Dietary Supplements Market Business Opportunities Set for Rapid Growth by 2028 | At a CAGR of 5.9%

According to The Insight Partners research, global Dietary Supplements market was assessed at US$ 214,165.30 million Dietary Supplements in 2021 and is anticipated to be worth US$ 319,085.34 million by 2028 Dietary Supplements, expanding at 5.9% CAGR throughout. The report provides an exhaustive overview of the key factors contributing to this growth. Proceeding further, the report also focusses on challenges that are likely to hinder revenue generation over the forecast timeframe and includes measures to subdue their impact.

Anona GmbH; Abbott; Amway Corp.; Bayer AG; Arkopharma; Bionova; Pfizer Inc.; Otsuka Holdings Co., Ltd.; GlaxoSmithKline plc.; and The Bountiful Company are among the key players operating in the dietary supplements market. These players are adopting product innovation and new product development strategies to acquire potential consumer groups across the world.

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Dietary supplements contain various nutrients, such as vitamins, minerals, proteins, amino acids, and probiotics. Many people use these supplements to lead a healthy lifestyle. Dietary supplements are generally available in different forms such as tablets, capsules and softgels, and powders. Rising concern related to health and fitness amongst the people, especially in young population group, is one of the key factors driving the market growth. Moreover, growing traction for sports and recreational activities and rising awareness related to the advantages of consuming dietary supplements are also propelling the growth of the global dietary supplements market.

Market Insights

Increasing Healthcare Expenditure

The increasing geriatric population improved medical facilities, rising obesity cases, and the surging number of insured people has resulted in an upswing in healthcare expenditure. According to a study conducted by the United Nations, the number of elderly people is expected to increase to 1.5 billion by 2050. Globally, the proportion of individuals aged 65 and above climbed from 6% in 1990 to 9% in 2019. In 2019, 703 million people were aged 65 and above across the world. Healthcare expenses are increasing at a rate of around 4.5% every year, according to a study conducted by the United Nations. The healthcare spending in the US climbed by 4.6% in 2019 to US$3.8 trillion, or US$11,582 per person. Thus, a significant rise in healthcare expenditure has enforced people to look for health supplements to keep themselves fit and fine, creating new opportunities for the global dietary supplements market.

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Type Insights
Based on type, the dietary supplements market is segmented into vitamins, minerals, proteins and amino acids, probiotics, blends, and others. In 2020, the vitamins segment accounted for the largest revenue share of the global dietary supplements market, whereas the probiotics segment is expected to register the highest CAGR in the dietary supplements market during the forecast period. Vitamins play an essential role in the development and appropriate functioning of the body. The rising importance of vitamin supplements amongst people to fulfil daily nutritional requirements is propelling the market growth for the segment.

Dietary Supplements Market - by Type
Vitamins
Minerals
Proteins and Amino Acids
Probiotics
Blends
Others

Dietary Supplements Market - by Form
Tablets
Capsules & Softgels
Powders
Others

Dietary Supplements Market - by Distribution Channel
Supermarkets and Hypermarkets
Specialty Stores
Online Retail
Others

Report Spotlights:

• Progressive industry trends in the dietary supplements market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the dietary supplements market from 2019 to 2028
• Estimation of global demand for dietary supplements
• Porter's five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook as well as factors driving and restraining the growth of the dietary supplements market
• Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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