Dietary Supplements Market Technological Advancements

Posted 2024-06-17 06:35:55

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The dietary supplements market comprises products made from vitamins, minerals, herbal supplements, and other ingredients that aid in improving or complementing the body's diet. These supplements are available in capsule, powder, or liquid form and help fulfill nutrition gaps, support overall wellness, promote sports nutrition, weight management, and immunity. The growing awareness about preventive healthcare and rising focus on maintaining an active and healthy lifestyle are expected to boost the demand for supplements globally. The Global Dietary Supplements Market is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Dietary Supplements are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Key players have been innovating their product lines to match evolving consumer needs for personalized nutrition and wellness.

The growing demand for immunity supplements amid the pandemic has boosted market growth over the past few years. With rising lifestyle diseases and increasing health consciousness, consumers are incorporating dietary supplements as a part of their everyday healthcare regimen.

The market is witnessing increased global expansion as well with key players expanding operations to emerging countries and adopting new strategies to penetrate regional markets. Improvement in the distribution channels across regions fuels international sales for dietary supplements.

Market Key Trends

One of the major trends gaining traction in the dietary supplements market is the growing consumer preference for customized and personalized nutrition. Manufacturers are developing supplements tailored to individual requirements, backed by genetic profiling and lifestyle needs assessment. Players are innovating supplement formulations and dosages as per specific diseases, fitness goals, or nutrition gaps identified at an individual level. This emerging trend of precision supplementation is expected to reshape the market and become a key driver over the coming years.

Porter's Analysis

Threat of new entrants: Dietary supplements industry has a moderate threat of new entrants due to the high capital requirements and established distribution channels of existing players.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many brands offering variety of products. However, customers bargain less on price due to perceived health benefits.

Bargaining power of suppliers: Suppliers have low bargaining power as there are many raw material suppliers and requirements are commoditized.

Threat of new substitutes: Substitution threat is low as dietary supplements products have developed a loyal customer base due to perceived health benefits.

Competitive rivalry: Intense competition exists between major brands to gain market share and customers through new product launches and innovations.

Geographical Regions

North America accounts for the largest share of the dietary supplements market in terms of value, with United States being the major revenue contributor. Increased health consciousness and busy lifestyles have propelled the demand in the region.

Asia Pacific region is poised to be the fastest growing market during the forecast period. Rising middle class population, growing health awareness and western influence are driving the market growth in countries like India and China.