The rising use of organic, clean-labeled, and safe ingredients in food supplement production is likely to favor the industry growth. The rising emphasis on the production of quality supplements is likely to amplify the global dietary supplements industry growth. Additionally, the rising preference of sportspersons for food supplements to enhance endurance and performance is projected to complement the global industry growth.
The growing emphasis on preventive healthcare measures shall aid industry growth. The rising consumer consciousness towards preventive healthcare measures due to the escalating prevalence of lifestyle and age-related diseases is likely to boost the global industry growth.
Lastly, industry players’ increasing developments and innovations and the expanding demand for personalized supplements are anticipated to further amplify the industry growth.
However, the high prices of these supplements may hinder industry growth.
The global dietary supplements industry size is anticipated to hit USD 128.64 billion by 2028 and exhibit a CAGR of 8.68% during the forecast period. The escalating demand for personalized supplements and the rising emphasis on quality supplements are predicted to foster industry growth. The industry size stood at USD 61.20 billion in 2020 and is anticipated to reach USD 71.81 billion in 2021.
Additionally, the growing emphasis on preventive healthcare measures due to the rising prevalence of lifestyle and age-related diseases is projected to favor industry growth. The growing consumer consciousness towards preventive healthcare measures is likely to boost the demand for health-boosting dietary supplements.
The industry has been positively impacted by the sudden emergence of the coronavirus pandemic. The rising emphasis on maintaining health and immunity amongst consumers has grown during the pandemic, which has augmented the demand for dietary supplements. Moreover, the wide availability of health benefitting supplements on e-commerce platforms has bolstered the industry growth. Consumers have been incorporating these supplements in their daily since the onset of the pandemic, contributing to the industry growth.
On the basis of form, the industry is segmented into powders, liquids, capsules, and tablets. On the basis of type, the industry is fragmented into proteins, fatty acids, enzymes, minerals, vitamins, and others. Geographically, the industry is classified into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Rising Health Consciousness to Accelerate Growth in Asia Pacific
Asia Pacific is projected to register the fastest growth in the global dietary supplements industry share. The rising health consciousness amongst consumers is estimated to be the key factor driving the industry growth in the region. The increasing awareness for personalized nutrition concepts is likely to fuel the regional industry growth. Additionally, expansion of product portfolios and production bases of international industry players across China, India, Malaysia, South Korea, and other Asian countries is projected to favor industry growth.
Europe is expected to witness substantial growth in the global industry. The rising consumer awareness and consciousness for preventive healthcare solutions are predicted to favor the region’s industry growth. Additionally, the expanding geriatric population is anticipated to complement the industry growth.
South America is predicted to attain significant growth due to the growing adoption of healthy lifestyles, increasing middle-class population, and growing new product launches.
Industry Players Adopt Ingenious Strategies to Amplify Industry Presence
The major industry players emphasize diversifying their product portfolios by launching innovative products. They adopt collaborations, product innovation, new product launches, partnerships, acquisitions, mergers, and other growth strategies to augment their consumer bases and industry presence. For instance, GNC partnered with Renmintongtai, a Harbin Pharmaceutical Group’s pharmacy chain, in January 2020. The company also unveiled four ‘blue hat’ products.
List of Key Players in the Global Dietary Supplements Industry
Amway Corp (Michigan, U.S.), Abbott (Illinois, U.S.), Nestle S.A. (Vevey, Switzerland), Herbalife Nutrition Ltd. (California, U.S.), Archer Daniels Midland Company (Illinois, U.S.), Glanbia Nutritionals (Illinois, U.S.), Otsuka Holdings Co. Ltd. (Tokyo, Japan), Arkopharma (Carros, France), Pfizer Inc. (New York, U.S.), GlaxoSmithKline plc (Brentford, U.K.) and others.