Shifting consumer preferences, rising health awareness, a growing senior population, and the adoption of a balanced diet are all driving the market for dietary supplements. The convergence of important business trends has created new opportunities for key industry participants. One of the key elements fueling the need for dietary supplements is changing lifestyles and food habits. The market for dietary supplements would benefit from the growing positive perspective on sports nutrition.
Due to customers’ larger spending capacity, the United States has emerged as a key market for dietary supplements. Over the projected period, rising healthcare spending, a growing senior population, rising interest in preventative healthcare, and increased interest in achieving wellness via nutrition are expected to boost market growth.
Because of the popularity of omega-3-based supplements, the vitamin segment is rising continuously, whereas the fatty acid segment is the fastest-growing supplement section.
Asia-Pacific is the dietary supplement market’s fastest-growing region, owing to significant investment prospects, particularly in herbal and Ayurveda extract-based products.
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Key Trends and Drivers
- As the prevalence of age-related and lifestyle-related disorders rises, consumers are becoming more aware of preventative health care measures and, as a result, are gravitating toward health-beneficial products such as food additives, which is predicted to boost the global market.
- Consumers in all regions are becoming more health-conscious, which is propelling the dietary supplement industry forward. Another significant driver expected to fuel the total market is the aging population of various nations, such as Japan, Italy, Portugal, and Germany.
- Probiotics are a major player in the burgeoning nutritional supplement market, with people of all ages taking them.
- However, millennials consume the most due to a growing knowledge of health and well-being through multi-channel advertising, which has a significant impact on their consumption patterns.
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Market Segments
The Dietary Supplements market is segmented into Type, Target, Application, Distribution Channel, and Region. Based on Type, the Dietary Supplements Market is segmented into Vitamins, Minerals, Botanicals, Probiotics, Amino Acids, and Enzymes. Based on Target, the market is segmented into Infant, Children, Adult, Pregnant Women, and Elderly. Based on Application, the market is segmented into Energy and weight Management, General Health, Bone & Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, Lungs Detox/Cleanse, Skin/Hair/Nails, Sexual Health, Brain/Mental Health, Insomnia, Menopause, Anti-aging, and Prenatal Health. Based on the Distribution Channel, the market is segmented into Supermarkets, Pharmacies, Specialty Stores, Practitioner, and Online. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
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Key Players
Some of the key players in the Dietary Supplements Market are Amway Corp. (US), Glanbia PLC (Ireland), Abbott (US), Bayer AG (Switzerland), Pfizer Inc. (US), Herbalife Nutrition (US), Nature’s Sunshine Products (US), Carlyle Group (US), Bio-Botanica Inc. (US), and American Health (US).
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