The global dietary supplements market is anticipated to secure a market value of USD 163 Bn by 2022 and secure USD 351 Bn by 2032. The expected growth rate is 8% during the forecast period. The expansion of the market can be attributed to the increasing awareness of personal health and the growing hectic work schedules. Further, the growing dependence on supplements to fulfill the nutrient requirement owing to its convenience is another salient cause augmenting the market growth during the forecast period.
Regionally, North America is expected to dominate the market. As per the estimations, North America is predicted to have accounted for 34% of the global market share in 2021. The region is likely to expand at a CAGR of 5.6% in the assessment period.
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Further, APAC is likely to be the largest market in the coming time. The growth of the region can be attributed to the increasing expenditure on health-enhancing products. Countries like India, China, and Japan are anticipated to make significant contributions owing to the rising disposable income.
Key Takeaways from the Market Study
- The global dietary supplements market to hold a value of USD 163 Bn in 2022 and reach USD 351 Bn by 2032.
- Demand for energy and waste management dietary supplements to accumulate 30% revenue in 2022
- North America to dominate the market, estimations reveal that the region secured about 34% of the global market share in 2021.
- North America to expand at a CAGR of 5% during the forecast period.
- APAC to be the largest market by 2032
- Europe to expand at a CAGR of 6% during the forecast period.
“The growing disposable income and the convenience to obtain health-enhancing products due to e-commerce are likely to act as a significant escalator to the market in the forecast period.”- says an analyst at Fact. MR.
The global dietary supplement market is highly competitive and the players adopt various strategies to expand their reach. Some of the most adopted strategies include partnerships, collaborations, and acquisitions. Some of the recent developments among key players are:
- In September 2020, Prorganiq, a renowned player of natural and organic supplements, revealed the release of their ’24-in-1 Mega Superfoods’. The new product comprises of a promising formula of 24 different green veggies, herbs, and fruits. 24-in-1 Mega Superfoods is a plant-based dietary supplement that is GMO and Gluten-free.
In March 2021, Zomato announced its own range of functional foods, such as dietary supplements in the coming time.