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The dietary supplements market is poised to grow on the back of increasing cases of diseases such as obesity and other lifestyle disorders. The regulations on functional food and supplements by regulatory authorities like the FDA will fuel demand for dietary supplements during the forecast period. Further, advancements in technology and increased investment in R&D of functional foods and supplement products will be a much-needed boost for the Dietary Supplements Market, especially in today’s era of growing epidemics and lifestyle disorders.
The global dietary supplements market size was estimated at USD 152 billion in 2022 and is projected to expand at a CAGR of 8% during the forecast period. Rising health concerns, changing lifestyles, and dietary habits have been driving the product demand. A general shift towards a more active lifestyle, and an increasing fitness-conscious population, particularly among the young consumers who aren’t exclusively athletes, is expected to drive positive growth for both the dietary supplements and sports nutrition market. A rise in the number of sports complexes and gymnasiums is also expected to drive the demand for dietary supplements.
US supplement industry accounts for about 38 percent of the global dietary supplement market. In dollar terms, that’s a USD 47 billion markets. The US Dietary supplement market size was valued at USD 37.1 billion in 2019, registering a growth rate of 4.2 percent for the forecast period 2019-2025. This growth surge in the region can be attributed to the growing geriatric population and increasing preventative healthcare measures. Besides, the younger consumers are living hectic lifestyles, juggling jobs, home, relationships, and side hustles which puts immense pressure on their health, driving an opportunity for energy, weight loss, and immunity-boosting supplements. The average American spends around $56 per month on dietary supplements. Americans spent approximately $2.1 billion each year on weight-loss nutrition supplements. COVID-19 outbreak will slow down the annual growth rate of the dietary supplement industry from 1.9% to 0.5%, estimations show. Nature’s Bounty Co. is the top dietary supplement company by revenue in 2018.
The European dietary supplement market was worth USD 15 billion in 2019. It is projected to reach USD 20.89 billion by 2026, registering a CAGR of 5% during the forecast period 2019-2025. The rising protein consumption in countries like Germany, France, and the UK is expected to promote growth in the production of dietary supplements. In addition, rising sales of multivitamin products particularly, among the working population and sportspeople is expected to have a strong impact on the growth in the near future. The market is geographically segregated into Italy, Germany, Spain, the UK, France, and the rest of Europe. Amongst these, the rest of Europe is projected for a CAGR of 5.2% during the forecast period. Italy is the largest dietary supplement market in Europe. It acquired a market size of USD 2.85 billion in 2018 or approximately 20 percent of Europe’s dietary supplement market.
Asia Pacific Dietary Supplement Market is expected to witness high demand during the forecast period 2020-2027, growing at a CAGR of 9 percent. China and India are particularly poised for favorable growth, due to an increase in preference for personalized, diversified supplement products among the consumers there. Rising income levels, urbanization, and growing awareness about the advantages of an active lifestyle, and increased participation in fitness and sporting activities will boost the growth for vitamins, minerals, and multivitamin supplements. India registered a CAGR of 11.5 percent in 2019, higher than the regional and global growth rates.
Based on the physical form of the supplement, the market can be classified into soft gels, capsules, tablets, powders, liquids and other forms. Tablets account for about 35 percent of the market, followed by powders at about 13 percent of the market. Based on ingredients, the dietary supplements market can be visualized as vitamins, minerals, proteins, fibers, botanicals, omega fatty acids and other miscellaneous forms. Vitamins emerged as the largest segment in 2019, registering a revenue of USD 39.61 billion. The segment is expected to grow at a CAGR of 5.8% in the coming years. Vitamins, minerals, and botanicals together account for at least 50 percent of the global dietary supplements market share by ingredients.
Dietary supplements can be prescribed or purchased over the counter. The latter is the most widely preferred channel. Over the counter dietary supplements dominated the global market in 2019, accounting for a revenue share of over 73% in 2019. Due to the nature of dietary supplements, the industry has already seen higher eCommerce adoption rates. Marketplaces are the common points of discovery and purchase. Global sales of vitamins and dietary supplements through online retailing was at approximately 14% in 2016 compared to 9% for the consumer health vertical as a whole and just 2% for packaged food.
There are several well-known players in the supplements market and a number of niche manufacturers and D2C brands that are gaining popularity. The legacy players in the competitive supplement landscape include Amway Corp, Abbott, Nestle S.A, Herbalife Nutrition, Archer Daniels Midland Company, Glanbia Nutritionals, Otsuka Holdings, Arkopharma, The Carlyle Group, GlaxoSmithKline, and Bayer AG; and D2C brands such as Hims, Ritual and Care/of.
The share of Americans that consume supplements is high in every age group, and above 50% are using them regularly. For example, 69% of those aged 18 to 34 years, and 77% of Americans aged 35 to 54 reported doing the same in 2018. The intention to live a healthy, fit, and disease-free life is becoming paramount to give the current lifestyle scenarios and bouts of disease outbreaks. Across the world, particularly in Asia, we’ll expect to see dietary supplements gain more adoption, albeit not as much as in developed countries where they‘re highly popular, and even taken as part of daily diets.
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