SAN FRANCISCO, May 12, 2020 /PRNewswire/ -- The global dietary supplements market size is projected to reach USD 230.73 billion by 2027, registering a CAGR of 8.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is backed by rising health awareness globally among consumers of all age groups coupled with a considerable rise in the number of fitness centers and gymnasiums.
Key suggestions from the report:
In terms of revenue, proteins and amino acids segment is projected to ascend at a CAGR of 12.8% over the forecast period
Soft gels and capsules segment contributed approximately over 34.8% to the total market in 2019
Over the counter dietary supplements dominated the global market in 2019, constituting a revenue share of over 73% in 2019
In terms of ingredient, vitamins emerged as the largest segment in 2019, registering a revenue of USD 39.61 billion. The segment is expected to grow at a CAGR of 5.8% in the coming years.
In terms of product, tablets accounted for the largest share in 2019 and registered a revenue of USD 43.06 billion. The growth of the segment is attributable to the increasing popularity of tablets owing to their easy dosage patterns.
Asia Pacific is expected to witness the fastest growth over the forecast period. Expansion of the retail chain in countries such as India, Japan, and China has increased the rate of dietary supplements consumption in this region.
The dietary supplements market represents a highly competitive landscape. Key market players dominate the market space and have been focusing on various strategic initiatives including mergers & acquisitions, product innovation, and portfolio expansion.
The key market participants include Amway, Arkopharma Laboratoires Pharmaceutiques, Abbott Laboratories, Archer Daniels Midland, Bayer, and Glanbia, among others
The dietary supplements industry is driven by the hectic work schedules among working individuals coupled with fluctuations in diet intervals. Such factors have promoted the sale of dietary and nutritional supplements in the form of powder, liquids, and capsules across the globe. Rising importance of microencapsulation in the pharmaceutical industry to ensure color characteristics and the quality of finished ingredients is likely to force dietary supplements manufacturers to use capsule dosage forms over the forecast period.
Growing awareness towards calorie reduction and weight loss in major markets including the U.S., China, and Italy is expected to promote the application of health and wellness segment and thus, in turn, will have a substantial impact on the industry. Furthermore, increasing importance of protein intake in emerging markets of China and India on account of implementation of new advertising campaigns for brand promotions by companies including Amway and Pfizer is expected to remain a driving force over the forecast period.
Dietary supplement ingredients including vitamin, mineral blends, carotenoids, and omega-3 are also used for reducing the risk of malnutrition in adults and infants. High birth rate, rising geriatric population, and increased number of premature births and a surge in the number of patients getting treated for malnutrition is expected to promote the usage of clinical nutrition products over the forecast period.
North America emerged as the largest market for dietary supplements in 2019. On a macro level, rising awareness pertaining to nutritional enrichment in the region is expected to propel the demand for the product in the coming years. Moreover, rising demand of sports as an academic curriculum activity in education systems in major markets including the U.S., Russia, China and Japan is expected to promote the application of dietary supplements among children over the coming years.
Energy and weight management is expected to remain dominant throughout the forecast period owing to the rising awareness towards fat reduction and increasing focus on enhancing nutrition intake among adults.
Grand View Research has segmented the global dietary supplements market based on ingredient, form, application, end user, distribution channel, and region:
Dietary Supplements Ingredient Outlook (Revenue, USD Million, 2016 - 2027)
Proteins & Amino Acids
Fibers & Specialty Carbohydrates
Omega Fatty Acids
Dietary Supplements Form Outlook (Revenue, USD Million, 2016 - 2027)
Dietary Supplements Application Outlook (Revenue, USD Million, 2016 - 2027)
Energy & Weight Management
Bone & Joint Health
Dietary Supplements End-User Outlook (Revenue, USD Million, 2016 - 2027)
Dietary Supplements Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Dietary Supplements Regional Outlook (Revenue, USD Million, 2016 - 2027)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.