(Food-Beverage-News.Com, October 25, 2024 ) The global dietary supplements market is projected to grow at a compound annual growth rate (CAGR) of 7.4%, increasing from $167.5 billion in 2023 to $239.4 billion by 2028. Key factors driving this growth include the rising elderly population, a shift from traditional pharmaceuticals to nutraceuticals, and increased demand for amino acids and protein supplements, as more people focus on preventive healthcare. The expanding trend of personalized nutrition is also fueling the dietary supplements industry, as consumers turn to self-directed care, prioritizing personal health, weight management, and overall well-being.
In recent years, the personal care market has seen significant changes, with a growing number of consumers adopting weight management and protein supplements to manage lifestyle-related disorders. In many regions, protein intake remains insufficient, driving demand for amino acids and protein supplements. Additionally, unhealthy eating habits and poor lifestyle choices have led a large number of consumers to seek out weight management supplements to address issues like obesity and being overweight.
The sports nutrition function segment is projected to grow at the highest rate during the forecast period.
Many sports nutrition supplements on the market today contain a variety of ingredients such as multivitamins, branched-chain amino acids (like leucine), omega-3 fatty acids, glucosamine, glutamine, beta-alanine, beetroot, and green tea extract, each offering unique performance benefits. While everyone needs sufficient macro and micronutrients, athletes, due to intense physical activity, must pay closer attention to their nutritional intake. Sports nutrition supplements help ensure they receive all the necessary nutrients, contributing to the rapid growth of this category within the dietary supplements market.
The elderly age group hold a significant share in the dietary supplements market by target consumer during the forecast period.
With the growing aging population and their distinct nutritional requirements, the demand for dietary supplements is on the rise. As people age, they often need extra support to address nutritional gaps and manage age-related health concerns. Dietary supplements offer a convenient and targeted way to meet these needs, providing essential vitamins, minerals, and nutrients. Older adults particularly seek supplements that promote joint health, cognitive function, cardiovascular support, bone strength, and immune health. Manufacturers are responding by creating specialized formulations tailored to the needs of this demographic. As a result, the dietary supplements market is poised for substantial growth in this segment.
Asia Pacific provides the highest growth prospects for the dietary supplements market in 2023
The Asia Pacific region represents a highly diverse market for both the production and consumption of dietary supplements. The market for dietary supplements in this region is projected to experience substantial growth. Increasingly, people in the Asia Pacific are adopting a healthier lifestyle by incorporating naturally sourced dietary supplements in various forms. In countries like Japan, the expanding elderly population is driving demand for geriatric and medicinal supplements. Additionally, post-pandemic, nations such as India and China have seen a surge in the use of dietary supplements as a preventive measure and to complement daily nutrition. These markets offer significant opportunities for industry players to expand their presence, with companies focusing on setting up operations and manufacturing facilities in the region, which further propels market growth.
A major factor driving the dietary supplements market in Asia Pacific is the growing use of supplements to address rising food demand and a rapidly increasing population. Furthermore, the strong presence of leading companies such as Abbott (US) and Nestle (Switzerland) enhances the market's development, boosting overall growth in the region.
Top the Dietary Supplements Companies:
Key players in this market include Nestle (Switzerland), Abbott (US), Amway Corp (US), Pfizer Inc. (US), ADM (US), International Flavors & Fragrance (US), Otsuka Holdings Co., Ltd (Japan), Glanbia PLC (Ireland), GSK PLC. (UK), Bayer AG (Germany), Herbalife International of America, Inc. (US), Nature's Sunshine Products, Inc (US), Bionova (Canada), ArkoPharma (France), American Health (US), Pure Encapsulation (US), H&H Group (Hong Kong), Nu Skin (US), Power Gummies (India), Biomedical Research Laboratories (US), HealthKart (India), NutriScience Corporation (US), Nature's Essentials (US), and Life Extension (US).
In February 2023, Otsuka Pharmaceutical Co., Ltd. (Japan) partnered with Tokyo Marathon in order to provide health management support for approximately 38,000 participating runners and 80 race officials. This will increase public awareness focusing on the importance of exercise and nutrition which is part of the strategic development of the company. In December 2022, Amway opened a Business Innovation Hub in Singapore in partnership with the Economic Development Board to meet evolving wellness needs in Asia. This strategic expansion helps Amway tap into the growing demand for tailored health and wellness solutions in the region, which is expected to boost the company's sales and profitability. In May 2022, Nestlé expands its presence in the Brazilian dietary supplement market through the acquisition of Puravida. This strategic move enhances Nestlé's supplement offering, strengthening its position and capturing growth opportunities in Brazil's thriving health and wellness industry.
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