Dietary Supplement Market Size, Share, Growth Trends and Forecast 2024-2031

Dietary Supplement Market Overview

Dietary Supplement Market is expected to grow at a CAGR of 8.5% during the forecast period 2024-2031.

• Dietary supplements are products intended to supplement the diet by increasing total dietary intake, macro, and micronutrients. Individual supplements are available in doses more massive than a typical multivitamin.
• These are used to treat iron deficiency or to reduce the risk of hypertension. Some of the dietary supplements are aimed at lowering the risk of chronic diseases. Others are meant to improve the nutritional value of a daily diet. The consumption of nutritional supplements varies with the consumer's age.

Market Summary

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Dietary Supplement Market Dynamics

• Increase in consumer awareness regarding preventive healthcare (Calorie reduction and weight loss), and fluctuating diet patterns due to a hectic lifestyle which is predominantly increasing obesity & stress.
• As a result, individuals among the socio-economic and upper-middle-class are focusing on personal care through dietary supplements is driving the global nutritional supplement market during the forecast period.
• In 2016, more than 1.9 billion adults, 18 years old were weight out of which 650 million were obese.
• Major factors hindering the global dietary supplement market are false claims and negative publicity regarding the product use has adversely affected the credibility & reputation of manufacturers.

Dietary Supplement Market Segmentation Analysis

• The global dietary supplement market is segmented by ingredient type, product type, and end-users.
• Ingredient type includes vitamin, mineral, herb, amino acid, enzymes, and others.
• Product type includes pills, capsules, powders, gel tabs, extracts, liquids, and others.
• End-users include pediatrics, adults, pregnant women, and geriatrics.
• The geriatric segment dominates the global dietary supplement market during the forecast period due to the increase in the geriatric population across the globe, as they are prone to frequent health problems and extensive usage of nutritional supplements in the United States.
• According to the study conducted by the Council for Responsible Nutrition in 2018, approximately 78% of U.S. adults aged 55+ took dietary supplements.

Dietary Supplement Market Geographical Share

• The global dietary supplement market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
• North America dominates the global dietary supplement market during the forecast period due to an increase in lifestyle diseases and increases in consumer preference regarding the use of nutritional supplements as they are willing to adopt healthier dietary options along with an increase in some people using non-prescription drugs for supplementing health.
• According to the Centers For Disease Control in 2019, Arthritis affects 54.4 million adults in the United States, which is about 1 in 4 adults. It is the leading cause of work disability in the United States, which is mostly occurred in the elder age group with a lack of nutrition.
• According to the study conducted by the Council for Responsible Nutrition (CRN) in 2018, more than three-quarters of U.S. adults reported taking over-the-counter drugs and the most popular supplements were multivitamins and minerals.
• The second most popular category was specialty supplements (38%), followed by herbals/botanicals (29%), sports nutrition supplements (22%), and weight management supplements (15%).

Dietary Supplement Market Companies and Competitive Landscape

• New Product launches in dietary supplements by critical players are driving the global nutritional supplement market.
• In November 2018, GUNA Nutraceuticals launched Integral Probiotics, a dietary supplement to promote digestive health.
• In November 2018, BioCell Collagen launched as a stand-alone ingredient featured in a new dietary supplement from the esteemed finished product manufacturer NOW.
• In June 2016, Provexis launched the new FruitFlow+Omega-3 dietary supplement, and proven to contribute to healthy heart function.
• Major market players in the dietary supplement market are Nature’s Bounty, Inc., Amway, Herbalife Ltd., Archer Daniels Midland Company, The Himalaya Drug Company, Arkopharma Laboratories Pharmaceuticals, Abbott Nutrition, Bayer, Glanbia, and Others.