Global Dietary Supplements Market Is Projected To Grow With A CAGR Of 8.6% During 2021-2028 | Up Market Research
PUNE, India, Oct. 19, 2021 /PRNewswire/ -- According to a recent market study published by Up Market Research titled, "Global Dietary Supplements Market by Form (Tablets, Powders, Capsules, Liquids, Gummies, Soft gels), by Distribution Channel (OTC, Prescribed), by Application (Bone & Joint Health, Anti-cancer, Gastrointestinal Health, Diabetes, General Health, Energy & Weight Management, Immunity, Cardiac Health), by Ingredient (Vitamins, Minerals, Botanicals, Omega Fatty Acids, Fibers & Specialty Carbohydrates, Proteins & Amino Acids), by End User (Pregnant Women, Infants, Children, Geriatric, Adults) and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", As per the study the market was valued at USD 140.33 billion in 2020. It is projected to grow at an 8.6% compound annual growth rate (CAGR), between 2021 and 2028. The market for dietary supplements will be driven by consumer awareness about their personal health and well-being over the forecast period. Due to their hectic work schedules, and changing lifestyles, many people are finding it difficult to meet their daily nutritional needs. Due to their convenience, this is making it more difficult for them to obtain the necessary nutrients. This will drive the market in the forecast period.
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
Key Market Players Profiled in the Report
- GlaxoSmithKline plc
- Arkopharma
- Nu Skin Enterprises Inc
- Amway Corp
- Bayer AG
- Natures Sunshine Products Inc
- Herbalife International of America Inc
- Ayanda
- Pfizer Inc
- Glanbia PLC
- ADM
- Abbott
- Bionova
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Dietary Supplements Market
Based on Ingredients, the market is divided into Vitamins, Botanicals, Minerals, Proteins & Amino Acids, Fibers & Specialty Carbohydrates, Omega Fatty Acids, and Others. The market was dominated by vitamins and they accounted for 31.4% of the total in 2020. This is due to high demand from athletes and working professionals for energy and weight management. Multivitamins are consumed in tablets, powder, or liquid form due to their higher convenience index. Manufacturers of energy and weight management products are now focusing on nutraceutical ingredients to increase the nutritional value. This has led to a rise in demand for specialty carbs and fibers that can be indigestible but also help with weight management, blood sugar control, and reducing cholesterol.
On the basis of Forms, the market is divided into Tablets, Capsules, Soft gels, Powders, Gummies, Liquids, and Others. Tablets dominated the market, accounting for 34.2% of global revenue in 2020. The tablet segment is expected to grow in popularity due to its ease-of-use, lower cost, longer shelf life and greater convenience. And, Over the forecast period, capsule manufacturers will see a rise in demand for capsules due to the increasing importance of microencapsulation. Also, Over the forecast period, the liquid form will show the greatest CAGR at 10.7%. Liquid dietary supplement are liposomal supplements that can evenly dissolve in water, allowing for smooth consumption. The liquid form allows for the creation of blended products, which can be used in smoothies, yogurts, and other energy drinks.
Based on Applications, the market is divided into Energy & Weight Management, General Health, Bone & Joint Health, Gastrointestinal Health, Immunity, Cardiac Health, Diabetes, Anti-cancer, and Others. In 2020, the market's largest segment was energy and weight management. It accounted for 29.5% of the total revenue. You can also use dietary supplements for general health, bone, joint, heart health, immune, diabetes, lungs detox/cleanse and other purposes. Over the forecast period, the immunity application market is expected to grow at 8.5% CAGR. Global demand for immune-boosting products has grown due to the COVID-19 epidemic in 2020. In 2020, immunity-boosting vitamins, minerals and herbs saw a spike in demand. This trend is expected to continue until the vaccine reaches all people, which will benefit the segment's growth.
Based on End-users, the market is divided into Adults, Geriatric, Pregnant Women, Children, and Infants. The market was dominated by adults, accounting for 47.2% of total revenue in 2020. Adults will be more likely to consume dietary supplements due to their hectic lifestyles. Market growth is expected to be boosted by the growing geriatric population, especially in North America, Europe and Asia Pacific. The geriatric population is more susceptible to many infections so the market for immunity boosters will grow, especially in the context of the covid-19 pandemic.
Based on Distribution Channel, the market is bifurcated into OTC and Prescribed. OTC channel was responsible for the highest revenue share at 73.2% in 2020. It is expected to continue its lead during the forecast period. OTC channel sales of dietary supplement are expected to grow steadily due to consumer awareness about the health benefits of dietary supplement. Distribution of dietary supplements through the prescribed channel will be driven by strict regulations from the governing bodies and a lack of awareness among the public about labeling and health claims. Over the forecast period, the prescriptions for dietary supplement for people with nutritional deficiencies will increase to ensure that the channel is able to sell more.
On the basis of Regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America was a major regional market, with a 35.7% revenue share in 2020. This is due to the increasing use of high-nutrition and low-calorie products. The demand for dietary supplements will be driven by increasing awareness of the benefits of supplement products in Mexico, as well as new product launches. In 2020, the European region was responsible for a large revenue share. It is expected that it will grow at a CAGR 6.8% during the forecast period. The forecast period will see a rise in regional market awareness and a higher per capita disposable income from developed countries like France, Germany and the U.K. And, Asia Pacific is expected see significant growth during the forecast period. Due to the expanding consumer base in South Korea, India, China and China, the market will be the largest regional one by 2028. The forecast period will see a rise in demand for dietary supplements due to rising per capita incomes and increased awareness.
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Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Dietary Supplements Market
Read 248 Pages Research Report with Detailed ToC on "Global Dietary Supplements Market by Form (Tablets, Powders, Capsules, Liquids, Gummies, Soft gels), by Distribution Channel (OTC, Prescribed), by Application (Bone & Joint Health, Anti-cancer, Gastrointestinal Health, Diabetes, General Health, Energy & Weight Management, Immunity, Cardiac Health), by Ingredient (Vitamins, Minerals, Botanicals, Omega Fatty Acids, Fibers & Specialty Carbohydrates, Proteins & Amino Acids), by End User (Pregnant Women, Infants, Children, Geriatric, Adults) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"
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Segments Covered in the Report
The global Dietary Supplements market has been segmented based on
By Form
- Tablets
- Powders
- Capsules
- Liquids
- Gummies
- Soft gels
By Distribution Channel
- OTC
- Prescribed
By Application
- Bone & Joint Health
- Anti-cancer
- Gastrointestinal Health
- Diabetes
- General Health
- Energy & Weight Management
- Immunity
- Cardiac Health
By Ingredient
- Vitamins
- Minerals
- Botanicals
- Omega Fatty Acids
- Fibers & Specialty Carbohydrates
- Proteins & Amino Acids
By End User
- Pregnant Women
- Infants
- Children
- Geriatric
- Adults
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
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