The consumer awareness on nutrition, health, and wellness is constantly growing. Nowadays, people have become more conscious about their health, as they are concerned with building higher levels of immunity to fight off the diseases they may contract from outside. Hence, the value of the global dietary supplements market was $123.1 billion in 2021, which will likely rise to $288.5 billion by 2030, at a 9.9% CAGR. The rising prevalence of chronic diseases has essentially resulted in the rise in the consumer awareness on health.
In order to reach a broader target audience by accessing new sales channels, numerous companies are financing research and development activities. Numerous opportunities have been created in the dietary supplements market through the vigorous expansion of online channels and various physical retail channels or stores. The majority of the sales come through mass merchandisers, such as supermarkets and certain specialty retailers. Moreover, the growing trend of gym workouts is propelling the market, as trainers often prescribe protein, vitamin, and mineral supplements.
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| Dietary Supplements Market Size and Growth Forecast, 2030 |
A significant share in the dietary supplements market, of 31%, was captured by the vitamin category in 2021. The deficiency of several vitamins, such as A, B, C, and E, in people is balanced by supplements. Consumers are extremely relying on these supplements to fulfill the required daily vitamin intake. This is because of the wide array of disorders associated with the deficiency of this nutrient, including scurvy (vitamin C), anemia (B12), rickets (vitamin D), and excessive hemorrhage (vitamin K).
Moreover, it is clear that different vitamins cater to different needs of the body. For instance, vitamin C supplements are widely utilized by women as they provide protection to their skin from UV radiation due to exposure to direct sunlight. Similarly, vitamin B improves the immunity and functioning of the nervous system, as well as facilitates healthy cell growth and division. The adequate amount of vitamins, to balance the diet, vary depending on the age group. Therefore, vitamin supplements are largely used by adult women and adult men.
A significant share of the dietary supplement market was held by tablets, which accounted for 33% of the revenue, in 2021. Dietary supplements are highly consumed in the form of tablets as they are easy to eat. Further, the demand for liquid dietary supplements is expected to grow at a rapid rate as they are easily absorbed by the body. Hence, with a large number of people reeling under the effects of malnutrition, especially in developing and under-developed countries, the consumption of such products is bound to grow.
