As per FMI’s analysis, the global dietary supplement market is poised to expand at above 9% CAGR to surpass a valuation of approx. US$ 254 billion by 2031. Younger demographic of consumers is exhibiting high demand for dietary supplements in the form of soft gels/pills.
Alongside this, growing incidence lifestyle disease among geriatric population and increasing auto-immune diseases such as asthma and diabetes are bolstering the growth of dietary supplements market.
Consumers’ growing need to include various vitamins & nutrients in their daily diets is commonly being combined with their need for the convenience in their dietary habits.
Thus, online retail pharmaceutical companies are contributing towards increasing the adoption of dietary supplements. Hence, dietary supplements market is anticipated to witness a staggering growth over the coming years.
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However, factors such as negative publicity, use of adultered ingredients that have potential for substance abuse, and false product claims are likely to impede the growth of dietary supplements during the forecast period.
Key Takeaways from FMI’s Dietary Supplements Market Study
- By form type, soft gel/pills are anticipated to emerge as lucrative segment through 2021
- Increasing application in sports nutrition will stimulate dietary supplements sales
- Rising prevalence of obesity and other lifestyle across the U.S. will improve the consumption of dietary supplements, spurring sales
- Increasing cases of malnutrition among pediatric population will spur the sales of dietary supplements across India
- Japan is expected to register a stellar growth on the back of growing cardiovascular disease among geriatric population
- Countries such as Spain, the U.K., France, and Germany will witness an impressive growth backed by the rising vitamin D deficiency through 2021
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“Growing health conscious population across the globe and increasing focus on innovating flavor and texture of dietary supplements will widen the growth opportunities for the market during the forecast period,” says the FMI analyst.
Competitive Landscape
Herblife International, BASF SE, E. I. Du Pont de Nemours and Company, Glanbia Plc, Royal DSM N.V., Abbott Laboratories, Amway Enterprises, NBTY Inc., Bayer AG, and GlaxoSmithKline Limited are some prominent players operating in the dietary supplements market.
Increasing focus on product innovation to broaden their product portfolios will provide lucrative opportunities for the market players. Also, with strategic collaborations and early regulatory approvals leading players are expanding their global reach to maintain their position in the industry.
Furthermore, unauthorized use of ingredients and substances potential for abuse used in the manufacturing of dietary supplements might act as a restraint for the market growth.
For instance, the U.S. Food and Drug Administration (FDA), on May 21, 2021 announced that they seized more than 207,000 units of dietary supplements that contain kratom, including over 34,000 kilograms of bulk kratom, an adultered dietary supplement ingredient, manufactured by Atofil LLC, subsidiary of premium manufacturing products.
In October 2020, leading player Abbott Laboratories, announced the launch of strawberry-flavored food supplements in India to expand their product portfolio.
More Insights on the Global Dietary Supplements Market
In its latest report, FMI offers an unbiased analysis of the global dietary supplements market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of form (soft gel/pills, powder and liquid), ingredient (vitamins & minerals, amino acids, botanical supplements, and others), application (weight loss, sports nutrition, general wellbeing, immune & digestive health, bone & joint health, heart health and others), distribution channel (pharmacies/drugstore, health & beauty stores, hypermarket/supermarket, internet, and direct selling), and end-use (men, women, senior citizens, and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia Pacific and Middle East & Africa)
Dietary Supplements Market – Key Highlights from Report
- How much is the dietary supplements market worth?
By 2025, the dietary supplements market is expected to reach a valuation of US$ 252.1 Bn. The market is forecast to exhibit growth at a consistently rising pace between 2021 and 2031.
- How will the dietary supplements market grow until 2031?
According to FMI, the global dietary supplements market is poised to expand at over 9% CAGR between 2021 and 2031.
- What was the dietary supplement market’s CAGR in the last 5 years?
As per FMI, demand in the dietary supplements market grew at nearly 7% CAGR between 2016 and 2020.
- What are the key trends in dietary supplements market?
Driven by the changing consumer preference, dietary supplements market players are likely to focus on launching beauty, skincare, and healthcare supplements.
- What is driving demand for dietary supplements?
With increasing number of consumers focused on improving their health and fitness regime, the demand for vitamins and supplements is on a rise. The trajectory is expected to continue as manufacturers launch flavored gummy supplement.
- Which are the top 5 countries exhibiting high demand for dietary supplements?
The U.S. and Canada have emerged as leading markets for dietary supplements within North America. Globally, the demand will continue rising in countries such as the U.K., Germany, China, and others.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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