The global Dietary Supplement Market is experiencing a surge in demand, driven by a growing consumer focus on preventive healthcare and overall well-being. This trend is expected to propel the market to a staggering US$170.1 billion valuation by 2034, reflecting a steady Compound Annual Growth Rate (CAGR) of 9.5%. This presents a compelling investment opportunity for B2B investors seeking to capitalize on a dynamic and rapidly growing industry.
Demand on the Rise: Consumers Prioritize Wellness
A defining characteristic of the dietary supplement market is the ever-increasing consumer demand for products that promote well-being. This shift in focus is evident in the rising popularity of dietary supplements and functional foods, as individuals actively seek solutions to enhance their health and prevent chronic diseases. This trend is further amplified by a growing emphasis on natural and organic ingredients, as consumers gravitate towards products perceived as safe and effective.
Growing Factors Fueling Market Expansion
Several key factors are propelling the dietary supplement market towards significant growth:
- Rising Healthcare Costs: With conventional healthcare costs escalating, consumers are increasingly turning to nutraceuticals as a preventive and cost-effective approach to maintaining good health.
- Aging Population: The global population is aging at an unprecedented rate, leading to a surge in chronic health conditions. Nutraceuticals offer a promising solution for managing these conditions and promoting healthy aging.
- Evolving Dietary Needs: Consumers are embracing personalized nutrition, seeking products tailored to their specific dietary requirements and preferences. This trend presents a lucrative opportunity for nutraceutical companies to develop innovative and targeted offerings.
- Technological Advancements: Breakthroughs in biotechnology and nutraceutical science are paving the way for the development of more efficacious and targeted nutraceutical products.
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Key Takeaways from the Dietary Supplement Market Report
- The global dietary supplement market is expected to reach a valuation of US$ 170.1 billion by 2034.
- Global demand for dietary supplements will likely soar at a 9.5% CAGR over the forecast period.
- Based on form, the soft gel (capsule) segment is anticipated to expand significantly by generating a share of 35.8% in 2024.
- Australia’s dietary supplement industry will likely expand at a steady CAGR of 8.4% from 2024 to 2034.
- China is expected to showcase a considerable CAGR of around 7.8% in the evaluation period.
“Sales of nutritional, herbal, and vitamin supplements have increased significantly. Along with the established enterprises, a number of new ones have entered this industry in tandem with this increase. These producers are all actively looking for new ways to reach large consumer bases,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Who is winning?
Following key dietary supplement manufacturers listed in the report:
- BASF SE
- Abbott Laboratories
- Bayer AG
- Glanbia Plc
- Royal DSM N.V.
- Now Health Group, Inc.
- Herbalife International
- Amway Corp.
- ADM
- Arkopharma
- GlaxoSmithKline plc
- Nu Skin Enterprises, Inc.
- Ayanda
- Other
The dairy supplement market is characterized by intense competition among key players. They are vying for high market shares through innovations in product formulations, marketing strategies, and expanding product portfolios.
They aim to meet the growing demand for nutritional enhancements and functional dairy-based products. Competitive assessments in this market emphasize continual research & development, quality control, and strategic collaborations to capture consumer attention amid evolving health trends and preferences.
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For instance,
- BioAdaptives Inc., a well-known producer and distributor of cutting-edge, sustainable dietary supplements, announced the opening of a dedicated research and development Food Lab in January 2024. Its goal is to provide healthy powder goods and snacks that can be fed to both people and animals.
- In December 2023, O Positiv, a well-known supplement brand, increased its reach by launching its goods on Target.com and in over 250 Target locations nationwide. The company introduced FLO PMS Capsules & Gummies, MENO Menopause Capsules & Gummies, and URO Vaginal Probiotic Capsules.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global dietary supplement market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the dietary supplement market based on form (soft gel (capsule), gummies, powders, liquid, bars, and others), ingredients (vitamins, minerals, botanical supplements, amino acid, and others), sales channel (store-based retailing and online retailing), application (weight management, immune & digestive health, general health, heart health, sports nutrition, brain/mental health, bone & joint health, and others), and regions.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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