Dietary Supplements Market Drivers, Restraints, Opportunities & Challenges

The global dietary supplements market size was valued at USD 136.2 billion in 2020 and projected to reach USD 204.7 billion by 2026, recording a CAGR of 7.0% during the forecast period.

The market for dietary supplements is increasingly driven by shifting consumer preferences, rising health awareness, growing geriatric population, and adoption of a healthy diet. The convergence of major industry trends is giving rise to new opportunities for key players in the industry. Changing lifestyles and dietary habits is one of the major factors driving the demand for dietary supplements. The growing positive outlook towards sports nutrition would also positively impact the dietary supplements market.

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Drivers: Aging population to drive the market growth

Consumers across regions have become more health-conscious, which is driving the growth of the dietary supplements market. The aging population of some countries, such as Japan, Italy, Portugal, and Germany, is another key factor that is projected to drive the overall market.

The elderly population is focusing on adapting to nutritional supplements specifically tailored to their needs to maintain their good health and quality of life. The process of aging results in various changes in an individual, including psychological, physiological, and social, which affects their dietary and food choices. ging population increasingly relies on habitual food choices and tailored dietary consumption patterns. The rising aging population in some countries, over the years, has increased the demand for developing age-friendly food alternatives with enhanced nutritional value to support their overall health, which has led to an increased demand for dietary supplements that further support the market growth. With increasing bone health and mobility concerns, consumers have become more aware of healthy aging and disease prevention. Thus, there is an increased demand for supplemental nutrition solutions that align with the nutritional needs of aging consumers.

Restraints: High cost of dietary supplements

Science and technology are helping people identify foods that will help people manage their weight and overall health. Dietary supplements involve significantly high costs, which could act as a restraint for the growth of the dietary supplements market. Few players, such as Amway, offer supplements under the brand Nutrilite, which is significantly expensive. Dietary supplements also involve the high cost of research and customization. These supplements being less economic might restrict the growth of the market, particularly in price-sensitive countries such as South Africa and India. Asian countries are yet to adapt to the growing trend of nutrition-specific supplements.

With the increasing concerns of poor health and changes in lifestyle, consumers have shifted to dietary supplements to build their core strength and for biological benefits. Although these dietary supplements are comparatively less economical, which, in turn, is projected to restrict the market growth.

Opportunities: Shift toward plant-based supplements

The market for plant protein ingredients is growing at a high rate; consumers are drifting away from animal proteins to plant-based protein. This is highly likely to shift consumers towards plant-based herbal supplements and botanicals, further creating opportunities for the growth of herbal supplements in the dietary supplements market. The demand for clean-label products, concerns about sustainability, and a dire need to avoid allergens are some of the major factors responsible for shifting consumer preferences towards botanical extracts. The target population for these herbal supplements is expanding from vegan to flexitarians, further indication shifting consumer preferences.

Challenges: Consumer skepticism associated with nutraceutical products

Although nutraceutical products such as nutritional supplements have witnessed a high demand in recent years, a majority of the population is skeptical about the consumption of nutraceutical products, particularly dietary supplement products. Also, the increase in unawareness among rural and semi-urban consumers about dietary supplements and the lack of education regarding the same discourages key players from investing. This population contributes to a major share of the non-dietary supplement consuming population in the developing and non-developing countries. Also, consumers perceive dietary supplements as medical drugs and are apprehensive to incorporate the same in their daily dietary lifestyles. Due to these factors, some manufacturers are focusing on developing different formulations of supplements, such as gummies, soft chews, and others, to mitigate the fear of consuming tablets and capsules as nutraceuticals. However, these formulations are still in the early stage of entering the global market, whereas tablets and capsules in the nutraceutical market already have a majority share, which is challenging to the growth of the dietary supplements market.

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Key players in this market include Amway (US), Herbalife Nutrition (US), ADM (US), Pfizer (US), Abbott Laboratories (US), Arkopharma Laboratories (France), Bayer (Germany), Glanbia (Ireland), Nature’s Sunshine Products (US), FANCL (Japan), Danisco (Denmark), Bionova Lifesciences (India), XanGo (US), Ekomir (Russia), American Health (US), Pure Encapsulations (US), UST Manufacturing (US), Capstone Nutrition (US), Anona GmBH (Germany), Plantafood Medical GmBH (Germany), Carlyle Group (US), Bio-Botanica Inc. (US), GlaxoSmithKline (UK), Nu Skin Enterprises (US), and Nutraceutics (US).

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