Dietary Supplements Market Is Estimated To Witness High Growth

The dietary supplements market is estimated to be valued at US$ 160.6 Billion in 2022 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Dietary supplements encompass vitamins, minerals, herbs, botanicals, amino acids, and enzymes. They are used to supplement the diet as they provide essential nutrients required by the human body. Common dietary supplements include multivitamins, vitamin D, calcium, protein powder, omega-3 fatty acids, probiotics, and greens supplements.

Market Dynamics:
The dietary supplements market is expected to witness significant growth over the forecast period, owing to the increasing awareness regarding health and wellness among consumers. According to a survey by Nutrition Business Journal, over 80% of Americans consume dietary supplements to maintain or improve their health. The rising geriatric population is another major factor driving the market growth. As per the United Nations, the number of people aged 60 years or older is expected to grow to over 2 billion by 2050, up from 1 billion in 2020. This demographic shift will fuel the demand for dietary supplements as the aged population is more prone to nutrient deficiencies and chronic diseases. Additionally, the launch of innovative supplement products, the growing vegan population, and rising consumer preference for clean label and organic supplements are some other factors propelling the market growth.

SWOT Analysis
Strength: The dietary supplements market is driven by increasing health consciousness among consumers, popularity of herbal and natural products for health and wellness. Dietary supplements offer benefits like boosting immunity, providing nutrients. Regulatory approvals have made these supplements accessible.

Weakness: Lack of clinical evidence for many supplements, risk of adverse side effects and interactions with medicines. Poor quality control and standardization at some manufacturers.

Opportunity: Growing aging population and rising cases of lifestyle diseases will boost demand. Online retailing is expanding the reach of supplements. New product innovation and combinations can attract customers.

Threats: Strict regulations can impact certain components. Customers may switch to alternatives like functional foods and beverages. Intense competition can squeeze margins. Negative publicity over some products affects the industry.

Key Takeaways
The Global Dietary Supplements Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing health consciousness among consumers. The market size is estimated to reach US$ 160.6 Billion in 2021.

Regional analysis The US accounts for the dominant share in the global dietary supplements market currently. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rising incomes, awareness and westernization of diets in developing countries like India and China.

Key players operating in the dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Key players are focused on expanding their product portfolio through research and new product launches. Abbott Laboratories offers dietary supplements targeted for sports nutrition, heart and brain health under Ensure and Pedialyte brands.

 

Read more: https://www.trendingwebwire.com/dietary-supplements-market-forecast-insights/

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