Dietary Supplements Market Size Worth $319,085.34 Million, Globally, by 2028 at 5.9% CAGR - Exclusive Report by The Insight Partners

The Dietary Supplements Market Size is driven by rising concern related to health and fitness amongst the people, especially in young population group, growing traction for sports and recreational activities and rising awareness related to the advantages of consuming dietary supplements. The capsules and softgels segment led the global market with a share of more than 35% in 2020 and projected to register the highest CAGR during 2021 to 2028.

NEW YORK, Jan. 12, 2022 /PRNewswire/ -- According to the new market research report "Dietary Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Vitamins, Minerals, Proteins and Amino Acids, Probiotics, Blends, and Others), Form (Tablets, Capsules and Softgels, Powders, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others) and Geography", published by The Insight Partners, the global dietary supplements market was valued at US$ 214,165.30 million in 2021 and is projected to reach US$ 319,085.34 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.

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Dietary Supplements Market: Competition Landscape and Key Developments

Anona GmbH; Abbott; Amway Corp.; Bayer AG; Arkopharma; Bionova; Pfizer Inc.; Otsuka Holdings Co., Ltd.; GlaxoSmithKline plc.; and The Bountiful Company are among the key players in the dietary supplements market. These market players are highly focused on developing high-quality and innovative products to fulfill the customer's requirements. For instance, in 2020, Bayer AG announced the closing of its investment in Care/of, providing its majority ownership in the privately owned, personalized direct-to-consumer nutrition company. The acquisition will strengthen the company's presence in the high-growth area of personalized nutritional products. The partnership boosts the company's commitment to self-care and stimulates its understanding of personalized nutrition and advanced digital capabilities.

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The dietary supplements market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. There is a rise in healthcare expenditure across the region due to the increasing aging population, improving facilities in medical, rising cases of obesity, and surging number of the insured population. Furthermore, developing nations in Asia-Pacific are investing heavily in healthcare and welfare. The high expenditure by such countries reflects changing consumer behavior toward healthcare and rising demand for healthcare products, such as dietary supplements. The rising geriatric population, especially in countries such as Japan and China, is driving the growth of the healthcare industry across the region. Japan's healthcare expenditure in 2018 amounted to 10.95% of its GDP, according to the World Bank. With growing expenditure on medicines, healthcare services, and nutritional supplements, the dietary supplements market in Asia-Pacific is projected to witness tremendous growth in the coming years.

Product Innovation to Open Lucrative Growth Opportunities for Dietary Supplements Manufacturers during Forecast Period:

In recent years, the Dietary Supplements Market has experienced various technological advancements. For instance, traditional hard and soft gelatine capsules, lozenges, tablets, powders, and liquids are joined by several other types of supplement forms, such as gummies, bilayer tablets, or granules. Due to increasing product innovation and rising consumer desire for personalization in the supplement sector, consumers now have access to a diverse selection of delivery forms to suit their specific lifestyles and preferences. This factor has helped in solving the palatability issues of the supplements. This has also helped the manufacturers of dietary supplements to cater to increased consumer demand for product customization. As a result, manufacturers are focusing on innovations and launching new products in different forms and flavors. For instance, Abbott Laboratories recently introduced Duphalac Bears in India. This product adheres to FSSAI regulations, has the benefits of a trusted prebiotic, and promotes the growth of healthy bacteria in the digestive system while decreasing hostile bacteria levels.

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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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