Dietary supplements are oral products that contain at least one dietary ingredient. The global market is being propelled by the growing demand for sports and performance-enhancing supplements. There is an increasing consumer focus on meeting daily micronutrient needs and a rise in spending on health and wellness products, which is driving the food supplements market. Additionally, government initiatives to promote the production of herbal supplements are anticipated to have a positive impact on market expansion.
According to SPER market research, ‘Dietary Supplements Market Size- By Product Type, By Ingredient, By Form, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Dietary Supplements Market is predicted to reach USD 289.60 billion by 2033 with a CAGR of 7.2%.
The Global Dietary Supplements market has experienced significant growth in recent years due to several driving factors. The global market for dietary supplements is being driven by the increasing prevalence of age and lifestyle-related diseases, leading consumers to seek preventive healthcare measures. This inclination towards health-benefitting products like food additives is fueling market growth. Key and small players in the industry are also contributing to growth through innovation. Additionally, the use of clean-labeled, safe, and organic ingredients in food additives production is expected to boost market demand. The growing interest in sports and bodybuilding is also driving the market as athletes and sports enthusiasts seek sports nutrition products and vitamin supplements to enhance their endurance and performance. This trend towards sports nutrition and performance enhancement will positively impact the market in the coming years.
However, The growth of the dietary supplements market may be hindered by two factors: the increasing cost of regular supplements and the high price of premiumized supplements. This can pose a challenge as consumers may be deterred by the higher prices. Additionally, the market may face obstacles due to the rising consumer preference for organic products and the limited availability of organic supplements. However, supplement manufacturers are actively pursuing technological advancements to reduce production costs, aiming to make their products more affordable and accessible to consumers. These efforts are geared towards addressing the price concerns and ensuring a wider market reach for dietary supplements.
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The global market for dietary supplements has been significantly impacted by the COVID-19 epidemic. On the one hand, as people prioritise their health during the epidemic, there has been an upsurge in demand for supplements that boost immune health and general wellbeing. However, the sector has also had to deal with difficulties like supply chain disruptions, manufacturing delays, and modifications in customer buying habits. Consumer buying habits have also been impacted by the economic concerns brought on by the pandemic. The long-term effects, however, are still not fully recognised as the situation changes and the market adjusts to the new dynamics of the post-pandemic environment.
Geographically, Asia Pacific dominates the dietary supplements industry with the largest market share due to the growing consumer base in countries like India, China, and South Korea. The region is projected to witness significant growth due to increasing expenditure on health-enhancing products. North America is another key market driven by a developed health and wellness industry, consumer buying power, and the rising demand for dietary supplements for overall health. Additionally, some of the market key players are Abbott, Amway,
Nature's Sunshine Products Inc., Nestle, NU SKIN, Pfizer Inc., Others.
Dietary Supplements Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type: Based on the Product Type, Global Dietary Supplements Market is segmented as; OTC, Prescribed.
By Ingredient: Based on the Ingredient, Global Dietary Supplements Market is segmented as; Botanicals, Fibers & Specialty Carbohydrates, Minerals, Omega Fatty Acids, Proteins & Amino Acids, Vitamins, Others.
By Form: Based on the Form, Global Dietary Supplements Market is segmented as; Capsules, Gummies, Liquids, Powders, Soft Gels, Tablets, Others.
By Application: Based on the Application, Global Dietary Supplements Market is segmented as; Anti-aging, Anti-cancer, Bone & Joint Health, Brain/Mental Health, Cardiac Health, Diabetes, Energy & Weight Management, Gastrointestinal Health, General Health, Immunity, Insomnia, Lungs Detox/Cleanse, Menopause, Prenatal Health, Sexual Health, Skin/Hair/Nails, Others.
By Region: This research also includes data for Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America.
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Nutritional Supplements Market Size
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