Dietary Supplements Market Poised to grow at a Robust Pace Due to Advancements in Nutrigenomics
The dietary supplements market is a multibillion-dollar industry that involves the manufacturing and distribution of vitamins, minerals, herbal supplements, meal supplements, sports nutrition products, and other similar products. Dietary supplements help improve overall health and provide additional nutrition. They are used to supplement the diet when certain nutrients may be lacking or to reduce the risks of potential health issues. The Global Dietary Supplements Market is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. These major players are focusing on expanding their regional presence and launching new products through mergers and acquisitions.
The dietary supplements market offers numerous growth opportunities owing to the increasing health consciousness among consumers and rising incidence of lifestyle diseases. The market players are investing heavily in research & development activities centered around nutrigenomics to develop more effective targeted supplements.
With advancements in nutrient-gene interaction research through nutrigenomics, dietary supplements are becoming more personalized to individual needs and health conditions. This has accelerated the demand for supplements containing herbal extracts and botanical ingredients with therapeutic properties.
Market Drivers
The global dietary supplements market is primarily driven by the growing elderly population, increasing prevalence of chronic diseases, rising awareness about the health benefits of dietary supplements, and favorable regulatory framework regarding supplement products. Nutrigenomics is enabling the development of clinically-proven, gene-targeted supplements which has boosted consumer confidence in their efficacy. The dynamic lifestyle has led to increased nutritional gaps that individuals try to cover through regular intake of dietary supplements.
Current Challenges in Dietary Supplements Market
The dietary supplements market is facing challenges related to quality and standardization of products. There is a lack of regulation and quality control for supplements in many countries which allows substandard products to be sold. This erodes customer trust and confidence in the market. Another key challenge is misleading marketing and advertising practices by some players. Overstating product benefits without sufficient scientific evidence can lead to legal issues. Evolving consumer preferences also pose a test as people demand more natural, organic and sustainable products. Supply chain disruptions due to the pandemic have also impacted availability and margins.
SWOT Analysis
Strength: Wide product portfolio and growing customer base due to increased health consciousness. Weakness: Counterfeit products, lack of scientific validation for certain claims. Opportunity: Emerging markets in Asia Pacific and Latin America, customized products. Threats: Stringent regulations, substitute products like functional foods.
Geographical Regions
North America accounts for the largest share currently due to higher consumer awareness and disposable incomes. The USA dominates the regional market. Europe is second due to trend of preventive healthcare and availability of high-quality supplements. China, India and Brazil offer high growth potential as middle class population expands rapidly in these emerging economies.
Fastest Growing Region
The Asia Pacific region excluding Japan presents immense growth opportunities for the dietary supplements market. Rising lifestyle diseases, growing health and wellness trend coupled with economic development are major drivers. Counties like China, India and Thailand are projected to witness strong double digit growth between 2024-2031. Increasing exporter interest and availability of traditional Asian herbal formulations will support the market in this region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
