Dietary supplements Market Size to Cross $319.09Bn Globally by 2028 – Exclusive Report by The Insight Partners
The global dietary supplements market to rise at a steady growth rate of 5.9% CAGR during 2021-2028.
Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Dietary supplements Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Form, Distribution Channel, and Geography,” the dietary supplements market is expected to grow from $214.17 billion in 2021 to $319.09 billion by 2028; it is estimated to grow at a CAGR of 5.9% from 2021 to 2028.
A few players operating in the vegan dog food market are Otsuka Holdings Co., Ltd.; Abbott; GlaxoSmithKline plc.; Bayer AG; Arkopharma; Bionova; Anona GmbH; The Bountiful Company; Amway Corp.; and Pfizer Inc. These players are engaged in new product development and product innovation strategies to acquire large consumer base across various developed as well as developing countries. For instance, in March 2018, Amway Enterprises India Ltd. introduced Nutrilite in the herbal market. Nutrilite Traditional Herbs include Nutrilite Tulsi, Nutrilite Brahmi, Nutrilite Ashwagandha, and Nutrilite Amalaki, Vibhitaki, and Haritaki.
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Growing Popularity of Dietary Supplements and Rising Healthcare Expenditure are the Key Factors Driving the Market Growth
Dietary supplements consist of nutrients such as vitamins, minerals, proteins, amino acids, probiotics, and others. They are available in different forms such as tablets, capsules and softgels, powders, and others. Dietary supplements help in fulfilling the specific nutritional requirement of an individual. Rising concerns related to health and fitness amongst the people especially the young population group is one of the key factors driving the popularity of dietary supplements.
People have become more aware and concerned about their health and physique over the last few years. Moreover, there has been a rising prevalence of various diseases and health issues including cancer and cardiovascular disorders, and several medical conditions, such as diabetes, high blood pressure, obesity, and high cholesterol owing to a dramatic change in the lifestyles and consumption patterns of people across the globe. All these have resulted in the rising popularity of dietary supplements worldwide. Furthermore, social media also plays a significant role in fitness motivation and influencing self-improvement. For instance, social media platforms, such as Instagram, Twitter, and Pinterest, have boosted the popularity of the health and fitness industry, with many celebrities and influencers introducing users to new fitness regimes and dietary supplements, highlighting the benefits they offer to their physical and mental health, in turn, aiding the dietary supplement demand.
According to the World Bank, Japan accounted for 10.95 percent of its GDP in terms of healthcare expenditure in 2018 when compared to other countries in the region. In addition, healthcare expenditure in Australia accounted for 9.28 percent of GDP in terms of expenditure on healthcare. Thus, rising healthcare expenditure owing to the presence of geriatric population especially in Asia-Pacific countries like Japan, China, Australia, among others is also expected to contribute a significant share in the growth of the dietary supplements market over the forecast period.
Dietary Supplements Market: Segmental Overview
By type, the dietary supplements market is segmented into vitamins, minerals, proteins and amino acids, probiotics, blends, and others. The vitamins segment held a significant market share in 2020. Vitamins play an essential role in the development and appropriate functioning of the body. Rising vitamin deficiency in people is one of the crucial factors driving the demand for vitamin supplements across the world. Moreover, the importance of vitamin supplements is growing amongst athletes and sportsmen as vitamins help in weight management and fulfill the daily vitamin requirement of the body. This factor is also expected to potentially drive the demand for vitamin supplements during the forecast period.
By form, the dietary supplements market is segmented into tablets, capsules and softgels, powders, and others. The capsules and softgels segment is projected to register the highest CAGR during the forecast period. The majority of the dietary supplements are available in capsule format. Capsules are cylindrical in shape and have a two-piece design. The design prevents moisture and liquids from entering the capsules. Thus, the drug inside the capsule is protected. This factor is propelling the market growth for the segment.
Based on distribution channel, the dietary supplements market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The market for the online retail segment is expected to grow at the highest rate over the forecast period. Due to the increasing population and rising use of mobile phones, online retail has expanded significantly in the past few years. Various benefits, such as quick service, home delivery, attractive discounts, availability of various products, and options of secure payment, have fueled the market growth for the online retail segment. Consumers are choosing online shopping for various products, such as dietary supplements, as it is quite convenient and saves time. This factor is projected to boost the popularity of ecommerce platforms amongst consumers in the coming years.
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Impact of COVID-19 Pandemic on Dietary Supplements Market
The COVID-19 pandemic has had a mixed impact on the dietary supplement sector. Initially, the pandemic had a substantial impact on the market because of the decrease in manufacturing. The imposition of lockdown halted manufacturing activities, resulting in a decrease in supply. In addition, travel restrictions across the world made it difficult to transport raw materials, which impacted the worldwide economy negatively. However, the demand for dietary supplements surged during the COVID-19 pandemic as a result of studies claiming that dietary supplements can help enhance the immune system. Consumers are gravitating toward immunity-boosting and nutritious products due to the rising number of COVID-19 cases. Moreover, due to the impact of the sudden outbreak, the market has seen a boom in demand for products that provide digestive and immune health. As a result, sales of various supplements such as protein, vitamins, and omega-3 fatty acids have surged. Thus, the COVID-19 pandemic opened growth opportunities for the global dietary supplements market.
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