Dietary Supplements Market, Industry Outlook, Trends, Growth Potential, and Forecast to 2032
The global dietary supplements market was valued at USD 86.77 billion in 2023 and is projected to grow from USD 93.46 billion in 2024 to USD 182.52 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.73% during the forecast period (2024–2032). Asia Pacific led the market in 2023, holding a dominant share of 41.97%.
Dietary supplements, designed for oral consumption, contain at least one dietary ingredient. The market is experiencing significant growth due to increasing demand for supplements that enhance sports performance and athletic capabilities. Additionally, rising consumer awareness of the importance of meeting daily micronutrient requirements and growing investments in health and wellness products are further driving market expansion.
Information Source: https://www.fortunebusinessinsights.com/dietary-supplements-market-102082
Key Market Players
- Amway Corp (Michigan, United States)
- Abbott (Illinois, United States)
- Nestlé S.A. (Vevey, Switzerland)
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (Illinois, United States)
- Glanbia Nutritionals (Illinois, United States)
- Otsuka Holdings Co. Ltd. (Tokyo, Japan)
- Arkopharma (Carros, France)
- Pfizer Inc. (New York, United States)
- GlaxoSmithKline plc (Brentford, United Kingdom)
Market Segmentation
Vitamins Segment Leads with 37.14% Share in 2019
The vitamins segment accounted for 37.14% of the dietary supplements market share in 2019 and is expected to maintain its dominance. The increasing use of vitamin supplements to address deficiencies and improve overall health is a key driver behind this trend.
Report Highlights
The global dietary supplements market report provides a comprehensive analysis, combining quantitative and qualitative insights to identify the key drivers of market growth. It includes regional analyses that outline contributions from different geographic areas to overall market expansion.
The report also examines the competitive landscape, focusing on leading companies' strategies, such as product innovations, partnerships, and collaborations, to drive growth from 2020 to 2027. Analytical tools like PESTEL and SWOT analyses provide a well-rounded perspective on current trends and industry dynamics.
Market Growth Drivers
Personalized Supplements: A Major Growth Catalyst
A 2018 study by Epsilon revealed that nearly 80% of consumers prefer personalized services. This trend has significantly influenced the dietary supplements market, leading to increased demand for customized products targeting specific health concerns such as obesity, cardiovascular diseases, and diabetes. The growing preference for tailored supplement solutions is expected to be a major market driver throughout the forecast period.
Regional Insights
Asia-Pacific: A Growing Hub for Nutritional Products
The Asia-Pacific region is set for substantial growth in the dietary supplements market, driven by increasing health awareness in countries like India and China. Consumers in this region are actively seeking nutritional products to support their overall wellness, further boosting market demand.
North America: Growth Fueled by Lifestyle Diseases and Aging Population
In North America, the dietary supplements market is expanding due to the rising prevalence of lifestyle-related diseases and an aging population. Valued at USD 11.95 billion in 2019, the region’s market is expected to grow steadily through 2032 as more consumers prioritize health and wellness.
Competitive Landscape
Strategic Mergers and Acquisitions Strengthening Market Position
Leading industry players like Amway and Abbott are utilizing strategic mergers and acquisitions to enhance their product portfolios and solidify their market presence. These strategies help them stay competitive while addressing evolving consumer needs.
Innovation and Partnerships Driving Personalized Supplement Demand
Companies are heavily investing in innovation, launching new products, and forming strategic partnerships to meet the rising demand for personalized supplements. This approach aligns with the increasing consumer preference for tailored health and wellness solutions, contributing to long-term market growth.
Industry Development
April 2020: DSM Acquires Glycom for €765 Million
In April 2020, DSM strengthened its position in the food supplements industry by acquiring Glycom for €765 million. This acquisition aimed to enhance DSM’s capabilities in offering innovative nutritional solutions and capitalize on the growing global demand for advanced dietary products.
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