The global dietary supplements market size is expected to reach USD 272.4 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.6% from 2021 to 2028. The growing awareness regarding personal health and wellness owing to changing eating habits and hectic lifestyles is expected to drive the demand for dietary supplements over the forecast period.
Increasing
urbanization and growing disposable income around the world are driving the
demand for products that can cover the nutritional deficit at higher
convenience. This is eventually driving the demand for vitamins, minerals,
proteins and amino acids, and other supplement products around the world.
The increasing interest of millennials in building health through a healthy
diet is expected to positively impact market growth.
The
obesity rate in adults in the U.S. stood at 42.4% in the year 2020, which has
increased from 26% in 2008. The obesity rate in the European region was above
51.6% in 2014 and is continuously rising. The increasing prevalence of
diseases, like cardiovascular diseases, diabetes, and high blood pressure, is
expected to bolster the demand for dietary supplements, especially in energy
and weight management, gastrointestinal health, and cardiac health
applications.
The
growing trend of veganism around the globe is expected to benefit the
plant-based nutritional products around the globe, which is expected to drive
the demand for botanical ingredient-based dietary supplements over the forecast
period. For instance, in Jan 2021, Flume Formulas Ltd. introduced a product
line of botanical supplements, which included products - FLOW, DRIFT, and BASK
for athletes, which can be used to enhance pre-workout and post-workout energy
and recovery. Similarly, in July 2019, Amway Corp. introduced an improved
version of calcium supplement Nutrilite Cal Mag D Plus in India. The company
aimed to acquire over 11% share of the calcium supplements market with the
product launch.
The
COVID-19 outbreak has largely impacted the industrial output in the majority of
the countries. However, the demand for food and beverage and pharmaceutical
products remained unaffected. Though the companies faced challenges in terms of
logistics due to imposed lockdown, the increasing demand for immunity-boosting
supplements, including vitamins, minerals, and several herbs, benefitted the
market for dietary supplements in the year 2020.
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Dietary
Supplements Market Report Highlights
- By
ingredient, proteins and amino acids are expected to register the fastest
CAGR of 13.3% over the forecast period. The increasing number of sports
enthusiasts and bodybuilders, coupled with the growing awareness among the
consumers regarding the importance of protein supplements, is the key
factor driving the segment
- The tablets
form segment accounted for the largest revenue share in 2020 owing to
their cost effectiveness and ability to deliver a precise dosage
- Based on
application, energy and weight management accounted for a share of 29.5%
in 2020. The increasing prevalence of obesity among adults and children
around the globe owing to changing food habits is expected to drive the
demand for weight management products over the forecast period
- The infants
end-user segment is expected to register the highest CAGR of 13.0% over
the forecast period. Higher prevalence of malnutrition among infants in
developing countries, the growing acceptance of infant food products, and
growing parents' concerns over the health of their children are the key
reasons for the segment growth
- North America
was the largest regional market in 2020. Higher per capita income, high
urbanization rate, and increased consumer awareness regarding health and
wellness are responsible for the higher consumption of dietary supplements
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
