The Dietary Supplements Market size was valued at USD 136.2 billion in 2020 and is projected to reach USD 204.7 billion by 2026, recording a CAGR of 7.0% during the forecast period. The market for dietary supplements is increasingly driven by shifting consumer preferences, rising health awareness, the growing geriatric population, and the adoption of a healthy diet. The convergence of major industry trends is giving rise to new opportunities for key players in the industry. Changing lifestyles and dietary habits is one of the major factors driving the demand for dietary supplements. The growing positive outlook towards sports nutrition would also positively impact the dietary supplements market.
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Drivers: Aging population to drive the market growth
Consumers across regions have become more health-conscious, which is driving the growth of the dietary supplements market. The aging population of some countries, such as Japan, Italy, Portugal, and Germany, is another key factor that is projected to drive the overall market.
The elderly population is focusing on adapting to nutritional supplements specifically tailored to their needs to maintain their good health and quality of life. The process of aging results in various changes in an individual, including psychological, physiological, and social, which affect their dietary and food choices. Aging population increasingly relies on habitual food choices and tailored dietary consumption patterns. The rising aging population in some countries, over the years, has increased the demand for developing age-friendly food alternatives with enhanced nutritional value to support their overall health, which has led to an increased demand for dietary supplements that further support the market growth. With increasing bone health and mobility concerns, consumers have become more aware of healthy aging and disease prevention. Thus, there is an increased demand for supplemental nutrition solutions that align with the nutritional needs of aging consumers.
Opportunities: Shift toward plant-based supplements market for plant protein ingredients is growing at a high rate;
consumers are drifting away from animal proteins to plant-based protein. This is highly likely to shift consumers towards plant-based herbal supplements and botanicals, further creating opportunities for the growth of herbal supplements in the dietary supplements market. The demand for clean-label products, concerns about sustainability, and a dire need to avoid allergens are some of the major factors responsible for shifting consumer preferences towards botanical extracts. The target population for these herbal supplements is expanding from vegan to flexitarians, further indicating shifting consumer preferences.
The adult segment, by target customer, is projected to witness significant growth during the forecast period.
The deficiency of certain vitamins in adults is one of the key factors that have led to the rise in the consumption of dietary supplements among adults. According to National Health and Nutrition Examination Survey, in 2016, nearly 150 million Americans consume dietary supplements, out of which, among adults, 44% of men and 55% of women are the consumers. This is projected to drive the demand for dietary supplements among adults.
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North America is projected to account for the largest market during the forecast period
North America is projected to dominate the market during the forecast period owing to the high prevalence of chronic diseases in countries such as the US. Vitamins and multivitamins are gaining traction as consumers are shifting to dietary supplements for prevention of chronic diseases. Emerging markets in economies such as the Asia Pacific and South American countries are going to be potential markets for the dietary supplement manufacturers.
Key players in this market include Amway (US), Herbalife Nutrition (US), ADM (US), Pfizer (US), Abbott Laboratories (US), Arkopharma Laboratories (France), Bayer (Germany), Glanbia (Ireland), Nature’s Sunshine Products (US), FANCL (Japan), Danisco (Denmark), Bionova Lifesciences (India), XanGo (US), Ekomir (Russia), American Health (US), Pure Encapsulations (US), UST Manufacturing (US), Capstone Nutrition (US), Anona GmBH (Germany), Plantafood Medical GmBH (Germany), Carlyle Group (US), Bio-Botanica Inc. (US), GlaxoSmithKline (UK), Nu Skin Enterprises (US), and Nutraceutics (US).
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