The global Dietary Supplements Market is estimated to be valued at US$ 160.6 Bn or Mn in 2022 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dietary supplements contain vitamins, minerals, herbs and other ingredients intended to supplement the diet. Dietary supplements help fulfill the nutrition gaps in regular diet and provide additional health benefits. The increasing health awareness and preventive healthcare approach have boosted the demand for dietary supplements globally.
Market key trends:
The rise of the aging population has been a key driver of growth in the dietary supplements industry. Older individuals often have specific nutritional needs and seek dietary supplements to promote general wellness, mobility, cognition and prevent age-related diseases. The number of Americans over 65 is expected to almost double from 2012 to 2050 and this demographic accounts for a large portion of dietary supplement spending. The industry continues to target products for the needs of seniors through formulations focused on bone, heart, brain and joint health.
Segment Analysis
The global dietary supplements market is segmented by product type into vitamins, minerals, botanicals, probiotics, protein & amino acids, fatty acids, and others. Among these, the vitamins segment dominates the market and accounted for more than 30% share of the global dietary supplements market in 2021. Vitamins such as vitamin B, vitamin C, vitamin D, and multivitamins are widely used across the world. The high demand for vitamins is attributed to increasing awareness regarding health and wellness.
Key Takeaways
The Global Dietary Supplements Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the bb due to increasing health consciousness among consumers globally.
The North American region dominated the global dietary supplements market in 2021 and accounted for over 40% market share. Growing obese and diabetic patient population in the US and Canada is driving the demand for dietary supplements in the region.
The European region is expected to grow at a fastest pace during the forecast period due to rising expenditure on healthcare and fitness in countries like Germany, UK, and France.
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 players are focusing on new product launches and partnerships to strengthen their market position. For instance, in 2021, Amway partnered with NBA star Dwight Howard to launch new nutrition portfolio.
Read more: https://www.rapidwebwire.com/dietary-supplements-market-insights-trends/
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