The global dietary supplement market size is expected to attain a valuation of around USD 170.1 billion by 2034. The market is anticipated to witness a steady CAGR of 9.5% in the assessment period 2024 to 2034. By the end of 2024, the market for dietary supplements is projected to reach a total valuation of USD 74.3 billion.
Key Trends in Dietary Supplement Market
Attributes | Key Insights |
---|---|
Estimated Dietary Supplement Market Size (2024E) | USD 74.3 billion |
Projected Dietary Supplement Market Valuation (2034F) | USD 170.1 billion |
Value-based CAGR (2024 to 2034) | 9.5% |
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The table provides information about significant variations in growth rates and dynamic trends in the dietary supplement market. Readers can gain insights into changing consumer tastes and evolving market dynamics throughout an array of different periods. The table offers an explanation of growth potential, scrutinizing the role that actual numbers and predictions have in determining the future path of the market.
Details | CAGR |
---|---|
Jan to Jun (H1), 2023 (P) | 9.1% |
Jan to Jun (H1), 2023 (A) | 8.9% |
Jul to Dec (H2), 2023 (P) | 8.7% |
Jul to Dec (H2), 2023 (A) | 8.4% |
Jan to Jun (H1), 2024 (P) | 8.1% |
Sales of dietary supplements grew at a CAGR of 7.1% from 2019 to 2023. In the next ten years, the global market for dietary supplement formulations is expected to rise at a 9.5% CAGR.
Historical CAGR (2019 to 2023) | 7.1% |
---|---|
Forecast CAGR (2024 to 2034) | 9.5% |
There has been a significant surge in the sales of vitamins, minerals, nutritional and herbal supplements. This surge has been accompanied by the entry of several new companies into this field, along with established ones. All of these producers are actively exploring new opportunities to tap into wide consumer bases.
In July 2023, for instance, Henry Blooms, a reputed health supplement company based in Australia, introduced its VitaQIK liposomals range in the United States. The company’s products were made available in renowned health food retail stores such as UNFI and Lotus Light.
Kourtney Kardashian Barker, on the other hand, launched Lemme, her new vitamin and supplement brand, at Target, in January 2024. The company’s bestselling products, namely, Lemme Chill, Lemme Glow, Lemme DeBloat, and Lemme Purr, are available on Target’s official website and outlets.
Emergence of Female-focused Health and Wellness Supplements
The demand for dietary supplements, with health claims revolving around women, is expected to rise significantly in the forecast period. Health and wellness supplements aimed at enhancing the varying needs of women at different stages of their lives are projected to gain traction.
Key players are constantly launching health supplements catering to women to support their menopause phase, maternal health, and menstruation cycles. They provide a wide range of supplements infused with essential ingredients, including calcium and iron, to help reduce pain and discomfort.
A handful of start-ups and well-established companies are launching innovative products with protein, green tea extract, royal jelly, collagen, mushroom extract, and vitamin E. These are projected to help lower inflammation, improve sleep, and enhance mood.
In December 2023, for instance, a leading supplement brand named O Positiv expanded its presence by introducing its products in Target Online and more than 250 Target stores across the United States. The company launched URO Vaginal Probiotic Capsules, MENO Menopause Capsules & Gummies, and FLO PMS Capsules & Gummies.
Innovations in Microencapsulation and Nanoencapsulation Technologies
The emergence of microencapsulation and nanoencapsulation technologies is projected to augur well for the global dietary supplement industry. Key manufacturers are focusing on adding specialty ingredients to their products to cater to the rising demand for scientifically proven products. They are striving to help support prenatal, liver, bone, and cognitive health.
With the utilization of microencapsulation technology, companies are set to ensure a proper supply of vitamins and minerals in one’s diet. They are looking to fortify staple food items across developing countries where not many people can afford supplements owing to their high cost.
Renowned companies, including BASF, conduct microencapsulation of vitamins to infuse sugar and flour with vitamins D and A. BASF operates from its facility in Denmark and aims to enhance the properties of vitamin powders. It showcases high demand from fortified staple food manufacturers and the pharmaceutical industry.
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The section below highlights the CAGRs of the leading countries in the dietary supplement market. The three main countries pushing dietary supplement demand include Australia, China, and the United States.
According to the analysis, Australia is set to lead the dietary supplement market by showcasing a CAGR of 8.4% in the forecast period. The country is anticipated to be followed by China and the United States, with CAGRs of 7.8% and 6.7%, respectively.
Countries | CAGR |
---|---|
United States | 6.7% |
Germany | 5.6% |
China | 7.8% |
Australia | 8.4% |
Dietary supplement manufacturers in the United States are projected to gain new opportunities as the country is set to witness a CAGR of 6.7% through 2034. The United States will likely generate a dietary supplement market share of 34% in 2024. Key factors attributed to this growth include:
China is expected to showcase a considerable CAGR of around 7.8% in the evaluation period in Asia Pacific dietary supplement market. Key drivers pushing the country include:
Australia’s dietary supplement market will likely expand at a steady CAGR of 8.4% from 2024 to 2034. The country is estimated to remain at the forefront of the health supplement market owing to the following factors:
The below section shows the global trends in the dietary supplement industry in terms of form, ingredients, sales channel, and application. The soft gel segment is expected to lead the dietary supplement market based on form. It is set to hold a share of around 35.8% in 2024.
Based on the application, the immune & digestive health segment is anticipated to hold a dominant share of 28.50% through 2024. By ingredients, the amino acid segment is expected to generate a share of 23.2% in 2024 in the dietary supplement market.
