The global dietary supplements industry is estimated to rake in a total of US$ 44 Bn in 2021, and this revenue is expected to surge nearly 2X by the end of the decade. Analysts at Persistence Market Research have closely studied the market and predicted meticulously calculated forecasts for the next ten years.
This dietary supplements industry survey suggests that the market will register a robust CAGR of 7.8% over the next ten years. The Japanese dietary supplements market is anticipated to account for nearly 1/4 of the value share in the Asia Pacific region.
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- NBTY, Inc.
- Koninklijke DSM N.V.
- Amway, Herbalife Ltd.
- Omega Protein Corporation.
- Bayer AG.
- Naturalife Asia Co., Ltd.
- Integrated BioPharma, Inc.
- Nu Skin Enterprises, Inc.
- BASF SE, Surya Herbal Ltd.
- Bio-Botanica Inc.
- The Himalaya Drug Company.
- Ricola AG.
- Pharmavite LLC.
- Blackmores Ltd.
- Epax AS.
- Axellus AS.
Key Points Covered in Dietary Supplements Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on dietary supplement sales and how to navigate
- Recommendation on key winning strategies
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Preventive Healthcare Trend to Maximize Potential
As diseases and allergies become more common and the early onset of aging and age-related issues becomes a serious concern, the need for a healthy lifestyle is gaining momentum. Nutrition comes from a balanced diet, but that isn’t always enough, so it is supplemented with dietary supplements.
Dietary supplements have become mainstream and are being tailored specifically to support the growth and health of certain parts of the body that are otherwise neglected.
- One such instance is of 24hr, a supplement brand that has recently launched a new supplement specifically to promote health of the joints. The new product is called Joint Support, and is aimed at promoting health in the knees, ankles, hips, shoulders, wrists, and elbows.
Increasing popularity of preventive healthcare in the shadow of the COVID-19 pandemic has created major demand for nutraceuticals and other supplements. Potential is being realized as more and more brands focus on gaining maximum advantage from this increased demand.
- Foodtech unicorn from India, Zomato, who recently launched its IPO, has also forayed into the dietary supplements market. The announcement came from Deepinder Goyal, founder and CEO of Zomato, in March 2021. Supplements will be sold through a ‘Made in India’ brand, and the move will further strengthen Zomato’s influence on the food industry in India.
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Increase in consumer interest in healthy diet has led to higher consumption of food and food ingredients with potential health benefits. Of late, consumers have become more conscious of their diet.
Majority of adults in the U.S. expressed overall confidence in the quality, effectiveness, and safety of dietary supplements. People across various age groups consume dietary supplements to meet their recommended dietary allowances.
Dietary supplements are available in different forms, such tablets, pills, powders, capsules, gel caps, and liquids. Dietary supplements such as vitamin, botanical, mineral, and fatty acid help consumers stay healthy and prevent nutritional deficiency diseases.
Rising aging population, increasing lifestyle diseases and increasing healthcare cost are some of the important factors driving growth of the dietary supplements market. The major factor driving the cost of healthcare is lengthy and costly R&D conducted by pharmaceutical companies. Due to increasing costs of healthcare, people are turning towards dietary supplements to help them stay healthy.
These supplements provide various health benefits such as strengthening the immune system, protection from cold and flu, prevention of migraine headaches, treat of arthritis, rheumatic diseases, allergies, lower cholesterol, triglyceride levels and blood pressure, cardiovascular diseases, and cognitive diseases at lower costs.
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Asia Pacific is expected to be the most lucrative region for dietary supplements market, accounting for nearly 3/10 of the global market share, followed by Europe and North America with market share of 30% and 1/5 respectively.
From 2021–2031 the Asia Pacific dietary supplements market is expected to grow at an impressive CAGR, driven by populous countries such as India and China.
Consumer awareness about the benefits of dietary supplements and wide product availability are the major drivers for the market in the region. Increase in disposable income allows customers to spend more on healthy food items.
The market is segmented into product (vitamin, botanical, mineral, fatty acids, and others supplements) by value (US$ Bn), application (food and beverages, pharmaceuticals, personal care, and others) by value (US$ Bn), and end user (adult women, adult men, senior citizens, and others) by value (US$ Bn).
South Korea is anticipated to hold a market value share of around 5.5%. The North American market for dietary supplements is estimated to have a net worth of nearly US$ 10 Bn in 2021.
By End User
Some of the major companies operating in the global dietary supplements market are NBTY, Inc., Koninklijke DSM N.V., Amway, Herbalife Ltd., Omega Protein Corporation, Bayer AG, Naturalife Asia Co., Ltd., Integrated BioPharma, Inc., Nu Skin Enterprises, Inc., BASF SE, Surya Herbal Ltd., Bio-Botanica Inc., The Himalaya Drug Company, Ricola AG, Pharmavite LLC, Blackmores Ltd., Epax AS, and Axellus AS.
FAQs Answered in Market Study
- Currently, what valuation does the dietary supplements market in North America enjoy?
The dietary supplements market in North America is estimated to be worth nearly US$ 10 Bn in 2021.
- By 2031, what size would the global dietary supplements market reach?
The global dietary supplements market is anticipated to rope in revenue worth approximately US$ 93.5 Bn by the end of the decade, while it expands at a healthy CAGR of 7.8%.
- Which trends are crucial to the dietary supplements market in the near future?
Increasing consumer awareness toward preventive healthcare and demand for transparency and traceability are major trends expected in the industry.
- In terms of CAGR, how would the market be characterized over the past five years?
The dietary supplements industry was modestly progressive since it depicted a CAGR of 5.8% from 2016 to 2020.
- What does this dietary supplements industry survey say about companies from the Asian region?
This study estimates companies of South Asia and East Asia to account for nearly 70% of the market share.
- What absolute dollar opportunity does this research predict for the year 2021?
The dietary supplements market analysis predicts an absolute dollar opportunity worth nearly US$ 2.7 Bn in 2021.
- Which nations are leading the exports of dietary supplements?
The U.S. and the U.K. are heading the global exports of dietary supplements.
- What metrics are listed for Japan and South Korea in this report?
This report suggests that dietary supplements sales in Japan and South Korea would account for 27% and 5.5% market share in the APAC region.
- In terms of demand, which factors are expected to be prevalent?
Research on dietary fiber applications and increased consumer awareness are two major factors expected to influence the demand outlook of dietary supplements.
- At present, what is the dietary supplements market stance?
In 2021, the dietary supplements industry is estimated to amass a total worth of US$ 44 Bn.
- Which nations in the European region hold high market share?
The U.K., Germany, and Italy hold high market share in Europe.
- Which nations are directing the demand for dietary supplements?
The U.S., U.K., Germany, Spain, and Italy are major nations influencing demand for dietary supplements.