Press release
Dietary Supplements Market Poised for Remarkable Growth, set to Reach USD 182.52 Billion by 2032 with a CAGR of 8.73%
Dietary supplements are oral products that include at least one dietary ingredient. The global market's growth is primarily driven by the increasing demand for supplements that support athletic and sports performance. Additionally, the rising consumer focus on meeting daily micronutrient needs and higher spending on health and wellness products are expected to boost the food supplements market.
These insights are detailed in the report by Fortune Business InsightsTM titled "Dietary Supplements Market, 2024-2032."
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➤ List of the Companies Operating in the Market:
• Amway Corp (Michigan, United States)
• Abbott (lllinois, United States)
• Nestle S.A. (Vevey, Swizerland)
• Herbalife Nutrition Ltd. (California, United States)
• Archer Daniels Midland Company (lllinois, United States)
• Glanbia Nutritionals (lllinois, United States
• Otsuka Holdings Co. Ltd. (Tokyo, Japan)
• Arkopharma (Carros, France)
• Pfizer Inc. (New York, United States)
• GlaxoSmithKline plc (Brentford, United Kingdom)
➤ SEGMENTATION
Vitamins Segment Accounted for 37.14% Market Share in 2019 Due to Rising Consumption
Within the type-based segmentation, the vitamins segment is expected to demonstrate notable growth owing to the rising intake of supplements, attributed to the growing incidence of vitamin deficiencies among people. In 2019, the vitamins segment held a 37.14% market share and is projected to maintain its leading position in the dietary supplements industry.
➤ What Does the Report Include?
The global human dietary supplements market report presents both quantitative and qualitative analyses of multiple factors, including key drivers and restraints influencing market growth. The report also offers regional insights that highlight various areas contributing to market expansion. Additionally, it features the competitive landscape, detailing leading companies and their strategies such as launching new products, forming partnerships, and initiating collaborations-all expected to support market growth from 2020 to 2027. Furthermore, the research analyst employed several methodologies, including PESTEL and SWOT analyses, to gather data on prevailing trends and industry advancements anticipated to fuel market growth in the coming years.
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➤ DRIVING FACTORS
Rising Demand for Personalized Dietary Supplements to Accelerate Growth
A 2018 study by Epsilon revealed that approximately 80% of consumers found personalization services appealing. Nowadays, consumers seek personalization in nearly every aspect of their lives-from custom-designed clothing to specific dietary requirements at restaurants. Furthermore, dietary supplements play a role in combating lifestyle-related diseases like obesity, cardiovascular conditions, and diabetes, which vary individually. This has driven demand for companies to offer tailored programs, a trend projected to further stimulate the global dietary supplements market over the forecast period.
➤ REGIONAL INSIGHTS
Growing Demand for Nutritional Products in Asia-Pacific to Support Growth
Among all regions, Asia-Pacific is projected to witness considerable growth in the coming years, driven by increasing demand for dietary supplements and other nutritional products. Heightened health awareness in countries like India and China is expected to spur market growth in this region. Meanwhile, North America is forecasted to register substantial growth due to the rising occurrence of lifestyle-related diseases and an aging population during 2020-2027. The region was valued at USD 11.95 billion in 2019 and is anticipated to expand further.
➤ COMPETITIVE LANDSCAPE
Mergers and Acquisitions by Leading Companies to Enhance Product Portfolios
In the global dietary supplements market, key players such as Amway and Abbott are actively working to solidify their market positions. They are doing so through acquisitions aimed at broadening their product offerings in an intensely competitive environment. Other companies are implementing strategies like launching new products, forming partnerships, and engaging in collaborations, all expected to drive market development.
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➤ Industry Development:
In April 2020, DSM, a prominent dietary supplements provider, announced its acquisition of Glycom. The deal, valued at EUR 765 million, is intended to expand DSM's presence in the profitable food supplements sector.
➤ Read Related News:
Nutraceuticals Market: https://www.fortunebusinessinsights.com/nutraceuticals-market-102530
Cooking Oil Market: https://www.fortunebusinessinsights.com/cooking-oil-market-106391
Probiotics Market: https://www.fortunebusinessinsights.com/industry-reports/probiotics-market-100083
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➤ About Us:
Fortune Business InsightsTM provides strategic corporate analysis and precise data, assisting organizations of all sizes promptly to make well-informed decisions. Our reports combine comprehensive market studies enriched with relevant data crafted by our seasoned analysts and consultants utilizing industry-leading research tools and methodologies. To this end, we offer services that are designed to help organizations uncover hidden opportunities and comprehend existing competitive challenges.
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