The global dietary supplements market size was valued at US$ 141.2 billion in 2020 and expected to hit US$ 279.2 billion by 2030, with a CAGR of 8.4% during the estimate period 2021 to 2030.
Crucial factors accountable for market growth are:
Dietary supplements comprise such ingredients as minerals, vitamins, amino acids, enzymes, and herbs. These nutritional supplements are sold in forms such as capsules, tablets, gel caps, soft gels, liquids, and powders. Unlike drugs, nutritional supplements are not allowed to be promoted for the purpose of diagnosing, treating, curing, or preventing illnesses.
COVID-19 Impact on Global Dietary Supplements Market
Pharmaceutical and dietary supplements supply chains are struggling on a global scale to keep pace with the rapid spread of the COVID-19 virus. Most of the companies have their manufacturing units in Asia. The disruption in supply chain due to the COVID-19 pandemic has caused a slump in the availability of dietary supplement supplies across the globe.
The disruptive effects of the novel coronavirus pandemic have placed an enormous strain on the global supply of dietary supplement products, thus increasing the risk of shortages. Although production across various industries in Asia has gradually resumed, the U.S. pharmaceutical and dietary supplement manufacturers, which heavily source directly and indirectly from Asia, are exposed to high risks in supply shortages. However, the COVID-19 pandemic has also presented growth opportunities for the manufacturers of dietary supplements as the focus has shifted towards consumption of supplements such as multi-vitamins, omega-3 fatty acids, and protein supplements for maintaining a stronger immunity.
|Market Size||US$ 279.2 Billion by 2030|
|Growth Rate||CAGR of 8.4% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Form, Application, End User|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Bayer, NBTY Inc, Bionova Lifesciences, Nu Skin Enterprises, Carlyle Group, Pfizer, Glanbia, Herbalife International, Abbott Laboratories, GlaxoSmithKline, Nature’s Sunshine Forms, Amway, Archer Daniels Midland|
Significant Market Trends:
Vitamins Segment Reported Foremost Market Stake in 2020
The vitamins segment displayed a major share in the worldwide dietary supplements market in 2020. Multivitamins are the most frequently used dietary supplements worldwide. Their acceptance has augmented rapidly in the earlier few years. Many studies have suggested that multivitamins can enhance health, reimburse for unhealthy eating ways, and also lessen risk of developing chronic ailments. Moreover, factors such as easy availability and low cost augment the demand for vitamins.
Omega fatty acids are expected to grow at highest CAGR within the forecast time-duration.
Tablets Dominated the Market Revenue By Form in 2020
Dietary supplements can be obtained over-the-counter and are also sold through e-commerce sites. These supplements are predominantly consumed in the form of tablets due to ease of storage and consumption. Moreover, higher shelf life and easy packaging also contributes to the high popularity of dietary supplement tablets.
Weight Management Application Will Dominate the Dietary Supplements Market Revenue
Factors such as increasing focus on weight loss and physical appearance augment the requirement for weight management dietary supplements. Moreover, growing popularity of social media platforms and online weight loss programs are expected to retain the high market share of weigh management segment in the near future.
Adults Dominated the Dietary Supplements Market Revenue by End User
Dietary supplements such as protein shakes, multivitamins and multi-minerals, omega fatty acids, fibers, complex carbohydrates are extremely popular in the health-conscious adult population all over the world. Moreover, increasing popularity of gyms in the developing regions is likely to maintain the strong growth of adult’s segment.
North America is Estimated to be the Largest Market for Dietary Supplements
The comprehensive research account covers substantial projections and inclinations of dietary supplements throughout chief regions encompassing Africa, Asia Pacific, Europe, Latin America, North America, Middle East, and. By region, dietary supplements market is led by North America due to presence of major manufacturers, high disposable income, and increasing focus on physical appearance. Europe accounted for subsequent highest stake chiefly due to high geriatric population and increasing prevalence of chronic disorders. Asia Pacific is anticipated to grow at the fastest CAGR majorly due to increasing popularity of social media, increasing awareness regarding importance of health and well-being, and the growing middle-class population. Middle East, Latin America, and African region is expected to exhibit note-worthy growth in the projected time-frame.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global dietary supplements market. Leading competitors contending in global dietary supplements market are as follows:
In order to well recognize the present status of dietary supplements, and policies implemented by the foremost nations, Precedence Research projected the future progress of the dietary supplements market. This research report bids quantitative and qualitative insights on dietary supplements market and valuation of market size and progress trend for probable market segments.
Major Market Segments Covered:
By End User
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