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Dietary Supplements Market To Reach $327.42Bn By 2030

Dietary Supplements Market To Reach $327.42 Billion By 2030

May 2024 | Report Format: Electronic (PDF)

Dietary Supplements Market Growth & Trends

The global dietary supplements market size is anticipated to reach USD 327.42 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 9.1% from 2024 to 2030. There is growing awareness and interest in health and wellness among consumers. As people become more health-conscious and seek ways to improve their overall well-being, they are turning to dietary supplements as a convenient and accessible means to meet their nutritional needs. The desire for better nutrition, increased energy, weight management, and support for specific health goals such as immune system enhancement or joint health has fueled demand for a wide range of supplements.

In addition to general health and wellness concerns, the aging population in many parts of the world has contributed significantly to the market's growth. As individuals age, they often require additional nutrients to address age-related health issues such as bone density loss or cognitive decline. This demographic shift has led to a surge in demand for supplements targeting specific age-related health concerns.

Regulatory changes have also played a role in shaping the market. In some regions, regulatory agencies have implemented stricter quality control standards, labeling requirements, and safety regulations, which have helped build consumer trust in the industry. These regulations have encouraged reputable manufacturers to invest in research, development, and product quality, while also weeding out unscrupulous players.

The market is highly competitive, with numerous companies vying for market share. As a result, there is a constant influx of new products and innovations, including personalized supplements tailored to individual health needs and preferences. This innovation has maintained the market dynamic and is responsive to evolving consumer demands.

In February 2022, Amway India introduced a new range of nutrition supplements under its Nutrilite brand. The products, including gummies and jelly strips, are designed to meet the nutritional needs of busy millennials. The range includes supplements for overall health and immunity, bone health, and eye health.

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Dietary Supplements Market Report Highlights

Vitamins dietary supplements accounted for a substantial market share of 30% in 2023. These supplements are available in several forms, such as vitamin A (carotenoids and retinols), vitamin B (folic acid), vitamin C (ascorbic acid), and vitamin D (cholecalciferol), among others.
Energy and weight management supplements had a lion share in the market with demand exceeding 30 % in 2023. Sports enthusiasts mainly influence the demand for dietary supplements that include vitamins and proteins.
Adults were the largest consumers of supplements with a revenue share of 46.01% in 2023. The rising consumption of dietary supplements by working individuals to maintain a healthy lifestyle is expected to remain a favorable factor for the market.
OTC sales of dietary supplements held the largest revenue share of 75.5% in 2023. The OTC sales of dietary supplements are anticipated to witness steady growth because of rising consumer awareness regarding the nutritional value and health benefits of these products.
Offline sale of dietary supplements accounted for over 80% revenue in 2023. An increase in the number of prescribed dietary supplements by medical practitioners for treating gastrointestinal disorders, immunity-related issues, bone health, folic acid deficiencies, heart health, and age-related macular degeneration is expected to augment offline sales.
Based on form, the tablets segment held a revenue share of 32.3% in 2023. High-quality supplements use excipients that aid in tablet absorption and disintegration. However, the natural coating provides better dissolution.
Asia Pacific dietary supplements market was dominant with a revenue share of 34.9% in 2023. The region is anticipated to witness increasing demand for dietary supplements as key participants are introducing their brands in the untapped markets of Southeast Asia.

Dietary Supplements Market Segmentation

Grand View Research has segmented the global dietary supplements market based on ingredient, form, application, end user, type, distribution channel, and region:

Dietary Supplements Ingredient Outlook (Revenue, USD Billion; 2018 - 2030)