According to Future Market Insights (FMI), the global Dietary Supplement Market is set for substantial growth, with projections indicating a steady Compound Annual Growth Rate (CAGR) of 9.5% from 2024 to 2034. By the end of 2024, the market is expected to reach a valuation of US$ 74.3 billion, paving the way for unprecedented expansion in the years ahead.
The dietary supplement market is witnessing a surge in demand driven by various factors, including the increasing focus on health and wellness, growing awareness of nutritional deficiencies, and the rise of specialized supplements targeting specific consumer needs. Key trends such as the demand for probiotics, sports nutrition supplements, and natural health supplements are reshaping the market landscape.
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Key Points:
- The global dietary supplement market is projected to exhibit robust growth, propelled by the rising demand for innovative products catering to diverse consumer needs.
- Key trends shaping the market include the emphasis on digestive health, sports nutrition, and the emergence of female-focused health supplements, driven by changing consumer preferences and lifestyle choices.
- A unique selling proposition of the dietary supplement market lies in its ability to address specific nutritional needs through a wide range of products tailored to individual requirements, offering personalized solutions for consumers.
- The growing geriatric population and increasing consumer awareness of the importance of preventive healthcare are significant factors driving the demand for dietary supplements, presenting lucrative opportunities for investors.
Key Takeaways from the Dietary Supplement Market Report
- The global dietary supplement market is expected to reach a valuation of US$ 170.1 billion by 2034.
- Global demand for dietary supplements will likely soar at a 9.5% CAGR over the forecast period.
- Based on form, the soft gel (capsule) segment is anticipated to expand significantly by generating a share of 35.8% in 2024.
- Australia’s dietary supplement industry will likely expand at a steady CAGR of 8.4% from 2024 to 2034.
- China is expected to showcase a considerable CAGR of around 7.8% in the evaluation period.
“Sales of nutritional, herbal, and vitamin supplements have increased significantly. Along with the established enterprises, a number of new ones have entered this industry in tandem with this increase. These producers are all actively looking for new ways to reach large consumer bases,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Who is winning?
Following key dietary supplement manufacturers listed in the report:
- BASF SE
- Abbott Laboratories
- Bayer AG
- Glanbia Plc
- Royal DSM N.V.
- Now Health Group, Inc.
- Herbalife International
- Amway Corp.
- ADM
- Arkopharma
- GlaxoSmithKline plc
- Nu Skin Enterprises, Inc.
- Ayanda
- Other
The dairy supplement market is characterized by intense competition among key players. They are vying for high market shares through innovations in product formulations, marketing strategies, and expanding product portfolios.
They aim to meet the growing demand for nutritional enhancements and functional dairy-based products. Competitive assessments in this market emphasize continual research & development, quality control, and strategic collaborations to capture consumer attention amid evolving health trends and preferences.
For instance,
- BioAdaptives Inc., a well-known producer and distributor of cutting-edge, sustainable dietary supplements, announced the opening of a dedicated research and development Food Lab in January 2024. Its goal is to provide healthy powder goods and snacks that can be fed to both people and animals.
- In December 2023, O Positiv, a well-known supplement brand, increased its reach by launching its goods on Target.com and in over 250 Target locations nationwide. The company introduced FLO PMS Capsules & Gummies, MENO Menopause Capsules & Gummies, and URO Vaginal Probiotic Capsules.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global dietary supplement market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the dietary supplement market based on form (soft gel (capsule), gummies, powders, liquid, bars, and others), ingredients (vitamins, minerals, botanical supplements, amino acid, and others), sales channel (store-based retailing and online retailing), application (weight management, immune & digestive health, general health, heart health, sports nutrition, brain/mental health, bone & joint health, and others), and regions.
