Global Dietary Supplements Market Is Estimated To Witness High...

Global Dietary Supplements Market Is Estimated To Witness High Growth Owing To Increasing Consumer Awareness And Growing Demand For Nutritional Supplements

Posted 2023-09-27 11:00:58

The Global Dietary Supplement Market is estimated to be valued at US$ 160.6 Billion In 2021 and is expected to exhibit a CAGR of 8.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The dietary supplement market offers a wide range of products that provide essential nutrients, vitamins, and minerals to support overall health and well-being. These supplements come in various forms such as capsules, tablets, powders, and liquids. They are commonly consumed to supplement dietary deficiencies, support weight management, boost immune health, and enhance athletic performance. With increasing consumer awareness about the importance of preventive healthcare and an active lifestyle, the demand for dietary supplements is witnessing significant growth. Moreover, the rise in chronic diseases, aging population, and the adoption of a healthy lifestyle further contribute to market growth.

Market Dynamics:
The dietary supplement market is driven by two key factors. Firstly, the growing emphasis on preventive healthcare and increasing consumer awareness about the benefits of dietary supplementation fuels market growth. With a rising number of people opting for a healthy lifestyle and seeking natural means of maintaining health, the demand for dietary supplements is expected to increase. Secondly, the rising occurrence of chronic diseases, such as cardiovascular diseases, obesity, and diabetes, drives the demand for dietary supplements as they play a vital role in supporting overall health and managing specific health conditions. Additionally, technological advancements in supplement formulations and increasing product innovations further contribute to market growth.

SWOT Analysis:

Strength:
The Dietary Supplements Market has a strong demand and a large consumer base due to the growing health consciousness among individuals. The increased awareness about the benefits of dietary supplements and their role in preventing nutritional deficiencies is a major strength of this market. Additionally, the availability of a wide range of supplements catering to different needs and preferences further strengthens the market position.

Weakness:
One weakness of the dietary supplement market is the lack of stringent regulations and quality control measures. This opens up the possibility of substandard or adulterated products entering the market, which can compromise consumer safety and confidence. Another weakness is the potential side effects or interactions of certain supplements with medications or existing health conditions, which may deter some individuals from using them.

Opportunity:
The growing aging population presents a significant opportunity for the dietary supplement market. As people age, their nutritional requirements change and they may need additional supplements to support their overall health. Moreover, the increasing adoption of e-commerce platforms and the convenience of online shopping provide an opportunity for dietary supplement companies to reach a wider customer base and expand their market presence.

Threats:
One major threat to the dietary supplement market is the negative perception and skepticism surrounding the efficacy of supplements. There is a lack of scientific evidence for certain claims made by supplement manufacturers, which can create doubts among consumers. Furthermore, the emergence of alternative health practices and remedies may divert some consumers' attention and spending away from dietary supplements.

Key Takeaways:

The global dietary supplement market is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period, due to increasing health consciousness among individuals and the availability of a wide range of supplements catering to different needs. In terms of regional analysis, North America is expected to be the fastest growing and dominating region in the dietary supplement market, driven by the rising demand for natural and organic supplements and the presence of key players in the region. Key players operating in the dietary supplement market include Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE.