Analysts at Persistence Market Research have conducted detailed research on the global dietary supplements market, and have valued it at US$ 44 Bn in 2021. The market is predicted it to surge at a CAGR of 7.8% from 2021 to 2031 and attain an estimated value of US$ 93.5 Bn by 2031.
The global dietary supplements industry is estimated to rake in a total of US$ 44 Bn in 2021, and this revenue is expected to surge nearly 2X by the end of the decade. Analysts at Persistence Market Research have closely studied the market and predicted meticulously calculated forecasts for the next ten years.
This dietary supplements industry survey suggests that the market will register a robust CAGR of 7.8% over the next ten years. The Japanese dietary supplements market is anticipated to account for nearly 1/4 of the value share in the Asia Pacific region.
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FACTS AT A GLANCE
Companies:NBTY, Inc., Koninklijke DSM N.V., Amway, Herbalife Ltd., Omega Protein Corporation, Bayer AG, Naturalife Asia Co., Ltd., Integrated BioPharma, Inc., Nu Skin Enterprises, Inc., BASF SE, Surya Herbal Ltd., Bio-Botanica Inc., The Himalaya Drug Company, Ricola AG, Pharmavite LLC, Blackmores Ltd., Epax AS, and Axellus AS.
Coverage: All major geographies and key segments
Segments: Product(Vitamin Supplements,Mineral Supplements,Botanical Supplements,Fatty Acids Supplements,Others Supplements); Applications(Food and Beverages,Pharmaceuticals,Personal Care,Others); End User(Adult Women,Adult Men,Senior Citizens,Others)
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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ABSTRACT-
Increase in consumer interest in healthy diets has led to higher consumption of food and food ingredients with potential health benefits. Of late, consumers have become more conscious of their diets.
Majority of adults in the U.S. have expressed overall confidence in the quality, effectiveness, and safety of dietary supplements. Rising aging population, increasing lifestyle diseases and increasing healthcare cost are some of the important factors driving the growth of the dietary supplements market.
The major factor driving the cost of healthcare is lengthy and costly R&D conducted by pharmaceutical companies. Due to increasing costs of healthcare, people are turning towards dietary supplements to help them stay healthy.
These supplements provide various health benefits such as strengthening the immune system, protection from cold and flu, prevention of migraine headaches, treat of arthritis, rheumatic diseases, allergies, lower cholesterol, triglyceride levels and blood pressure, cardiovascular diseases, and cognitive diseases at lower costs.
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Asia-Pacific is the largest market for dietary supplements globally. Consumer awareness about the benefits of dietary supplements and wide product availability are the major drivers for the market in Asia Pacific. The increase in disposable income allows customers to spend more on healthy food items.
In recent years, consumers have become more conscious of their diet. Rising number of elderly people in North America is leading to a rise in demand for dietary supplements products. Over the last few years, the risk of chronic diseases and maintenance of health in old age have been the major health concerns leading to increased spending on dietary supplement products.
Europe is the second-largest market for dietary supplement products. Recently, consumers in the region are showing great interest in leading healthy lifestyles, in turn, driving the consumption of healthy food. In the European region, Western Europe is the largest market for dietary supplements.
Eastern Europe is considered to have higher future growth potential. Rising aging population, increasing lifestyle diseases, and growing healthcare costs are some of the important factors driving the growth of the dietary supplements market in the region.
The competitive landscape section of the dietary supplements market report includes benchmarking section which provides an insight on various companies operating in the dietary supplements market based on their regional presence and their product offerings across four product segments (vitamin supplements, mineral supplements, botanical supplements, and fatty acids supplements).
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