Dietary Supplements Market Size, Share & COVID-19 Impact Analysis, By Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, and Others), Form (Tablets, Capsules, Liquids, and Powders), and Regional Forecasts, 2020 - 2027

The global dietary supplements market size was valued at USD 48.22 billion in 2019 and is projected to reach USD 117.92 billion by 2027, exhibiting a CAGR of 9.8% during the forecast period (2020-2027).

Dietary supplements are defined as products that contain at least one dietary ingredient within them and can be consumed orally. The global market is driven by the rising popularity of sports-based and athletic performance enhancement supplements. The emerging consumer needs of addressing daily requirements of micronutrients in the body and increased consumer spending on health & wellness products are expected to fuel the demand for these supplements.

Furthermore, initiatives taken by several governments to support the production of herbal supplements is expected to positively impact dietary supplements market growth. For instance, in July 2020, the Indian government announced an economic stimulus package under the Atmanirbhar Bharat Abhiyan and has allocated USD 535 million to the herbal sector for the promotion of herbal cultivation.

COVID-19 Outbreak Surges the Demand for Immunity Boosting Dietary Supplement Products

The sudden outbreak of the coronavirus pandemic is having a positive impact on market growth. The long-term ramifications are still hard to forecast, as the global economy is struggling with this pandemic situation and it can impact the global trade and supply chain of these products. However, the high demand for human dietary supplements in developed as well as developing regions, since they provide a strong immune function and reduce the health threat possibility is expected to positively leverage the product growth throughout the forecast period.

Owing to the current pandemic situation and the increasing threat of COVID infection, the consumers are inclined towards immunity-boosting products and supplements. This can serve as an opportunity for this type of supplement manufacturers. Moreover, the availability of a wide range of dietary supplements across e-commerce platforms and the cost-effectiveness of basic product varieties such as minerals and vitamin supplements are contributing to boost the market size.

LATEST TRENDS

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Rising Demand for Personalized Supplements to Augment Market Growth

Rising awareness about the concept of personalized or tailor-made nutritional products and these supplements has ignited the interest of consumers across different parts of the globe and is impacting the market growth positively. Technological advancements and increased investment in research & development of nutraceuticals and supplement products are expected to further boost the market growth in the upcoming years. For instance, in January 2019, Nestle S.A. opened its first R&D center in Ireland with an investment of USD 31.46 million. The new R&D center will focus on scientific research to support novelties in the development of infant nutrition products and milk-based materials for the global market.

DRIVING FACTORS

Increasing Focus on Healthy Food Consumption to Favor Growth

With the increasing prevalence of lifestyle-related diseases and the increasing geriatric population, the consumers are more inclined towards health benefitting products such as food supplements, which is expected to drive the global market. Increasing innovation by key as well as small market players operating in the dietary supplements industry is further augmenting the growth of the market at the global level. For instance, in March 2018, The GHT companies announced the launch of new product line of 100% vegan supplements. The new products are manufactured to meet the increasing demand for animal-free plant-based products that aid in weight management.

Growing Focus on Quality Supplements Production to Spur Demand

The various initiatives taken by regulatory authorities such as the Food and Drug Administration of the United States (USFDA) to ensure only high-quality and safe dietary supplements are sold in the market is promoting the use of the dietary supplements among consumers. Furthermore, increasing usage of clean-labeled, safe, and organic ingredients in the production of food supplements is projected to enhance the market demand for these products during the forecast years.

Another growth-promoting factor for this market is the increasing interest of people in sports and bodybuilding. Athletes and sportspersons are becoming increasingly interested in sports nutrition products and supplements to enhance their endurance and boost their performance. The inclination towards sports nutrition products and vitamin supplements for its endurance enhancement and performance-enhancing factors will bode well for the market in the forthcoming years.

RESTRAINING FACTORS

High Price of the Dietary Supplements to Restrain the Market Growth

The increasing price of regular dietary supplements and the high price of premiumized supplements are expected to restrain market growth. The rising consumer inclination towards organic products and the limited availability of organic supplements can further hamper product growth. However, their manufacturers are embarking on technological advancement to minimize the production cost of the product.

SEGMENTATION

By Type Analysis

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Vitamin Supplements to Lead the Global Marketplace

Among various types of dietary supplements, vitamins are the widely consumed supplements across the globe, followed by minerals, and proteins. In many developed and developing economies, the deficiency of vital vitamins such as Vitamin A, B, C, and E among the population is becoming very common, and hence to fulfill the required daily dose of vitamin, consumers are highly inclined towards vitamin supplements.

In pregnant women, the elderly, and in some adults, lack of certain minerals can lead to serious health diseases due to which the demand for mineral dietary supplements is increasing rapidly among the aforementioned population group. The protein supplements are expected to witness high demand in the forthcoming years owing to the rising consumer inclination towards weight management, bodybuilding, and endurance.

