Dietary Supplements Market to Reach $166.58 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., Nov. 27, 2024 /PRNewswire/ --  According to a new market research report titled, 'Dietary Supplements Market Size, Share, Forecast, & Trends Analysis by Type (Botanicals, Minerals, Enzymes), Form (Tablets, Capsules, Liquid), Function (Medical, Sport Nutrition), End User (Infants, Adults), Distribution Channel—Global Forecast to 2031,'

The dietary supplements market is expected to reach $166.58 billion by 2031, at a CAGR of 4.9% from 2024 to 2031.

The dietary supplements market is experiencing growth primarily driven by the increasing demand for nutrition-enriched products, a rising focus on preventive healthcare, growing consumer spending on health and wellness, and the aging population and the subsequent increase in the prevalence of chronic diseases. However, the high cost of dietary supplements restrain this market's growth.

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Technological advancements in supplement formulations and the rising demand for plant-based supplements are expected to create significant growth opportunities for market players. However, consumer skepticism and concerns over counterfeit or substandard supplements are some of the challenges affecting the market's growth.

Additionally, the increasing demand for sports nutrition supplements and the shift towards clean-label products are prominent trends in the dietary supplements market.

Key Players:

Some of the key players profiled in this report are Amway Corporation (U.S.), Glanbia plc (Ireland), Abbott Laboratories (U.S.), Pfizer Inc. (U.S.), Nestlé S.A. (Switzerland), Archer-Daniels-Midland Company (U.S.), Bayer AG (Germany), Otsuka Holdings Co., Ltd. (Japan), Nu Skin Enterprises, Inc. (U.S.), GSK plc (U.K.), Herbalife International of America Inc. (U.S.), Nature's Bounty (U.S.), RBK Nutraceuticals Pty Ltd (Australia), Suntory Holdings Limited (Japan), and Pharmavite LLC (U.S.).

The dietary supplements market is segmented by type (vitamins, botanicals, minerals, proteins & amino acids, enzymes, fibers & specialty carbohydrates, omega-3 fatty acids, probiotics, and other types); form (tablets, capsules, liquid, powder, and other forms); function (additional supplements, medical supplements, and sport nutrition supplements); and end user (infants, children, adults, pregnant women, and elderly); distribution channel (pharmacies & drug stores, supermarkets & hypermarkets, specialty stores, e-commerce, and other distribution channels). This study also provides a comprehensive analysis of the dietary supplements market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Dietary Supplements Industry Overview: Latest Developments from Key Industry Players

• In April 2024, Nestlé India and Dr. Reddy's Laboratories Ltd. entered into a definitive agreement to establish a joint venture aimed at introducing innovative nutraceutical brands to consumers in India and other designated regions. This partnership will leverage the strengths of both companies to expand their complementary nutraceutical portfolios across categories, including metabolic health, hospital nutrition, general wellness, women's health, and child nutrition for consumers throughout India.
• In January 2024, Abbott launched its new PROTALITY brand. The PROTALITY brand provides nutritional support for adults pursuing weight loss in the form of a high-protein nutrition shake featuring a blend of fast- and slow-digesting protein designed to feed muscles for up to seven hours.
• In December 2022, Amway launched its Singapore Business Innovation Hub in the Central Business District in collaboration with the Singapore Economic Development Board (EDB), marking a strategic expansion in the region. This new hub will enable Amway to leverage Singapore's robust talent pool to enhance product innovation globally, addressing the evolving wellness needs of both global and regional consumers. It will serve as a springboard for the company's next phase of strategic growth in Asia.
• In May 2022, Nestlé Health Science acquired Puravida, a premium Brazilian nutrition and health lifestyle brand. The acquisition will enable NHSc to expand its consumer health portfolio in Brazil.
• In February 2022, Amway India launched nutrition supplements in gummies and jelly strips. This new range of on-the-go nutrition supplements strengthens Amway's nutrition portfolio.
• In November 2021, Archer-Daniels-Midland Company acquired Deerland Probiotics & Enzymes (U.S.). With this acquisition, the company strengthened its position in dietary supplements and functional foods.

