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The global dietary supplements market size is predicted to exhibit astonishing growth by reaching USD 128.64 billion by 2028. Fortune Business InsightsTM in its report titled “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, 2021-2028”, observes that the market size stood at USD 61.20 billion in 2020 and is expected to register a CAGR of 8.68% between 2021 and 2028. The market is also predicted to reach USD 71.81 billion in 2021.The escalating demand for personalized supplements and the rising emphasis on quality supplements are predicted to foster market growth.
Evonik’s New Anthocyanin Food Supplement to Incite Development
In June 2020, Evonik, Germany, launched Medox, an anthocyanin food supplement to support blood vessels’ health. The supplement includes highly concentrated plant pigments from Scandinavian blackcurrants and bilberries. The product is widely available at online and offline pharmacies across Germany. The plant extracts from the Scandinavian blackcurrants and bilberries have antioxidant properties that enhance blood circulation. The company aims to cater to the aging population and provide sustainable & healthy nutrition globally.
Rising Emphasis on Quality Supplement Production to Fuel Market Growth
The growing emphasis on preventive healthcare measures shall aid market growth. The rising consumer consciousness towards preventive healthcare measures due to the escalating prevalence of lifestyle and age-related diseases is likely to boost the global market growth. The rising use of organic, clean-labeled, and safe ingredients in food supplement production is likely to favor the market growth. The rising emphasis on the production of quality supplements is likely to amplify the global dietary supplements market growth. Additionally, the rising preference of sportspersons for food supplements to enhance endurance and performance is projected to complement the global market growth.
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Market Players Adopt Ingenious Strategies to Amplify Market Presence
The major market players emphasize diversifying their product portfolios by launching innovative products. They adopt collaborations, product innovation, new product launches, partnerships, acquisitions, mergers, and other growth strategies to augment their consumer bases and market presence. For instance, GNC partnered with Renmintongtai, a Harbin Pharmaceutical Group’s pharmacy chain, in January 2020. The company also unveiled four ‘blue hat’ products.
List of Key Players in the Global Dietary Supplements Market:
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Table of Segmentation:
Value (USD Billion)