Dietary Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The global dietary supplements market is projected to grow at a CAGR of 6.91% during the forecast period (2021- 2026).
With the sudden impact of COVID-19, the market has witnessed a surge in the demand for products that provide digestive and immune health, which positively impacted the market, as a result, the sales of supplements such as protein, vitamin, omega 3 fatty acids, and others witnessed immense growth. Consequently, it led to numerous product launches to cater to the growing demand. Moreover, to satiate the surging demand together with maintaining safety norms, the manufacturers have been focusing on increasing their sales by encouraging their customers to shop online instead.
The dietary supplements market is preliminarily driven by the paradigm shift toward preventive health management practices, amid rising healthcare costs and the increasing burden of lifestyle diseases. Furthermore, digitization in the retail sector is expected to further boost the future growth of dietary supplements. Similarly, the surging popularity of herbal supplements is also expected to drive market growth in the forecast period.
Based on product type, the vitamin segment is steadily growing, whereas the fatty acid segment represents the fastest growing supplement segment due to the popularity of omega-3-based supplements.
Asia-Pacific is the fastest-growing region in the dietary supplements market, driven by major investment opportunities especially for herbal and Ayurveda extract-based products.
Probiotics are a driving force within the booming dietary supplement category, and people of all age groups are consuming them. However, the major consumption is observed among millennials due to the growing awareness regarding health and wellness through multi-channel publicity, which influences their consumption pattern to a large extent. Probiotic supplements represent the largest condition-specific category for mass-market retail sales in the United States, and it is the second-fastest-growing condition-specific supplement category. This shows the awareness among people regarding the benefits of probiotic supplements. The millennials, being technologically advanced, update themselves with the facts related to health, and thereby, try to amend their routines and food habits accordingly. This is inflating the demand for probiotic supplements, which is expected to drive the market for probiotics in the near future in the global market.
The Asia-Pacific dietary supplements market has witnessed rapid growth in both developed and developing countries. The growing awareness about health supplements, along with the growing population and increasing disposable incomes, is driving the dietary supplement market in the country. Additionally, the demand for supplements in countries like India, China, and Japan has increased in recent years, owing to the considerable presence of the ageing population in such developing countries. The dietary supplements market in the region is anticipated to offer major investment opportunities, especially for herbal and Ayurveda extract-based products. This is because of the ample availability of raw materials in India and Southeast Asian countries. Moreover, partnerships between old and new players are likely to strengthen market growth in the country. For instance, OmniActive Health Technology, an Indian company, has recently received an investment amounting to USD 35 million from a privately held equity firm, called the Everstone Group.
Global dietary supplements include the leading players such as Pfizer, Sanofi, Herbalife, Glanbia Nutritionals, Abbott, Bayer AG, GlaxoSmithKline, Reckitt Benckiser, and Merck. The supplements market has a wide scope, considering the existing companies. With prevalent FDA regulations, the leading players have an upper edge and continue to dominate the market. Also, the major global players have the geographical reach and also high brand awareness among consumers, which gives them an upper hand.