Segment | Market Share (2024) |
---|---|
Soft Gel (Form) | 35.8% |
Amino Acid (Ingredients) | 23.2% |
Store-based Retailing (Sales Channel) | 87.0% |
Immune & Digestive Health (Application) | 28.50% |
The market for dietary supplements is analyzed based on form, with soft gel daily supplements accounting for 35.8% of the share in 2024. Soft gels have several advantages and desirable properties over tablets and hard capsules.
Soft gelatin capsules are expected to significantly increase the absorption rate of active substances as they are simple to swallow and dissolve fast. Additionally, these capsules are estimated to be tailored for certain purposes.
The exceptional adaptability of soft gels is an additional advantage. To differentiate products in the market, a wide variety of shell colors, forms, and sizes are available.
The increased demand for soft gel supplements can further be attributed to their convenient packaging and cost-effectiveness. Their advantage lies in precisely defined dosages, a feature not present in liquid or alternative forms. This differentiation has made soft gels more popular than liquid supplements.
Based on ingredients, the demand for amino acids will likely expand in the dietary supplement market. It is projected to showcase a share of about 23.2% in 2024.
Amino acid supplements are considered safe for consumption by people of all ages. For instance, athletes often take them to enhance exercise performance and recovery.
Amino acids are expected to be in high demand from nutritional supplement manufacturers. This is attributed to the increasing consumer purchasing power and surging awareness of healthy lifestyles & preventive measures.
It is anticipated that dietary supplements containing amino acids would be utilized to lessen tiredness, ease muscle aches, and minimize the risk of coronary artery disease. It is also becoming more and more well-liked as a nutritional supplement for sports.
Key players in the dietary supplement market are BASF SE, Abbott Laboratories, Bayer AG, Glanbia Plc, Royal DSM N.V., Now Health Group, Inc., Herbalife International, Amway Corp., ADM, Arkopharma, GlaxoSmithKline plc, and Ayanda.
Leading manufacturers are focused on developing high-quality dietary supplements, coupled with offering gluten-free products with high nutritional value. The increasing demand for value-added products in several countries is expected to create new opportunities.
It is anticipated to prompt manufacturers to shift their focus from high-volume production to the manufacturing of high-quality immune health supplements. They are set to offer multifunctional ingredients with several health benefits.
Governments are further supporting manufacturers by promoting the health benefits of dietary supplements. Government support for fiber ingredients in food products has induced an inclination among manufacturers toward fiber-based food supplements.
Recent Dietary Supplement Market Developments
Attribute | Details |
---|---|
Dietary Supplement Market Value in 2024 | USD 74.3 billion |
Dietary Supplement Market Value in 2034 | USD 170.1 billion |
Anticipated Growth Rate (2024 to 2034) | 9.5% CAGR |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | Volume (MT) and Value (USD billion) |
Key Regions Covered | Latin America; North America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
Key Countries Covered | Canada, United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, United Kingdom, Netherlands, Belgium, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others |
Key Dietary Supplement Market Segments Covered | Form, Ingredient, Application, End-user, Sales Channel, and Region |
Key Companies Profiled | BASF SE; Abbott Laboratories; Bayer AG; Glanbia Plc; Royal DSM N.V.; Now Health Group, Inc.; Herbalife International; Amway Corp.; ADM; Arkopharma; GlaxoSmithKline plc; Nu Skin Enterprises, Inc.; Ayanda; Other Key Players |
The dietary supplement market is projected to reach USD 170.1 billion by 2034.
China’s dietary supplement market is anticipated to witness a 7.8% through 2034.
The dietary supplement market is set to reach USD 74.3 billion by 2024.
Dietary supplements infused with vitamin D are the most sold product.
Vitamins and mineral supplements are projected to be the largest category.
1. Executive Summary 2. Market Overview 3. Market Dynamics 4. Value Chain Analysis 5. Global Market - Pricing Analysis 6. Global Market Size (in Value (USD billion) and Volume (MT) Analysis 2019 to 2023 and Forecast, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Form 7.1. Soft Gel (Capsule) 7.2. Gummies 7.3. Powders 7.4. Liquid 7.5. Bars 7.6. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Ingredients 8.1. Vitamin 8.2. Minerals 8.3. Botanical Supplements 8.4. Amino Acid 8.5. Others 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 9.1. Weight Management 9.2. Immune & Digestive Health 9.3. General Health 9.4. Heart Health 9.5. Sports Nutrition 9.6. Brain/Mental Health 9.7. Bone & Joint Health 9.8. Others 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-user 10.1. Children 10.2. Women 10.3. Men 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 11.1. Store-based Retailing 11.1.1. Hypermarkets/Supermarkets 11.1.2. Conventional Stores 11.1.3. Drug Stores & Pharmacies 11.1.4. Other Retailers 11.2. Online Retailing 12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia 12.6. Oceania 12.7. Middle East & Africa 13. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 18. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034 19. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034 20. Country-level Market Analysis, 2022 21. Market Structure Analysis 22. Competition Analysis 22.1. BASF SE 22.2. Abbott Laboratories 22.3. Bayer AG 22.4. Glanbia Plc 22.5. Royal DSM N.V. 22.6. Now Health Group, Inc 22.7. Herbalife International 22.8. Amway Corp. 22.9. ADM 22.10. Arkopharma 22.11. GlaxoSmithKline plc 22.12. Nu Skin Enterprises, Inc. 22.13. Ayanda 22.14. Others Players (On Additional Requests) 23. Assumptions and Acronyms Used 24. Research Methodology
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