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Rising Non-Communicable Diseases Drive Nutritional Supplements Market Growth, Expected to Reach $569.83 Billion by 2028 with a CAGR of 7.9%
Nutritional Supplements Market Report
As per the report, the nutritional supplements market size has grown strongly in recent years. It will grow from $390.7 billion in 2023 to $419.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The nutritional supplements market size is expected to see strong growth in the next few years. It will grow to $569.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
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Nutritional Supplement Market Growth Fueled By Rising Non-Communicable Diseases
The increasing prevalence of non-communicable diseases is driving demand for the nutritional supplement market. Non-communicable diseases refer to a group of medical conditions that are usually not caused by an acute infection. These health consequences typically require long-term treatment and care. Noncommunicable diseases such as diabetes can be managed by several supplements, including alpha-lipoic acid supplementation to address diabetic complications. For instance, in December 2021, according to the statistics published by the International Diabetes Federation, a Belgium-based, non-profit diabetes association, 537 million adults (20-79 years) were recorded as living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide with diabetes. Therefore, the increasing prevalence of non-communicable diseases will drive the growth of the nutritional supplement market.
New Innovative Supplement Drive Nutritional Supplement Market
New product innovations are a key trend gaining popularity in the nutritional supplements market. Major nutritional supplement players are focused on developing new products to sustain their marketplace. For instance, in February 2022, Amway India Enterprises Private Limited, an India-based company engaged in the production and development of nutritional supplements, launched nutrition supplements in a unique, tasty, convenient, and simplified format. This new line of products is created, under the umbrella brand Nutrilite as mouth-watering candies and jelly strips that dissolve in the mouth to fit modern lifestyles. Amway has developed this compact nutrition product, especially for the modern lifestyle and millennials.
The nutritional supplements market covered in this report is segmented -
1) By Type: Vegan Sport Nutrition, Meal Replacement Shakes, Food Supplements, Other Types
2) By Formulation: Tablets, Capsules, Powder, Soft gels, Liquid, Other Formulations
3) By Ingredient : Botanicals, Vitamins, Minerals, Proteins & Amino Acids, Fish Oils, Fibers & Specialty Carbohydrates, Enzymes, Other Ingredients
4) By Distribution Channel: Supermarket/Hypermarket, Retail Pharmacies, Direct Selling, Drug Stores, E-Commerce
5) By End User: Infant, Children, Adults, Pregnant Women, Elderly
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Major companies operating in the nutritional supplements market report are The Archer-Daniels-Midland Company, Pfizer Inc., Bayer AG, Abbott Laboratories, GlaxoSmithKline plc, Otsuka Pharmaceutical Co Ltd., DuPont de Nemours Inc., Koninklijke DSM NV, Amway Corporation, Nutrilite Products Inc., Nestlé Health Science SA, Glanbia plc, Herbalife Nutrition Ltd., Carlyle Group Inc., The Carlyle Group Inc., Stepan Company, GNC Holdings Inc., Nu Skin Enterprises Inc., USANA Health Sciences Inc., Arkopharma Laboratories Company Limited, Iovate Health Sciences International Inc., Now Health Group Inc., Xango LLC, Garden of Life LLC, Pharmavite LLC, Nature's Bounty Co, Herb Pharm LLC, American Health Formulations Inc., Ayanda GmbH, BioTech USA, Himalaya Global Holdings, The Biomedical Research & Longevity Society, MegaFoods Products Madras Private Limited, MusclePharm Corporation, SmartyPants Vitamins Inc., Thorne Research Inc., Vitabiotics Ltd., Vitacost.com Inc.
Contents of the report:
1. Executive Summary
2. Nutritional Supplements Market Report Structure
3. Nutritional Supplements Market Trends And Strategies
4. Nutritional Supplements Market - Macro Economic Scenario
5. Nutritional Supplements Market Size And Growth
…..
27. Nutritional Supplements Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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