Dietary Supplements Market Size to Hit Around US$ 279.2 Bn by 2030
/EIN News/ — According to Precedence Research, the global dietary supplements market size is expected to hit around US$ 279.2 billion by 2030, registered at a CAGR of 8.4%
OTTAWA, June 30, 2021 (GLOBE NEWSWIRE) — The global dietary supplements market size was accounted at US$ 141.2 billion in 2020. Dietary supplements are defined as products that contain at least one dietary ingredient within them and can be consumed orally. Dietary supplements refer to the products which comprises dietary ingredients that help in the better ingestion. These supplements are mainly used in order to add the nutrients in to the diets in order to reduce the risks associated with the various health conditions including osteoporosis, chronic ailment or arthritis. Composition of majority of the dietary supplements is depends upon the age of the consumer, however primary motive of these supplements is none other than immunity boosting and improving the overall health of the consumer. Global dietary supplements market is gaining attraction worldwide owing to increased awareness regarding its benefits. Dietary supplements are available in various forms such as liquids, powders, capsules, gels tabs among others.
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The COVID-19 outbreak has largely impacted the industrial output in the majority of the countries. However, the demand for food and beverage and pharmaceutical products remained unaffected. Though the companies faced challenges in terms of logistics due to imposed lockdown, the increasing demand for immunity-boosting supplements, including vitamins, minerals, and several herbs, benefitted the market for dietary supplements in the year 2020.
Technological advancements and increased investment in research & development of nutraceuticals and supplement products are expected to boost the market growth in the upcoming years. Rising health awareness among the individuals across the globe along with, growing focus on the dietary habits due to changing lifestyle are among major factors boosting growth of the global industry. Additionally, increasing number of sport events worldwide is leading to increased demand for the dietary supplements which is intern fuelling growth of the dietary supplements marker worldwide. Moreover, growth in the numbers of gymnasiums is having positive impact on the growth of global industry. For instance, total number of gym members in America was registered 62.5 million in year 2018, the number is increased to 64.2 million in 2019. Further, increased focus on the preventive health management as well as increased spending on healthcare is another factor to boost growth of the global market during the forecast time frame. Population in the leading countries and emerging economies are shifting from curative to preventive management of the health, this is in tern creating huge growth opportunities for the major companies of the global market. Further, increasing collaborations among leading layers in order to increase production capacity and product portfolio are anticipated to augment dietary supplement market growth.
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- Based on type segment, vitamin segment projected for the largest revenue 31.5% with significant portion in prediction period of time. This is accredited to ability of the vitamin to be effortlessly excreted by the kidneys. Further, its increased consumption in order to increase overall health is boosting growth of the segment in the near future.
- On the basis of application, energy and weight management application is accounted for the share 29.4% in the target industry. This is due to the increasing usage of the dietary supplements by the young and adult population for the, energy gain and weight management application. Further, increased support of the government for the healthy diet as well as increasing trend of online weight loss programs post COVID is expected to drive growth of the target segment in the near future.
- Based on end user segment, adults segment planned for the largest revenue 47.1% with significant portion in estimate period of time. Increasing focus of adult population on increasing nutrients intake are driving growth of the segment.
- Archer Daniels Midland, a leading company contributes significantly in the target industry and this is due to the various innovative product launches by the company across the world.
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The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 30%. United States represented the highest share in the North America region primarily due to high healthcare spending along with tendency of preventive management of health among the individuals in the North America. Moreover, increasing gymnasiums in the countries including United States and Canada is expected to have positive impact on the industry growth. Asia Pacific is expected to account for the second largest market in the dietary supplement in terms of revenue in 2022. The growth in the Asian countries is attributed to growing awareness among Asian population regarding health benefits of dietary supplements which is boosting growth of the target industry in the countries of Asia Pacific including China, India, Japan, among others. Increasing sports events in the countries of Asia Pacific is another important factor which is demanding huge amount of dietary supplements and in turn boosting growth of the Asia Pacific dietary supplements market in the near future. Growth in the disposable income as well as rapid urbanization is among major factors projected to have optimistic impact on the growth of the target industry in Asian countries.
Key Market Players and Strategies:
The major companies functioning in the worldwide dietary supplements market are Bayer, NBTY Inc, Bionova Lifesciences, Nu Skin Enterprises, Carlyle Group, Pfizer, Arkopharma Laboratoires Pharmaceutiques, Glanbia, Herbalife International, Abbott Laboratories, GlaxoSmithKline, Nature’s Sunshine Forms, Amway, and Archer Daniels Midland among others. Huge investment in the technological development of the dietary supplements along with business related collaborations are the crucial business strategies started by the major players operating in the global dietary supplements market.
Major Market Segments Covered:
- Fibers & Specialty Carbohydrates
- Omega Fatty Acids
- Proteins & Amino Acids
- Soft gels
- General Health
- Energy & Weight Management
- Gastrointestinal Health
- Bone & Joint Health
- Cardiac Health
By End User
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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