Dietary Supplements Market by type (Botanicals, Vitamins, Minerals, Amino Acids, Enzymes, Probiotics), Function (Additional Supplements, Medicinal Supplements, Sports Nutrition), Mode of Application, Target Consumer and Region - (2022 - 2027)
Northbrook, IL 60062 -- (SBWIRE) -- 09/08/2022 -- The Dietary Supplements Market size is estimated at USD 155.2 billion in 2022; and it is projected to grow at a CAGR of 7.3% to reach USD 220.8 billion by 2027. The growth of the global market is estimated to be driven by the increasing health awareness among consumers. Dietary supplements are a growing application of nutraceutical products. The food and nutrition industries have evolved to give consumers a more personalized experience to compensate for dietary loss through supplemental nutrition.
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The Botanical segment is projected to account for the highest CAGR growth in the Dietary Supplements market.
Over the past couple of years, the herbal dietary supplements segment has witnessed significant growth in terms of value sales. The rising awareness about the health benefits associated with the consumption of plant-based food products and the increasing number of health-conscious consumers are the key factors driving the demand for herbal supplements. Horehound, Yohimbe, cranberry, black cohosh, senna, cinnamon, and flaxseed are some of the key herbal dietary supplements that have gained a higher level of traction over the past couple of years. Herbal and traditional dietary supplements have seen remarkably similar growth as a broader category in recent years.
The tablet segment, by mode of application is projected to account for the fastest growth during the forecast period.
The dietary supplements market, by mode of application, is segmented into tablets, capsules, liquids, powders, soft gels, and gel caps. Tablets account for the larger value share of the market mainly due to their high convenience, which has ensured a strong consumer preference for tablet formats. However, the demand for beverage formats, such as shakes and green tea, has grown significantly, especially among health enthusiasts, due to the perception that such products support endurance and enhance physical performance. As a result, the liquids segment is expected to witness a higher growth rate in terms of value sales during the forecast period.
The additional supplement segment is estimated to account for the largest market share in the Dietary Supplement market during the forecast period.
On the basis of function, the dietary supplement market is segmented into additional supplements, medicinal supplements, and sports nutrition supplements. The additional supplements segment accounted for the largest market share in 2021. This is attributed to the high popularity of specialty supplements such as vitamins and minerals. The sports nutrition supplements segment, on the other hand, is projected to witness high growth during the forecast period owing to the growing focus on athletic performance.
The adult segment, by target consumer is estimated to account for the fastest market growth in the Dietary Supplements market during the forecast period.
By target consumer, the dietary supplement market is segmented into infants, children, adults, pregnant women, and the elderly. The adults segment accounted for the largest share of the market in 2021. Rising instances of vitamin deficiency and growing awareness about the health benefits of dietary supplements are driving the growth of the adults segment.
North America is projected to account for the largest share in the Dietary Supplements market during the forecast period.
North America is projected to be the largest market during the forecast period. This is attributed to the widespread consumption of food and nutritional supplements in the US and Canada. The market for dietary supplements in the Asia Pacific is projected to register the highest growth during the forecast period. This is attributed to the growing popularity of functional and fortified foods in the region. The global market is rapidly growing in South Asian countries such as Vietnam, owing to the increased consumption of multivitamins and minerals. The growing geriatric population in the region is also a major factor driving the growth of the market.
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The key players in dietary supplements market includes Amway Corp (US), Herbalife International of America, INC. (US), ADM (US), Pfizer INC (US), Abbott (US), Nestle (Switzerland), Otsuka Holding Co, LTD (Japan), H&H Group (China), Arkopharma (France), Bayer AG (Germany), Glanbia Plc (Ireland), Nature's Sunshine Products Inc (US), Fancl Corporation (Japan), Danisco (Denmark), Bionova (India), American Health (US), Pure Encapsulations LLC (US), GlaxoSmithKline, PLC (UK). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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