Dietary Supplements Market is Estimated to Witness High Growth Owing to Increasing Health Consciousness

The global dietary supplements market is estimated to be valued at USD 181.07 Bn in 2024 and is expected to reach USD 312.33 bn(CAGR) of 8.1% from 2024 to 2031.

BURLINGAME, CALIFORNIA, UNITED STATES, May 22, 2024 /EINPresswire.com/ -- Market Overview:

Dietary supplements include vitamins, minerals, herbal supplements, meal supplements and others which are consumed to enhance nutritional value through oral ingestion. Dietary supplements are widely used for health benefits such as weight management, joint care, bone & heart health, digestive health and others.

Market Dynamics:

The dietary supplements market is expected to witness significant growth over the forecast period owing to growing health consciousness among consumers and rising prevalence of lifestyle diseases. Consumers are increasingly adopting dietary supplements to complement their regular diet in order to meet recommended dietary allowance of essential nutrients. In addition, growingGeriatric population is alsoincreasing demand for supplemental nutrition for bone and joint health. Moreover, increasing promotional activities bykey players through various marketing strategies is also fueling market growth. However, stringent regulationsfor new products and misleading labels may hinder the market growth.

Increased focus on health and wellness is a major driver for dietary supplements market

With the hectic lifestyle and busy schedules, people are becoming more aware of maintaining health and wellness. There is an increased focus on living a physically and mentally healthy life. More and more customers are proactively taking dietary supplements to fulfill their nutrient requirements and stay fit and healthy. Supplements containing vitamins, minerals, herbs, probiotics etc. are being consumed to boost energy levels, immunity, joint health and overall wellbeing. The nutritional supplement industry is benefiting hugely from this increased demand for products that promote health, vitality and prevent diseases. Various studies have shown that regular intake of certain supplements can reduce risks of chronic conditions like heart disease, diabetes etc. The benefits of supplementation are widely accepted and communicated which is driving more people towards these products.

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Key Players Covered In This Report:

Archer Daniels Midland Company, Abbott Laboratories, Amway Corporation, Bayer AG, Glanbia plc, Herbalife Nutrition Ltd., GlaxoSmithKline plc, Nestlé S.A., Pfizer Inc., DSM Nutritional Products AG, Nature's Bounty Co., Otsuka Holdings Co., Ltd., Pharmavite LLC, GNC Holdings Inc., Suntory Holdings Limited, The Himalaya Drug Company, The Nature's Way Co., XanGo, LLC, USANA Health Sciences, Inc., and NOW Foods

Market Segmentation

By Ingredient:

Vitamins
Botanicals
Minerals
Protein & Amino Acids
Fibers & Specialty Carbohydrates
Omega Fatty Acids
Others

By Form:

Tablets
Powders
Liquids
Others

By Application:

Weight Loss
Sports Nutrition
General Wellbeing
Immune and Digestive Health
Bone and Joint Health
Heart Health
Others (Beauty Supplements, Anti-Allergies, and Eye Health, etc.)

By End User:

Men
Women
Senior Citizens
Others (Kids and Toddlers)

By Distribution Channel:

Online
Offline
Hypermarkets/Supermarkets
Pharmacies/Drugstores
Specialty Stores
Practitioners
Others

Key Region/Countries are Classified as Follows:

The following section of the report offers valuable insights into different regions and the key players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.

The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in a particular region.

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ Latin America (Brazil, Argentina, Colombia,.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Rising health consciousness and preventive healthcare approach

Along with focusing on current health, people are also adopting a preventive healthcare approach. There is a rising understanding that maintaining optimal nutrient levels through regular supplementation can reduce risks of many diseases in the long run. Many lifestyle driven diseases are on the rise owing to poor diets, lack of physical activity, increased stress etc. Customers want solutions that can counter effects of unhealthy modern lifestyles and aging. The preventive healthcare mindset is driving the demand for high-quality supplements containing scientifically validated ingredients that promote longevity and overall wellness. Supplement makers are able to tap into this demand by launching products targeted at specific health conditions and backed by clinical research.

High cost of medical treatments influences growth of preventive supplements market

A major restrain for the dietary supplements market is the high costs associated with medical treatments and rising healthcare expenditures. Today, medical costs for many diseases have skyrocketed. This financial burden is influencing people to take their health more seriously and proactively manage nutrition through supplements. Customers understand that supplements consumed regularly as a part of lifestyle can reduce disease risks in the long run lowering overall medical costs. While supplements require financial investment from the user on ongoing basis, they are still much more affordable compared to costs of treatments for many lifestyle diseases. This economic factor is making preventive supplementation more attractive and inevitable for health-conscious individuals and families.

E-commerce becoming popular sales platform

A huge opportunity for the dietary supplements industry is the growth of online retail and e-commerce platforms. In the past,supplements were primarily sold through pharmacy shops, health stores and specialty retailers.However, e-commerce websites and apps are fast emerging as a convenient way for people to research, choose from a wider assortment and order supplements directly to their homes. Leading e-commerce players have started dedicating separate storefronts and categories for dietary supplements.This allows supplement brands to achieve greater visibility and connect with a wider audience beyond geographic limitations of physical stores. Online retailing offers a cost-effective way to expand market reach as well as customized shopping experience through personalized recommendations,reviews, subscription options etc. The rise of digital commerce is a major new opportunity for growth of dietary supplements industry.

Increased sales of sports and performance nutrition supplements

Growing popularity of fitness culture, sports activities, marathon running etc. have led to rising sales of specialized sports supplements segment within the overall dietary supplements industry. There is increasing demand for products like pre-workout formulas, protein powders, joint care supplements,recovery aids etc. meant to enhance workout performance and support muscle building goals. Even the recreational health-conscious consumer is opting for daily supplements focused on energy, endurance, muscle gain to complement regular exercise regime. Sports nutrition supplements allow people to maximize their workout routine and see faster progress towards their fitness objectives. Formulation of supplements targeting different athletic categories like bodybuilding,crossfit,MMA etc. tailored for varying nutritional needs is the ongoing trend. Sports segment is evolving as a major driver of future growth in dietary supplements market.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Dietary supplements Market ?
➥ What current trends will influence the market over the next few years?
➥ What are the market’s opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

Mr. Shah
Coherent Market Insights Pvt. Ltd.
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