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The dietary supplements market is estimated to grow at a CAGR of 8.16% between 2022 and 2027 and the size of the market is forecast to increase by USD 61.4 billion. In 2017 the market size was USD 96.70 billion.
The growing popularity of healthy eating habits is a significant driver of the dietary supplements market. Consumers are increasingly adopting healthy eating habits, including the consumption of whole-grain foods and a balanced and varied diet, which are associated with emotional, physical, and cognitive well-being. Nutritional deficiencies can lead to various health issues, including heart disease, stroke, obesity, and cognitive decline. As a result, people are becoming more aware of the importance of taking dietary supplements to meet their nutritional needs. This trend is expected to continue driving market growth in the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Trend
The proliferating demand for personalized supplement solutions is an emerging trend in the dietary supplements market. An increasing number of online retailers and manufacturers are giving access to personalization tools and platforms to consumers that allow them to create a specialized supplement list, which has been customized to the consumer's nutritional requirements, health conditions, and preferences. These online tools collect data regarding a consumer's supplement regime, sleep pattern, and daily activities and make recommendations based on the user's specific needs. This will aid in growing consumer needs by providing individuals with information on nutrients according to their health needs.
Many new players have entered the market in recent years, which provide subscription-based customized supplement plans and dietary products delivered to customers' doorsteps. More such businesses are expected to come up in the coming years. Hence, such factors will drive the growth of the global vitamins & dietary supplements market during the forecast period.
Challenge
Consumer distrust stemming from misleading marketing activities is a major challenge impeding market growth. To promote the sales of dietary supplements, manufacturers and marketing agencies use a diverse assortment of advertising strategies. Some of these marketing strategies falsely advertise the capabilities of a dietary supplement in order to draw new customers. Many of these false advertisements promise faster and better results. As such, many first-time customers buy these supplements assuming the product or brand to be healthy and efficient but face disappointment when these products fail to deliver the desired results.
Although the number of misleading and deceptive advertisements promoted through various media is relatively low as compared to the genuine ones, such advertisements and experiences have created a sense of distrust among consumers regarding the efficiency and usefulness of dietary supplements. This is a major challenge for the adoption and use of dietary supplements among new customers, which is expected to impact market growth negatively during the forecast period.
Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Dietary Supplements Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The distribution of dietary supplements through offline channels, such as hypermarkets, supermarkets, drug stores, and discount stores, is gaining popularity among consumers. The convenience of these stores' location and the availability of a range of products under one roof make them a preferred choice. The growth of organized retail sectors in developed and developing economies has led to an increase in the popularity of supermarkets and hypermarkets as distribution channels for supplement varieties. Discount stores are also becoming popular among consumers due to the relatively lower prices they offer. Direct selling, which eliminates the involvement of middlemen, is becoming a popular channel for selling supplement varieties such as dietary supplements. It is expected that the sales of supplements through direct selling will increase in the coming years.
The market share growth by the vitamin segment will be significant during the forecast period. The vitamin segment of the dietary supplements market is crucial for maintaining good health, as their deficiency can lead to various disorders. The demand for vitamin supplements is increasing due to their importance in maintaining health. Vitamin D deficiency cases are high in Scandinavia, where the consumption of vitamin D supplements is increasing. Vitamin B12 and D are recommended for healthy ageing and vegan consumers. Multivitamin tablets with herbs as a source of vitamins and minerals are also popular, especially for adults. The deficiency of minerals such as calcium, iron, and zinc is a major cause of concern, leading to disorders such as osteoporosis and immune system malfunction. Therefore, the growing demand for vitamins and minerals is expected to drive the growth of the segment in the global dietary supplements market during the forecast period.
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The vitamin segment was valued at USD 52.97 billion in 2017 and continued to grow until 2021. The combination supplements segment includes both combination food supplements and herbal or plant supplements such as ginseng. The driving factor for combination supplements is the availability of multiple nutrients in a single-serve package. These supplements are especially preferred by people who consume low-calorie diets and have poor eating habits.
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APAC is estimated to contribute 51% to the growth of the global market during the forecast period.APAC dominates the global market, with China, India, and Japan being the leading countries. The rise in consumer awareness of the availability and nutritional benefits of nutritional supplements, along with the increase in marketing activities by major vendors, is the key factor supporting the growth of the regional market. Developing countries such as China and India will continue to outpace the global market's growth during the forecast period due to the concentration of a large number of pharmaceutical and nutritional product companies in the region, which are investing in new product developments with a focus on Asian consumers.
In the past decade, several developing countries in APAC witnessed a change in people's lifestyles, which stemmed from the rapid economic growth and expansion of the middle-income population segment. These factors led to increased spending on healthy food and nutritional supplements. Nutritional supplements, such as probiotic drinks (such as those of the Yakult brand), are especially becoming popular in the region due to their palatable characteristics. In addition, the demand for pediatric products and supplements that aid in healthy ageing is also gaining momentum due to advancements in prenatal healthcare facilities and old-age homes. These factors will continue to drive the market in the region during the forecast period.
The COVID-19 outbreak impacted the supply of dietary supplements in 2020. However, the demand for dietary supplements increased via online channels, which positively impacted the growth of the market in focus in 2020. Moreover, the lifting of lockdowns due to the initiation of large-scale COVID-19 vaccination drives across APAC in 2021, led to the resumption of operations in offline distribution channels and also the restart of different sporting, gym, and health-related activities. Furthermore, the governments of various Asian countries, such as India, China, Taiwan, and Nepal, were also engaged in the R&D of supplements that can boost immunity against COVID-19. Therefore, such factors will increase the demand for dietary supplements, which will drive the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Dietary Supplements Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.16% |
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Market growth 2023-2027 |
USD 61.4 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.04 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 51% |
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Key countries |
US, China, Japan, UK, and Italy |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, Amway Corp., Archer Daniels Midland Co., Arkopharma Laboratories, Bayer AG, Carlyle Nutritionals LLC, Glanbia plc, Haleon Plc, Herbalife International of America Inc., Natures Sunshine Products Inc., Natures Way Products LLC, NOW Health Group Inc., Nu Skin Enterprises Inc., NutriGold Inc., Orgenetics Inc., Pfizer Inc., Reckitt Benckiser Group PLC, Sanofi SA, Suntory Holdings Ltd., and Otsuka Holdings Co. Ltd |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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