The global dietary supplements market was valued at USD 86.77 billion in 2023 and is expected to grow from USD 93.46 billion in 2024 to USD 182.52 billion by 2032, reflecting a robust CAGR of 8.73% over the forecast period (2024–2032).
Asia Pacific dominated the market in 2023, accounting for a significant share of 41.97%, underscoring its role as a key growth region for dietary supplements.
Dietary supplements comprise products with one or more dietary ingredients designed for oral consumption. Market expansion is primarily driven by the rising popularity of supplements that enhance sports and athletic performance. Additionally, increasing consumer focus on fulfilling daily micronutrient requirements and growing expenditures on health and wellness products are expected to further accelerate market growth.
Information Source: https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
List of the Companies Operating in the Market:
- Amway Corp (Michigan, United States)
- Abbott (lllinois, United States)
- Nestle S.A. (Vevey, Swizerland)
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (lllinois, United States)
- Glanbia Nutritionals (lllinois, United States
- Otsuka Holdings Co. Ltd. (Tokyo, Japan)
- Arkopharma (Carros, France)
- Pfizer Inc. (New York, United States)
- GlaxoSmithKline plc (Brentford, United Kingdom)
SEGMENTATION:
Vitamins Segment Leads Market with a 37.14% Share in 2019, Driven by Increasing Demand
The vitamins segment maintained its leadership in the market in 2019, capturing 37.14% of the share, and is anticipated to sustain its dominance. This growth is fueled by the rising consumption of dietary supplements addressing widespread vitamin deficiencies. Increased awareness of the critical role vitamins play in promoting overall health and wellness continues to boost demand for these supplements.
REPORT INCLUSIONS:
The global human dietary supplements market report provides an in-depth analysis, combining quantitative and qualitative insights into the key factors driving market growth. It includes detailed regional analyses, spotlighting contributions from various areas to the market's expansion.
Furthermore, the report extensively covers the competitive landscape, emphasizing the strategies of leading players, including product launches, partnerships, and collaborations aimed at driving growth from 2020 to 2027. Analytical tools like PESTEL and SWOT offer a holistic perspective on current trends and industry dynamics, providing a comprehensive outlook on the factors shaping the market's future.
DRIVING FACTORS:
Personalized Dietary Supplements: A Key Growth Driver
A 2018 study by Epsilon found that nearly 80% of consumers favored personalized services, a preference that has significantly influenced the dietary supplements market. Demand for customized products addressing individual health concerns—such as obesity, cardiovascular diseases, and diabetes—continues to rise. Personalized supplement solutions tailored to diverse health needs are expected to play a pivotal role in accelerating market growth during the forecast period.
REGIONAL INSIGHTS:
Asia-Pacific: A Hotspot for Nutritional Product Demand
The Asia-Pacific region is poised for robust growth in the dietary supplements market, driven by increasing demand for nutritional products. Enhanced health awareness in countries like India and China is a significant factor contributing to this expansion.
Similarly, North America is experiencing notable growth, underpinned by a rising prevalence of lifestyle-related diseases and an aging population. Valued at USD 11.95 billion in 2019, the North American dietary supplements market is projected to grow steadily through 2032, reflecting a broader consumer shift toward health and wellness.
COMPETITIVE LANDSCAPE:
Strategic Mergers and Acquisitions to Enhance Market Position
The global dietary supplements market is characterized by strategic initiatives from leading players like Amway and Abbott, who are leveraging mergers and acquisitions to expand their product offerings. These activities aim to strengthen market positions and address evolving consumer demands.
Key industry players are also focusing on innovation, introducing new products, and forming strategic partnerships to cater to the growing preference for personalized supplements. These efforts to meet changing consumer needs, particularly in the realm of customized health solutions, are expected to drive sustained market growth.
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INDUSTRY DEVELOPMENT:
April 2020: DSM Acquires Glycom for €765 Million to Strengthen Food Supplements Portfolio
In April 2020, DSM, a prominent provider of food supplements, announced its acquisition of Glycom for €765 million. This strategic move is set to enhance DSM's footprint in the food supplements industry, enabling the company to capitalize on the increasing global demand for nutritional products.