According to Precedence Research, the global nutritional supplements market size was valued at US$ 337 billion in 2022 and is expected to reach over US$ 647.58 billion by 2032, growing at a notable CAGR of 6.80% from 2023 to 2032.
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Nutritional Supplements Market Size in the 2023 To 2032
The Asia Pacific nutritional supplements market size reached US$ 134.80 billion in 2022 and is projected to hit around US$ 256.62 billion by 2032, growing at a CAGR of 7.1% between 2023 to 2032.
Based on the region, the Asia Pacific dominated the global nutritional supplements market in 2022, 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.
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.
|USD 647.58 Billion by 2032
|CAGR of 6.80% From 2023 to 2032
|Fastest Growing Market
|2023 to 2032
|Form, Product, Age Group, Distribution Channel, Region
|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.
By form, the powder segment led the global nutritional supplement market with remarkable revenue share of around 37% in 2022 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.
By product type, the functional food segment led the global nutritional supplement market with remarkable revenue share of over 56% in 2022 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.
By age group, the adult segment led the market with revenue share in 2022 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.
By distribution channel, the specialty stores segment led the market with largest revenue share in 2022 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.
Key Companies & Market Share Insights
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 Product Type
By Age Group
By Distribution Channel
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