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Key Findings in the Dietary Supplements Market Study:

By type, the botanicals segment is poised to record the higher CAGR during the forecast period 2024–2031. Botanical supplements offer a variety of health benefits, including antioxidant properties, immune support, and stress relief, making them appealing to consumers seeking holistic and alternative healthcare solutions. Additionally, the rising incidence of chronic diseases and the perceived advantages of botanical drugs over synthetic alternatives, such as their safety and minimal risk of adverse side effects, are fueling the growth of this segment.

By form, the liquid segment is slated to record the highest CAGR during the forecast period 2024–2031. The growth of this segment is primarily driven by the convenience and ease of consumption offered by liquid supplements compared to tablets and capsules. Liquid dietary supplements provide flexibility, allowing for on-the-go consumption, making them an attractive option for health-conscious individuals seeking convenient and efficient ways to meet their nutritional needs.

By function, the sport nutrition supplements segment is poised to record the highest CAGR during the forecast period 2024–2031. Sports nutrition supplements offer a wide range of benefits, driving their increased adoption among fitness enthusiasts. As awareness of health and fitness continues to rise, more individuals are turning to these supplements to enhance performance, improve physical endurance, and support overall well-being. These products, including protein powders, pre-workout formulas, and energy-boosting supplements, help not only athletes but also recreational fitness enthusiasts meet their nutritional needs and maximize their workouts.

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By end user, the infants segment is anticipated to record the highest CAGR during the forecast period 2024–2031. This growth is driven by the growing availability of infant-specific, doctor-recommended supplements designed to address health concerns and nutritional needs. Furthermore, as more parents seek organic, natural, and allergen-free products, there is a rising demand for clean-label dietary supplements.

By distribution channel, the E-commerce segment is anticipated to record the highest CAGR during the forecast period 2024–2031. This growth is driven by the increasing shift towards online shopping and the convenience it offers to consumers. As digital lifestyles become more prevalent, the ability to purchase dietary supplements online has gained significant popularity. E-commerce platforms provide a wide range of products, allowing consumers to browse and compare options from various brands and suppliers without the need to visit physical stores. The ease of access, along with features like home delivery and subscription-based models, makes purchasing dietary supplements online an attractive option for many consumers.

By geography, Asia-Pacific is expected to record the highest CAGR during the forecast period 2024–2031. The growth of this market is driven by the growing awareness of the health benefits of nutritional products, rising disposable incomes, rapid urbanization, and rising health and wellness trends. Additionally, the high prevalence of chronic diseases in countries like China, Japan, and India is expected to further support the market's growth during the forecast period.

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Scope of the Report:

Dietary Supplements Market Assessment—by Type 

• Vitamins
• Botanicals
• Minerals
• Proteins & Amino Acids
• Enzymes
• Fibers & Specialty Carbohydrates
• Omega-3 Fatty Acids 
• Probiotics
• Other Types

Dietary Supplements Market Assessment—by Form 

• Tablets
• Capsules
• Liquid
• Powder
• Other Forms

Dietary Supplements Market Assessment—by Function 

• Additional Supplements
• Medical Supplements
• Sport Nutrition Supplements

Dietary Supplements Market Assessment—by End User 

• Infants
• Children
• Adults
• Pregnant Women
• Elderly

Dietary Supplements Market Assessment—by Distribution Channel

• Pharmacies & Drug Stores
• Supermarkets & Hypermarkets
• Specialty Stores
• E-commerce
• Other Distribution Channels

Dietary Supplements Market Assessment—by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Poland
• Netherlands
• Belgium
• Rest of Europe (RoE)
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Malaysia
• Thailand
• Singapore
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America (RoLATAM)
• Middle East & Africa
• Saudi Arabia
• South Africa
• United Arab Emirates (UAE)
• Rest of Middle East & Africa (RoMEA)

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Dietary Supplements Market Research Summary

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