecasts, 2021 – 2028.” The report further mentions that the market was worth USD 61.20 billion in 2020 and is likely to rise in the forthcoming years.
Information Source: https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
Surging Demand for Immunity Boosting Diet amid COVID-19
The COVID-19 outbreak has put tremendous pressure on healthcare services. Several frontline workers such as medical professionals, nurses, and others are battling hard to contain the spread of the novel coronavirus. The government agencies have advised the citizens to follow a healthy and nutritious diet regime to fight the disease. This is expected to boost the demand for dietary supplements that promote good health and optimum functioning of the body by providing the necessary vitamins and minerals. The global market is expected to experience a positive growth in the near future.
Dietary supplements are products that supplement consumers with the necessary nutrients that are sourced from synthetic or natural food sources. These supplements are provided in the form of capsules, pills, tablets, or liquids. Some of the popular products include minerals such as iron and calcium, vitamins B12 and D, and others. The consumption of these products lead to improved physical performance, helps to build muscles, and delays fatigue amongst people.
What does the Report Include?
The global human dietary supplements market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborations that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Demand for Personalized Dietary Supplements to Bolster Growth
According to a research by Epsilon in 2018, about 80% of consumers found personalization services appealing. Today, consumers expect personalization in every single thing such as preferring their own designer wear to instructing the restaurants to cater to their dietary needs. In addition to this, the dietary supplements need to fight against several lifestyle-related diseases such as obesity, cardiovascular disease, and diabetes, among others, varies from person to person. This is propelling the demand for providing personalized programs by the companies that are expected to further drive the global dietary supplements market during the forecast period.
SEGMENTATION
Vitamins Segment Held a Market Share of 37.14% in 2019 Owing to Increasing Consumption
The vitamins segment, based on type, is expected to showcase an augmented growth backed by the increasing consumption of dietary supplements owing to the surging prevalence of vitamin-deficiency among the population. The vitamins segment held a market share of 37.14% in 2019 and is likely to remain dominant in the food supplements market.
REGIONAL INSIGHTS
Increasing Demand for Nutritional Products in Asia-Pacific to Aid Growth
Among all the regions, the market in Asia-Pacific is expected to experience significant growth in the forthcoming years. This is attributable to the increasing demand for nutritional food products such as dietary supplements in the region. The increasing health-consciousness amongst the population in countries such as India and China is expected to favor growth in Asia-Pacific. North America is anticipated to showcase an exponential growth owing to the increasing prevalence of lifestyle diseases and the presence of the aging population between 2020 and 2027. The region stood at USD 11.95 billion in 2019 and is likely to grow in the near future.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Strengthen Their Product Portfolios
The global dietary supplements market observes that the major companies such as Amway and Abbott are striving to consolidate their positions. They are doing so by acquiring the other companies to strengthen their product portfolios in the fiercely competitive global marketplace. The other players are adopting strategies such as the introduction of new products, collaboration, and partnership that are further expected to contribute to the market growth.
Industry Development:
- April 2020: DSM, a leading food supplements provider, announced the acquisition of Glycom. According to the company, the valuation is worth Euro 765 million and is expected to expand its footprint in the lucrative business of food supplements.
List of the Companies Operating in the Market:
- Amway Corp (Michigan, United States)
- Abbott (lllinois, United States)
- Nestle S.A. (Vevey, Swizerland)
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (lllinois, United States)
- Glanbia Nutritionals (lllinois, United States
- Otsuka Holdings Co. Ltd. (Tokyo, Japan)
- Arkopharma (Carros, France)
- Pfizer Inc. (New York, United States)
- GlaxoSmithKline plc (Brentford, United Kingdom)
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