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Dietary Supplements Market worth $239.4 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 5, 2023 /PRNewswire/ -- The Dietary Supplements Market is estimated at USD 167.5 billion in 2023 and is projected to reach USD 239.4 billion in 2028, at a CAGR of 7.4% from 2023 to 2028 according to a report published by MarketsandMarkets™. A dietary supplement is a product intended for ingestion that contains a "dietary ingredient" intended to supplement the diet. The term "dietary ingredient" includes vitamins, minerals, herbs, botanicals, amino acids, enzymes, and probiotics that are part of the food supply. Some of the other key ingredients include concentrates, metabolites, constituents, extracts, or combinations of any dietary ingredient from the preceding categories. Dietary supplements may be found in many forms, such as pills, tablets, capsules, gummies, soft gels, liquids, and powders. They can also be in the same form as a conventional food category, such as teas or bars.
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The high demand for vitamins for all age groups drives the market
Vitamins are required in small quantities, to maintain health and necessary function of the human body. Different vitamins play vital roles like maintaining bone density, proper hormonal activity, weight, and muscle mass in all humans. Most of these micronutrients like vitamins and minerals need to be taken up from daily diet as they cannot be synthesized by the human body or it produces in lesser quantities. Factors such as consuming processed food, junk food, and lifestyle changes lead to a decrease in vitamin consumption which demands requirement through dietary supplements.
The growing popularity of additional supplements to complement daily diets is projected to boost the additional supplement function segment.
Additional supplements are concentrated sources of nutrients such as minerals and vitamins or other substances with a nutritional or physiological effect. These additional supplements are intended to correct nutritional deficiencies, maintain an adequate intake of nutrients, and support specific physiological functions. They are not medicinal products and as such cannot exert a pharmacological, immunological, or metabolic action. The increasing awareness of overall health and wellness amongst the younger generation is driving the demand for additional supplements.
The increasing trend of consuming liquid beverage supplement is set to dominate the market during the study period
Liquid dietary supplements help to resolve nutritional deficiencies by providing an adequate amount of micronutrients and macronutrients as per the daily recommended dietary allowance for each body type. Since it helps in curbing malnutrition and nutritional deficiencies, dietary supplements help in proper physiological functions. They do not possess any pharmacological, immunological, or medicinal action, as they do not possess any active pharmaceutical ingredient. Since, liquid supplements are easy to consume by any age group and the contents are easily digestible it is convenient and affordable to use and consume. Due to this factor, the liquid segment would dominate the market.
The need for optimal nutrition due to the changing lifestyle increases the demand for dietary supplements in adults
Over-the-counter dietary supplements are big business. Vitamins and minerals are essential to helping the body develop and function as it should. While most adults get all of what's recommended by eating healthy, some need a little extra nutrient boost. That's where supplements support your body's needs to stay healthy. Due to their busy lifestyle adults are prone to chronic health conditions and high stress levels. Though supplements do not prevent them from these disorders, it helps the target population to maintain overall good health.
The ease of use further fuels the growth of online distribution channels in the global dietary supplements market
An e-commerce distribution channel is a path through which goods and services flow from producers to consumers. The primary purpose of a distribution channel is to make goods and services available to consumers most efficiently and effectively as possible. According to a survey by TimesNow, on dietary supplements in India conducted in March 2022, around 51% of respondents who took dietary supplements or nutraceuticals stated that they purchased them online. This indicates that most of the people prefer online purchases which fuel the demand for this distribution channel.
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Asia Pacific provides the highest growth prospects for the dietary supplements market in 2023
Asia Pacific is a highly diverse market in terms of dietary supplement manufacturing and consumption. The Asia Pacific dietary supplements market is expected to grow at a significant rate. The population across has been increasingly switching towards a healthier life by the adoption of dietary supplements in different forms, which are naturally sourced. Additionally, the geriatric population has been growing in countries such as Japan, where the demand for geriatric supplements and medicinal supplements is set to grow. Further, after the pandemic countries like India and China are increasingly adopting these supplements apart from daily diet, as a means of prevention and fulfilling dietary requirements. These countries are also offering key players to expand their reach in the dietary supplements market by providing a vast customer base, the focus of the companies operating in the market is shifting towards establishing business and manufacturing facilities, which drives the market in the region.
The prime factor contributing to the growth of dietary supplements in the region is the growing adoption of supplements to meet the intensifying food demand and escalating population. Additionally, key players like Abbott (US), Nestle (Switzerland), and others have a strong presence and market share in the region, which further boost the dietary supplements market in the Asia Pacific.
Key players in this market include Nestle (Switzerland), Abbott (US), Amway Corp (US), Pfizer Inc. (US), ADM (US), International Flavors & Fragrance (US), Otsuka Holdings Co., Ltd (Tokyo), Glanbia PLC (Ireland), GSK PLC. (UK), Bayer AG (Germany), Herbalife International of America, Inc. (US), Nature's Sunshine Products, Inc (US), Bionova (Canada), ArkoPharma (France), American Health (US), Pure Encapsulation (US), H&H Group (Hong Kong), Nu Skin (US), Power Gummies (India), Biomedical Research Laboratories (US), HealthKart (India), NutriScience Corporation (US), Nature's Essentials (US), and Life Extension (US).
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