Global Dietary Supplements Market Analysis – 2019-2028
Dietary supplements are essential nutrients present as various dosage forms such as tablets, capsules, soft gels and others, and are derived from either natural or synthetic sources. The market for dietary supplements is projected to grow at a significant CAGR of 6.78% over the forecast period, i.e., 2021-2028. Further, the global dietary supplements market accounted for a market value of USD 67,218.23 million in 2019 and is anticipated to attain a substantial market value by 2028.
Dietary supplements market is segmented by source, by supplement, by form, by application, by end user, by distribution channel and by region. On the basis of the supplement segment, the market is sub-segmented into vitamins, botanicals, proteins & amino acids, minerals and others, out of which, the vitamins segment is anticipated to hold the leading share in the market over the forecast period. This can be attributed to the rising interest of consumers in improving personal health and wellness. On the other hand, the market is segmented on the basis of form into tablets & capsules, soft gels, powders, liquids and others, out of which, the tablets and capsules segment is anticipated to lead the market and grow at the highest CAGR during the forecast period. Ease of handling of tablets and capsule form is estimated to contribute towards the growth of tablet and capsule segment in the dietary supplement market.
Based on geography, the market for dietary supplements is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America held the leading share in 2018 which is estimated to grow further by the end of 2028. The growth in the market in this region can be attributed to increasing concerns regarding cardiovascular diseases among working professionals on account of irregular and unhealthy dieting patterns. Further, the market in Europe captured a market size of USD 17,342.30 million in the year 2019 and is expected to reach a substantial size by 2028 on account of rising adoption rates for botanicals among the population of European countries.
Some of the key industry leaders in the global dietary supplements market are Abbott, Amway, Bayer, Otsuka, Pfizer Inc., GlaxoSmithKline plc, Herbalife International of America, Inc., NuSkin Enterprises, Arkopharma, Nature’s Bounty and others.