The dietary supplements market’s expansion is due to rising health consciousness, the embrace of healthier eating, and a growing elderly population.
ROCKVILLE, MD, UNITED STATES, October 13, 2023 /EINPresswire.com/ — According to estimations by Fact. MR, North America is poised to claim approximately 34% of the dietary supplements market share in 2021, with projections indicating a 5% Compound Annual Growth Rate (CAGR) throughout the forecast period.
In 2022, the worldwide dietary supplements market size is expected to achieve a market valuation of $163 billion, with projections indicating it will expand to $351 billion by 2032. This anticipated growth is set to occur at an 8% rate over the forecasted period. The market’s expansion can be attributed to rising health consciousness, the adoption of healthier eating habits, and the growing elderly demographic.
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Global Dietary Supplements Market: A 2021 Overview and Future Projections
In 2021, the global dietary supplements market reached a remarkable milestone, surging to an impressive market value of approximately US$ 160 billion. This growth is primarily attributed to the rise in disposable income and an increasing awareness of personal health.
The market experienced a notable boost during the peak of the COVID-19 pandemic, driven by the heightened concern about infection risks, which led consumers to prioritize immunity-building measures, resulting in increased sales across various dietary supplement categories. This heightened demand is expected to continue well into the post-pandemic era.
Changing lifestyles, extended working hours, and increased corporate investment in the research and development of health-enhancing products are anticipated to further propel market expansion in the upcoming years. According to industry analysis, the global dietary supplements market is poised to reach a market value of US$ 351 billion, with a projected compound annual growth rate (CAGR) of 8% during the forecast period spanning from 2022 to 2032.
Key Companies Profiled
– Amway Corp.
– Glanbia Plc.
– Abbott Nutrition
– Bayer AG
– Pfizer Inc.
– Nu Skin Enterprises Inc.
– GlaxoSmithKline Plc.
– Herbalife International of America Inc.
– Nature’s Sunshine Products Inc.
Elevated Consumer Awareness of Health Set to Drive Dietary Supplement Industry
The global dietary supplement market is poised for substantial growth due to rising personal income levels and an increasing recognition of the health advantages offered by dietary supplements. Additionally, enhancements in distribution networks and the burgeoning health consciousness among the younger demographic are anticipated to fuel industry expansion in the foreseeable future.
Furthermore, the escalating prevalence of obesity and other health-related concerns is expected to drive demand for dietary supplements, thereby expanding market reach. Moreover, the growing reliance on supplements to meet nutritional needs due to their convenience is likely to have a significant impact during the evaluation period.
The introduction of innovative supplement formats like capsules, gummies, and chewable products is set to propel the market in the coming years. Furthermore, the outbreak of COVID-19 has generated a pressing need to boost immunity, which is projected to give a significant boost to the market.
Elevated Raw Material Costs Expected to Constrain Market Expansion
The market’s growth prospects in the forecast period are poised to be limited by the substantial increase in raw material expenses. Small and medium-sized enterprises, in particular, confront a daunting task in dealing with the elevated labor costs.
Manufacturers grapple with two significant challenges: sourcing raw materials and managing labor expenditures. Additionally, the proliferation of counterfeit products may hinder market progress in the foreseeable future. Moreover, the outbreak of COVID-19 disrupted supply chains and distribution networks due to widespread global lockdowns.
Analysis by Categories
Leading the Market in the Forecast Period: Energy and Weight Management Application
According to our analysis, the energy and weight management application segment is poised to take the lead in the market during the forecast period. In 2022, this segment is estimated to have captured approximately 30% of the market’s revenue share. This expansion is primarily driven by the growing consumer awareness of personal health and wellness.
Conversely, the immunity application segment is anticipated to exhibit a compound annual growth rate (CAGR) of 8% throughout the forecast period. The surge in demand for immunity boosters, such as minerals, vitamins, and herbs, can be attributed to the sudden outbreak of COVID-19 in 2020. This heightened demand is expected to persist and contribute to the segment’s growth in the coming years.
Promoting Lifestyle Changes in Adults to Drive Growth in the Adult Segment
As per Fact. MR’s analysis, the adult segment is poised to emerge as the dominant force in the market, primarily driven by the increasingly busy work schedules and evolving lifestyles of adults. It is estimated that this segment secured approximately 46% of the global revenue share in 2022. The surge in this segment can be attributed to the rising prevalence of health issues such as diabetes, obesity, cardiovascular diseases, and other related conditions.
Conversely, the geriatric population is expected to experience noteworthy growth in the near future. This demographic is projected to create substantial demand for dietary supplements due to weakened immunity and their heightened susceptibility to various infections.
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Within the global dietary supplement market, key players employ diverse strategies to expand their market presence. Common approaches include acquisitions, partnerships, and collaborations. Additionally, these vendors allocate substantial investments to research and development in order to secure their leading positions in the worldwide market.
– For example, in March 2021, Zomato unveiled plans to introduce a range of functional foods, including dietary supplements.
– Furthermore, in September 2020, Prorganiq, a renowned name in natural and organic supplements, announced the launch of their ’24-in-1 Mega Superfoods.’ This innovative product features a potent blend of 24 distinct green vegetables, herbs, and fruits. The 24-in-1 Mega Superfoods is a plant-based dietary supplement that is both GMO-free and gluten-free.
Check out more related studies published by Fact.MR Research:
Softgels Dietary Supplements Market: The global softgels dietary supplements market is estimated to be US$ 8.03 Billion by 2022, sales of softgels dietary supplements are anticipated to witness significant expansion, registering a CAGR of 7% over the forecast period of 2022 to 2032.
Liquid Dietary Supplements Market: The liquid dietary supplements market is projected to have secured US$ 39 Billion in 2021. The market is likely to reach US$ 42.21 Billion in 2022. From 2022-2032, the industry is expected to display a CAGR of 8.22% while amassing revenue worth US$ 93 Billion. An increasing health-conscious population is projected to drive the market during the forecast period.
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