Nutritional Supplements Market Size | Share and Trends 2024 to 2034

The global nutritional supplements market size was USD 360.59 billion in 2023, calculated at USD 385.83 billion in 2024 and is expected to reach around USD 758.99 billion by 2034, expanding at a CAGR of 7% from 2024 to 2034.

  • Last Updated : August 2024
  • Report Code : 1325
  • Category : Food and Beverages

Nutritional Supplements Market Size and Growth 2024 to 2034

The global nutritional supplements market size accounted for USD 385.83 billion in 2024 and is expected to reach around USD 758.99 billion by 2034, expanding at a CAGR of 7% from 2024 to 2034.

Nutritional Supplements Market Size 2024 to 2034

Nutritional Supplements Market Key Takeaway

  • Asia Pacific led the global market with the highest market share of 36% in 2023.
  • By product, the functional foods and beverages segment held a market share of 56% in 2023.
  • By formulation, the powder formulations segment has generated a market share of 37% in 2023.
  • By sales channel, the brick and mortar segment has contributed a market share of 71% in 2023.
  • By consumer group, the adults segment has captured a market share of over 26% in 2023.

Asia Pacific Nutritional Supplements Market Size and Growth 2024 to 2034

The Asia Pacific nutritional supplements market size was estimated at USD 129.81 billion in 2023 and is predicted to be worth around USD 273.24 billion by 2034, at a CAGR of 7.2% from 2024 to 2034.

Asia Pacific Nutritional Supplements Market Size 2024 to 2034

Based on the region, the Asia Pacific dominated the global nutritional supplements market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the growing health consciousness of the consumers regarding the health benefits of the nutritional supplements. Moreover, the rising investments of the key manufacturers in the research and development of various new products. The economies like China and India are becoming the manufacturing hub and the research and development center for the nutritional supplements.

On the other hand, the Latin America is estimated to be the most opportunistic market for the nutritional supplements. Nations like Brazil and Argentina are expected to witness considerable growth in the demand for the nutritional supplements. This owing to the factors such as rising disposable income, rising health consciousness, and rising consumer expenditure on health and wellness products.

Nutritional Supplements Market Share, By Region, 2023 (%)

Nutritional Supplements Market Growth Factors

The global burden of malnutrition is increasing day by day. According to UNICEF, around 149.0 million of the children that are under 5 years of age are stunted, 40.1 million are overweight, and 49.5 million are wasted, in 2020. Further, the prevalence of overweight and obesity is rapidly rising in almost all the nations of the world. The low income countries are mostly affected by the issue of underweight whereas, wealthier countries are stricken by the overweight and obesity issues. Around 677.6 million global adults are obese, in 2020. Consumption of nutritional food and maintaining a healthy diet helps to build a strong immune system that provides strength to fight various diseases. This is a major factor that fuels the demand for the nutritional diets among the global population.

The changing consumption pattern, increased consumption of fast-foods, sedentary lifestyle of the consumer, busy and hectic schedule, and lack of maintaining proper diet are the factors responsible for the growing need for the nutritional supplements. The growing health consciousness, rising disposable income, rising consumer expenditure on health and wellness products, and demand for healthy and active lifestyle are the major factors boosting the growth of the global nutritional supplements markets. In 2020, the outbreak of COVID-19 resulted in an increased consumption of nutritional supplements among the consumers for maintaining strong immunity. The North American and European countries witnessed a strong spike in the demand for the nutritional supplements in 2020 and this trend is expected to sustain during the forecast period.

Market Scope

Report Highlights Details
Market Size in 2023 USD 360.59 Billion
Market Size in 2024 USD 385.83 Billion
Market Size by 2034 USD 758.99 Billion
Growth Rate from 2024 to 2034 CAGR of 7%
Largest Market Asia Pacific
Fastest Growing Market Latin America
Base Year 2023
Forecast Period 2024 to 2034
Segments Covered Form, Product, Age Group, Distribution Channel, Region
Regions Covered Asia Pacific, North America, Europe, Latin America, Middle East and Africa

 

Form Insights

By form, the powder segment led the global nutritional supplement market with a remarkable revenue share of around 37% in 2023 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the higher consumption of the powder form of nutritional supplement owing to its easy availability and higher commercial presence in the market. Moreover, rising popularity of green tea, dietary fibers, and protein powders are fostering the segment growth across the globe.

