Dietary Supplements Market To Reach $288.5 Billion by 2030

The major drivers in the global dietary supplements market are paradigm shifts in consumer preferences, increasing prevalence of long-term disorders, rising consumer inclination toward physical well-being and health, and snowballing demand for sports nutritional supplements. In 2021, the market stood at $123.1 billion, and it is predicted to touch $288.5 billion by 2030. The market will witness an approximately 10% CAGR from 2021 to 2030. The growth in the market will go hand in hand with the surging consumer awareness toward a healthy lifestyle, and the rising count of gyms and sports complexes.

Within the distribution channel segment, the development of the online retail category will augment growth in the dietary supplements market. There is a surging investment in the R&D activities to adapt to the shifting consumer tastes and preferences to cater to a wide range of consumers. Also, the increasing number of smartphones and rising internet penetration have boosted the sales of this category. Moreover, a surging inclination toward online retail will lead to an expansion of the scope of these products. Moreover, tailoring supplements for a specific consumer bracket will drive the market.

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The vitamin supplements category ruled the dietary supplements market in 2021, by accounting for approximately one-third of the total market revenue. The major factor behind this is the rising incidence of vitamin deficiency, including Vitamins E, C, B, and A, among the growing population. Therefore, there is an escalation in the sales of vitamin supplements to meet the daily requirement of vitamins in the people. Moreover, because of the increasing environmental issues, there is a surging integration of the vegan diet, which in turn, propels botanical supplement category growth.

The third-highest-used product in the dietary supplements market is the botanical supplement. This can be attributed to its inherent benefits in comparison to synthetic drugs, including greater affordability and better safety with no side effects. There is a paradigm shift in consumer preferences toward botanical products. Furthermore, the lack of a balanced diet among the people exerts a push on their dependency on these products. Moreover, the vitamin supplements are different for people belonging to different age groups, meeting their specifications.

The surging inclination toward leading a healthy lifestyle among the aging population will provide lucrative opportunities to the dietary supplements market players including Nestle, Carlyle Group, Nutraceutics, and Nu Skin Enterprises. Essentially, aging drastically shapes the individuals' societal, physiological, and psychological changes, which in turn, have a major role in their nutritional choices. Moreover, there is a significant shift in the nutritional consumption pattern of adults, making them dependent on these supplements to enhance their overall health conditions.

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In 2021, APAC dominated the dietary supplements market, accounting for at least 45% of the global market share. This can be ascribed to the surging awareness regarding supplements, growing population, increasing incidence of obesity, rising disposable income, and consequently, increasing purchasing parity of consumers on these health-enhancing products. Moreover, the market demand is fueled by the increasing incidence of chronic illness among the populous nations of Japan, India, and China.

Hence, a growing geriatric population, coupled with a growing count of gyms, health clubs, and fitness centers.

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This release was published on openPR.