18 Oct, 2021, 09:00 ET
LONDON, Oct. 18, 2021 /PRNewswire/ -- According to Brandessence market research, the dietary supplement market reached a valuation of USD 138.9 billion in 2020. The rising demand for nutritious diet, growing health concerns globally, and increased efficacy of diet supplements are likely to drive valuation towards USD 231.9 billion in 2027, rising at 7.6% CAGR.
"Due to growing health concerns caused by covid-19, the demand for dietary supplements remains at an all-time high. The growing demand is also fueled by increased trust in efficacy of dietary supplements, increased ease-of-consumption, and growing recommendations by health experts. The dietary supplements market is one of the least affected markets globally due to the covid-19 pandemic" reports lead expert at Brandessence market research.
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Dietary Supplements Market: Key Statistics
According to survey by the Council of Responsible Nutrition, in 2017, 76% of US adults consumed dietary nutrition. The growth rose by 5% from the previous year, with increased number reporting satisfaction with safety, quality, and effectiveness of dietary supplements. Nearly 9 out of 10 or 87% users reported that they considered the dietary supplement industry trustworthy, with a rise of 3% from previous year. Vitamin and minerals remain the leading consumer products in the dietary supplements market, with 75% share of total usage, according to the survey.
Apart from vitamins and minerals, specialty segment remains the most popular with users, which accounted for 38% share of consumption in 2017. Furthermore, while herbals/botanicals accounted for 29%, weight management supplements remained at 15%, and sports nutrition remained at 22%.
Benefits to health remain the primary motivator of dietary supplements with a user-base of 46%. Additionally, 30% reported a need to fill nutrient gaps, and 28% cited need for additional energy. Among users who do not take dietary supplements, 45% report that they would consider supplements based on their physicians' advice.
Dietary Supplement Analysis: Competitive Analysis
The dietary supplement market remains a competitive, innovative, and open landscape of business opportunities. The market exhibits relatively low barriers to entry, increased competition in new regions, promising more collaboration, and merger opportunities. Some key players in the global dietary supplement market are Abbott, Amway Corp, Herbalife Nutrition Ltd, Nestle S.A, Glanbia Nutritionals, Archer Daniels Midland Company, Otsuka Holdings Co. Ltd, Arkopharma.
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Dietary Supplements Market: Key Trends and Developments
In 2020, the national eye institute (NEI) recommended the Mediterranean diet consisting of whole grains, vegetables, fish, and olive oil for higher cognitive function. The diet is likely to make national waves in key markets of North America as awareness, and subsequent demand for Mediterranean diet grows.
Globally, the consumption of meat is increasingly under scrutiny as popular meat forms like red meat are increasingly associated with conditions like stroke, heart disease, and other health conditions. This is expected to fuel diet supplements that can offer nutrients from meat, like vegan food options designed to cater to alternative demand for meat. Meat, despite its inherent risks is a rich source of protein, and other nutrients. However, replacing it with essential nutrients will key for growing elderly, and heart-disease ridden population in key markets of North America.
Covid-19 pandemic changed the demand composition for products in the dietary supplements market significantly. For example, gummy supplements jumped to 13% market share from 6% market share in 2020. Furthermore, according to Claire Reynolds, an industry insider at Nutrition Business Journal, people are increasing purchasing dietary supplements like multivitamins to treat 'modern conditions' including cognitive health, sleep, digestive health, brain health, eye health, immunity, and inflammation.
Senator Dick Durbin, a democrat from Illinois is planning to draft a legislation to require mandatory listing of dietary supplement products with the FDA. It is not yet clear to which dietary supplements will require enlisting, and when. However, the new legislation can have significant impact on market growth in North America.
Tablet and Capsules to Register Tremendous Growth in the Dietary Supplements Market
The dietary supplement market report is divided into tablets, capsules, gummies, soft gels, powders, liquids, and others based on form. Among these, the capsules and tablets are expected to hold largest share of the total revenues by 2027 end. The tablets are capsules remain the most convenient, widely accepted, and standard filaments for medicines. Many key vitamins, and mineral products also offer their supplement through tablets, and capsules. The growing demand for vitamin, and minerals, and ease of acquiring a supplement through liquid or solid capsule, with high rates of efficient consumption in the body remain key drivers of growth for the segment. The gummies are likely to remain the fastest growing segment, thanks to ease-of-availability, association with food products, and growing demand for gummy bears in key regions of North America remain key drivers of growth in the dietary supplement market.
Elderly Population to Drive Growth with Increased Participation of Women
Key regions like North America, Europe, and countries with large populations like China are witnessing a major change in demographics. According to the US census bureau report of 2020, the boomer populations (individuals born between 1946-1964) make up the largest demographics in the US today, consisting of 70.68 million individuals. Similar trends are observed across the world as population live longer, and developed countries exhibit negative population growth for majority. The elderly population is expected to exhibit highest population of end-users in the global dietary supplements market. The high demand for vitamin, and minerals, increased penetration of health conditions, natural conditions like muscle weaknesses, and limited intake of regular diet are expected to keep the consumption of drug supplements high in this market. Furthermore, the demand for dietary supplements continues to increase among women, wherein demands for natural dietary supplements to balance hormonal growth, control aging, and enhance beauty remain in high demand.
Dietary Supplement Analysis: Regional Analysis
The dietary supplement market report is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, North America is expected to hold largest share of total revenues globally. The large penetration of dietary supplements, over 90,000 available products in the market, and widespread innovation such as gummies remain promising drivers of growth in the region. The Asia Pacific region is expected to drive fastest growth in the dietary supplements market. The large population, the growing availability of dietary supplements, and favorable legislative environment remain promising drivers of growth.
Full Research Report: https://brandessenceresearch.com/food-and-beverage/dietary-supplement-market-size
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