On the other hand, the capsules segment is expected to be the most opportunistic segment during the forecast period. This is attributed to the ease and convenience associated with the consumption of capsules. The hectic and busy schedules of the consumer results in the lack of proper diet and therefore, capsules serve the need for the consumers to fulfill their daily nutritional requirements.

Product Type Insights

By product type, the functional food segment led the global nutritional supplement market with remarkable revenue share of over 56% in 2023 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the rising disposable income coupled with increased health awareness among the consumers. Consumers are now increasingly preferring the consumption of food and beverages items that are incorporated with functional benefits such as minerals, vitamins, fibers, and omega-3. This factor is propelling the growth of this segment.

On the other hand, the sports nutrition segment is expected to be the fastest-growing segment owing to an increase in the sports participation by the youth across the globe. Further, the growing popularity of fitness centers and gyms among the youth is fostering the sales of the sports nutritional supplements.

Age Group Insights

By age group, the adult segment led the market with revenue share in 2023 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the rise in the number of employed adults including men and women and the higher preference for the nutritional supplements in developed countries. Moreover, the rising prevalence of obesity, rising demand for functional food, and desire to stay healthy and active is propelling the growth of this segment.

On the other hand, the kids segment is estimated to be the most opportunistic segment owing to the rising awareness regarding the health benefits of the nutritional supplements among the parents. It is estimated that around 21% of the global population are baby boomers in 2020.

Distribution Channel Insights

By distribution channel, the specialty stores segment led the market with largest revenue share in 2023 and is anticipated to retain its dominance throughout the forecast period. The specialty stores offers a wide variety of supplements along with numerous brands. Further, the consultation offered by the sales person regarding the needs of the consumers facilitates the buyer to decide the type of supplement to be bought.

On the other hand, e-commerce is estimated to be the most opportunistic segment, owing to the growing penetration of e-commerce platforms. Further, easy refund and replacements, easy payment option, and heavy discounts on various brands offered is boosting the growth of this segment.

Nutritional Supplements Market Companies

  • Abbott Nutrition
  • Amway
  • Nestle
  • Glanbia Plc
  • Herbalife International of America
  • Archer Daniels Midland
  • GlaxoSmithKline
  • Nature’s Bounty Co.
  • Arkopharma Laboratories Pharmaceutiques
  • DuPont
  • American Health, Inc.
  • Pfizer, Inc.
  • Stepan Company

Recent Developments

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improvedproducts. Moreover, they are also focusing on maintaining competitive pricing.

In March 2018, Fonterra entered into a partnership with Foodspring, a startup company in the operating in the active ingredients industry.

The various developmental strategies by the key market players significantly contributes towards the development of the global nutritional supplements market.

Segments Covered in the Report

By Form

  • Powder
  • Tablets
  • Capsules
  • Liquid
  • Soft gels
  • Others

By Product Type

  • Sports Nutrition
  • Dietary Supplements
  • Fat Burner
  • Functional Food
  • Others

By Age Group

  • Kids
  • Adults
  • Geriatric

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Specialty Stores
  • Pharmacies
  • E-commerce
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

The global nutritional supplements market size was valued at USD 360.59 billion in 2023 and is projected to hit over USD 758.99 billion by 2034.

The global nutritional supplements market is growing at a notable CAGR of 7% from 2024 to 2034.

Rising health consciousness and increasing consumer expenditure on health and wellness are the driving factors of the nutritional supplements market.

The major players operating in the nutritional supplements market are Abbott Nutrition, Amway, Nestle, Glanbia Plc, Herbalife International of America, Archer Daniels Midland, GlaxoSmithKline, Nature’s Bounty Co..

The Asia Pacific lead the global nutritional supplements market in near future.

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