According to the Market Statsville Group (MSG), the global dietary supplements market size is expected to grow from USD 171,282.4 million in 2022 to USD 303,662.8 million by 2033, at a CAGR of 8.6% from 2023 to 2033.
The global dietary supplements market is expected to drive the market as it is increasing focus on an individual healthy and balanced lifestyle. And this rise in the number of online shopping, internet penetration has also led to the growth in demand for dietary products for the upcoming forecasting period. Whereas on the other hand, Dietary supplements have a high customization cost. Because these supplements are expensive, the people may limit market growth, particularly in the countries such As Nigeria, Africa, and India. It is anticipated that market growth will be hindered for these dietary supplements because they are cost-effective.
Dietary supplements are the products that contain a dietary nutrient to the supplements to increase their nutritional value. People throughout the world take dietary supplements in order to live a healthier and nutritional lifestyle. Supplements such as these are used in order to replace nutrients that may be missing and to maintain adequate levels of nutrients in the body. Dietary supplements offer a variety of products such as protein supplements, calorie supplements, vitamins, and minerals supplements in the form of tablets, capsules, powder, liquids, and others. The benefits of dietary supplements include promoting growth and improving immunity. Supplementation, however, can result in an increase in body fat. Dietary supplement also works as a pre-workout and workout for the bodybuilders, and it also works as an energy booster for many sports player.
The COVID-19 epidemic has had a tremendous impact on the world economy, yet the nutritional supplements business has escaped unscathed. The COVID-19 began in Wuhan (China) in December 2019 and has since expanded rapidly around the world. In terms of confirmed cases and reported deaths, the United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain are among the worst impacted nations. Due to lockdowns, travel bans, and commercial shutdowns, the COVID-19 has had an impact on economies and businesses in a number of nations. The closure of numerous facilities and factories has disrupted global supply lines and harmed the global manufacturing economy.
In dietary supplements, manufacturing industries have faced problems due to lack of raw material for manufacturing operation. The spread of the novel coronavirus, i.e., COVID-19, has surged the global immune health products market. The recent outbreak of COVID-19 has created a growing need for products which boost the body's immune system. Dietary Supplements also play a critical role after the covid 19 outbreak has people are taking initiative for the healthy lifestyle, this has the support to dietary market and provide the growth opportunities for the manufacturers. COVID-19 has affected a substantial number of people all over the world. Due to the supposed immune-boosting properties of dietary supplements and nutraceuticals during the pandemic, sales of these products surged. On television and social media since the start of the coronavirus pandemic, prominent medical personalities have pushed the use of specific dietary supplements in both preventive and acute treatment of SARS-COV-2 infection. Vitamin D may potentially aid in the prevention of SARS-CoV-2 transmission by boosting antiviral immunity and decreasing mortality by lowering the cytokine storm associated with severe COVID-19. Zinc also helps the immune system operate and may have antiviral characteristics.
The rise in number of online shopping, and internet penetration has led to increase in demand for dietary products. Today, the increase in online shopping of medicines and health care product is popular due to the outbreak of COVID-19 pandemic. Online shopping is more convenient and easy as compared to going to market at any store. The people are involved more in online shopping due to comparative pricing, website availability, low pricing & discount offers, time saving, no crowd and safe payment. This is contributing to the demand for online distribution channel segment. As individuals become more concerned of their overall health, the demand for immunity-boosting products has surged in the market. A growing number of individual are turning to herbal supplements and other dietary supplements is address their health problems. People have shifted to nutraceuticals such as dietary supplements due to increasing health awareness and rising disposable income across regions. Lifestyle changes, along with a better understanding of fitness and health, have encouraged people to take multivitamins and minerals in the form of capsules and tablets. As the dietary supplements market is growing all around the world, online platform provides the grate boost for the manufacturer of this market for the upcoming period.
Due to pandemic, individuals buy dietary products and medicines online without prescription of doctor in order to stay away from exposure of virus and for saving time. Globally, the sale of counterfeit drugs on online pharmacy market is illegal. According to the WHO, the counterfeit drugs are those, which are purposefully mislabeled and fraudulently regarding their identity. Counterfeit medicines may include products that contain wrong ingredients and fake packaging. Substandard, falsely labelled, spurious, falsified and counterfeit (SSFFC) medical products are hazardous for public health. Counterfeit medicine is a problem in the United States and supply of these counterfeit supplements coming all over the world.
In the wake of the ongoing pandemic, more & more people are looking for better measures for preventive health. As the COVID-19 pandemic hit the world, consumer interest in improving immunity peaked. This trend would sustain, going forward, creating opportunity for companies to create innovative immune products. Many parents, concerned about exposing their children to the coronavirus, have delayed, or bypassed basic health care protocols for their kids. With the possibility of a third wave of COVID cases in India, healthcare companies across the country are looking for an established preventive option in children for the disease. This clinical study at a NABH accredited renowned Medical Research Institute showed immune-boosting and antioxidant activities in children between the age group of 7-14 years with respiratory infections. Another opportunity is to tap into new functional by developing unique immunity product that solves problems that leads to low immunity such as sleep deprivation and stress and nutrient-dense products with functional health benefits aimed at supporting immune system. With the heightened demand for immune products, it is important to differentiate with a unique combination of ingredients. For an instance, elderberry is on trend but can be found in numerous products.
The study categorizes the dietary supplements market based on ingredient, product, application, target consumer, and distribution channel area at the regional and global levels.
By Ingredient Outlook (Sales, USD Million, 2019-2033)
Based on application, the market is split into additional supplements, medicinal supplements, and sports supplements. During the forecast period additional supplements segment accounts for the largest market share. This is because of the increasing popularity of specialty supplements such as vitamins and minerals. On the other hand, Tablets account the fastest growing market due to their high convenience, which has ensured a strong consumer preference for tablet formats. There has been a significant increase in the demand for beverage formats, such as green tea and shakes, due to the perception that these products enhance physical performance and support endurance. As a result, the liquids segment is expected to account a higher growth rate in terms of value sales during the forecasting period.
Based on the geographical standpoint, the global dietary supplements market has been segmented across North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America accounted for the major market share in 2022. This is due to the extensive use of nutritious foods and dietary supplements in the United States and Canada. Whereas Asia Pacific dietary supplement market is expected to project the highest CAGR during the forecast period. This is due to the region's increased interest in functional and fortified foods. Due to rising consumption of multivitamins and minerals, the worldwide market is quickly expanding in South Asian nations such as Vietnam. The region's expanding geriatric population is also a crucial element driving market expansion.
The dietary supplements market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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