By Form Analysis

Tablet Form of Supplements to Hold a Prominent Share in the Market

Globally, the tablet form is the leading form in the global dietary supplements market, followed by capsules. High affordability, convenient packaging, and higher shelf-life of tablet and capsule supplements are some of the crucial reasons behind their high demand in the global market. The dosage is well-defined in capsules and tablets form, and hence they are preferred over liquid and other available forms. Furthermore, the surging demand for protein supplements is predicted to create a massive scope of growth for powder supplements, as most of the protein supplements available in the market are present in the powder form.

REGIONAL INSIGHTS

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Increasing Health-consciousness in Asia-Pacific to Promote Growth

The Asia Pacific global market will register the fastest compound annual growth rate of 10.3% during 2020-2027 owing to the increasing health-consciousness among consumers, which is motivating them to adopt health-enhancing supplement products in their daily life. The demand for nutritional supplements is increasing at a rapid pace in highly populated countries of the region, such as China and India. The rising awareness about the concept of personalized nutrition is predicted to enhance the consumer-base for food supplements within the region.

The dietary supplement products in North America are witnessing a surge in demand on account of the rising prevalence of lifestyle diseases such as obesity, diabetes, and others. The increasing aging population, hectic lifestyle, and positive attitude towards preventive healthcare measures are some of the factors that are fueling the market across the region.

In the United States, the adoption of food supplements is incredibly high due to higher emphasis on wellness and the significant presence of fitness enthusiasts who are willing to purchase health benefits products. Moreover, to ensure only high quality and safe dietary supplements are available in the U.S. marketplace, regulatory attention to the commercialization of these products has been enhanced in recent years.

KEY INDUSTRY PLAYERS

Industry Players Focus on Expanding Their Product Portfolio

Earlier, the human dietary supplements product portfolio was less diversified, but with the change in time and increase in product demand, the market players such as Amway, Abbott, and others have started diversifying their product portfolio.

Nutrition and healthcare product giant Amway Corp is focusing on product innovation, adoption of effective sales and marketing strategies, and collaboration with other small and relevant market players, to increase its significance in the global marketplace. For instance, in July 2019, Amway India announced the launch of the calcium supplement “Nutrilite Cal Mag D Plus” in the country. The supplement is designed to support bone health by offering required nutrients such as zinc, magnesium, and manganese to the body. In December 2019, Amway India expanded its popular Nutrilite Traditional Herbs range with the launch of Shauntiz & Tweak, Mulethi & Surasa, Nutrilite Madhunashini, and Nutrilite Vasaka. The products support healthy glucose metabolism, glucose health, and normal pancreatic function.

LIST OF KEY COMPANIES PROFILED:

• Amway Corp (Michigan, United States)


• Abbott (illinois, United States)


• Nestle S.A. (Vevey, Switzerland)


• Herbalife Nutrition Ltd. (California, United States)


• Archer Daniels Midland Company (lllinois, United States)


• Glanbia Nutritionals (lllinois, United States


• Otsuka Holdings Co. Ltd. (Tokyo, Japan)


• Arkopharma (Carros, France)


• Pfizer Inc. (New York, United States)


• GlaxoSmithKline plc (Brentford, United Kingdom)

KEY INDUSTRY DEVELOPMENTS:

• In July 2021 – MuscleBlaze launched a special range of supplements for athletes and fitness freaks by improving its best-selling supplements range Fuel-One Whey by adding Creatine Monohydrate – which aims to enhance volume gains and maximize post-workout muscle recovery. The brand also launched MB pre-workout 200 protein powder that helps in handling intense sweat sessions.


• In June 2021 – Swisse Wellness PTY Ltd. an Australian nutrition and beauty brand expanded its presence in India by introducing its nutrition product portfolio including an immunity-boosting range, multivitamins targeted to age and gender, multivitamins for kids, and others.


• In June 2021 – Cipla Ltd., under its flagship brand, Maxirich introduced two new supplements - Maxirich Vitamin C+ Zinc Chewable Tablets and Maxirich Gold Advanced Daily Supplement, in India to expand its immunity building product offering range.


• In April 2021 – Hologram Sciences, Inc. backed by the USD 100 million investment by Royal DSM announced the launch of its direct-to-consumer brand d.velop™, an advanced Vitamin D supplement that offers holistic immunity solutions and that helps achieve 3 times faster optimal levels than the conventional Vitamin D supplements.


• In April 2021 – Unilever plc signed an agreement to acquire Onnit, a U.S.-based wellness and lifestyle company. Onnit’s product range comprises brain supplements (nootropic), functional nutrition, fitness solutions, etc. By this acquisition, the company aims at expanding and strengthening its growing portfolio of innovative health and wellness supplements.

REPORT COVERAGE 

An Infographic Representation of Dietary Supplements Market

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The report provides qualitative and quantitative insights on this market and detailed analysis of market size and growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of the key market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry analysis and developments such as mergers & acquisitions, the regulatory scenario in key countries, and key dietary supplements market industry trends.

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