Dietary Supplements Market to Reach USD 63.93 Billion by 2031, Growing at 7.4% CAGR | SkyQuest Technology
Westford, USA, Sept. 13, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Dietary Supplements Market will attain a value of USD 283 billion by 2031, with a CAGR of 7.4% over the forecast period (2024-2031).
Growing health consciousness around the world and adoption of poor lifestyles are projected to primarily drive the demand for dietary supplements in the future. Rising demand for personalized nutrition will also create new opportunities for dietary supplement companies going forward.
Dietary Supplements Market Segmental Analysis
The global dietary supplements market is segmented based on type, distribution channel, form, end user, ingredients, and region.
Based on type, the market segmentation comprises vitamins, carotenoids, minerals (major minerals, trace minerals), probiotics, proteins (plant proteins, animal/dairy proteins, microbe proteins, insect proteins), amino acids, carbohydrates, fats & fatty acid, lipids, enzymes, others.
Based on distribution channel, the market is segmented into OTC, and prescription.
Based on form, the dietary supplements market is segmented into tablets, capsules, soft gels, powders, gummies, liquids, others.
Based on end-user, the industry is segmented into adults, geriatrics, infants, children, and pregnant women.
based on ingredients, the Dietary Supplements Market is segmented into vitamins, botanicals, minerals, proteins & amino acids, fibers & specialty carbohydrates, omega fatty acids, and other.
Based on region, the global market spans North America, Europe, Asia-Pacific, and MEA.
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Dietary Supplements Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 159.7 billion |
| Estimated Value by 2031 | $ 283 billion |
| Growth Rate | Poised to grow at a CAGR of 7.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel, Form, End User, Ingredients, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Demand for personalized nutrition |
| Key Market Drivers | Rising health consciousness among people around the world |
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Prominent Players in Dietary Supplements Market
- Amway Corporation
- Abbott Laboratories
- Archer Daniels Midland Company
- Bayer AG
- Glanbia plc
- Herbalife Nutrition Ltd.
- GlaxoSmithKline plc
- Nestlé S.A.
- Pfizer Inc.
- DSM Nutritional Products AG
- Nature’s Bounty Co.
- Otsuka Holdings Co., Ltd.
- Pharmavite LLC
- GNC Holdings Inc.
- Suntory Holdings Limited
- The Himalaya Drug Company
- The Nature’s Way Co.
Increasing Vitamin Deficiency Helping Vitamin Dietary Supplements to Lead Market Growth
Vitamin deficiency has emerged as a key issue in populations around the world and is also a leading cause of multiple diseases and disorders. This is why the demand for vitamin supplements is the highest. Growing awareness regarding the importance of vitamins in human diet and growing availability of different vitamin supplements will further cement the dominance of this segment.
Easy of Consumption and Better Absorption Will Bolster the Demand for Liquid Dietary Supplements in Future
Liquid dietary supplements are easy to consumer and have a better nutrient absorption rate as compared to other forms, which is expected to drive its popularity in the long run. Increasing preference of consumers to take their nutrition in liquid form is also projected to help this segment bolster market growth at a rapid pace. Launch of new liquid dietary supplements will also create new opportunities in the future.
North America is Projected to Spearhead Dietary Supplements Consumption Owing to High Awareness Regarding Nutrition
North American population has been witnessing a robust increase in the prevalence of multiple diseases and disorders owing to poor eating habits and lifestyle choices. This has led to high consumption of dietary supplements to balance out diets and promote health. High consumer spending potential and growing availability of different types of dietary supplements will also help the dominance of this region with United States bringing in most revenue.
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Dietary Supplements Market Insights:
Drivers
- Rising health consciousness
- Adoption of poor eating and lifestyles choices
- Growing emphasis on improving nutritional intake
Restraints
- High costs of organic ingredients
- Lack of awareness regarding benefits of dietary supplements
Key Questions Answered in Dietary Supplements Market Report
- What drives the global Dietary Supplements market growth?
- Who are the leading Dietary Supplements providers in the world?
- Which region leads the demand for Dietary Supplements in the world?
This report provides the following insights:
- Analysis of key drivers (growing health concisiouness, poor lifestyle habits, rising awareness regarding importance of nutrition), restraints (high costs of organic raw materials, lack of awareness regarding befits of dietary supplements consumption), and opportunities (use of plant-based raw materials, demand for personalized nutrition), influencing the growth of Dietary Supplements market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Dietary Supplements market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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