Dietary Supplements Market to grow at a CAGR of 6.5% during the forecast period (2024 – 2030)

CALIFORNIA, CA, UNITED STATES, December 3, 2024 /EINPresswire.com/ -- Wissen Research analyzed The global Dietary Supplements Market is estimated at USD 143.7 billion in 2023 and is projected to reach USD 221.8 billion by 2030, expected to grow at a CAGR of 6.5% during the forecast period (2024-2030)

Detailed Overview: Link (https://www.wissenresearch.com/dietary-supplements-market-global-forecast-2030/)

Over the last decade, the consumption of dietary supplements has witnessed a discernible rise in both developed and developing nations. The market for dietary supplements embodies a broad spectrum of natural as well as synthetic products with applications in industries for instance, personal care, food and beverages, cosmetics, and others.

Driving Factor: Rising Interest in Mood and Sleep Support Supplements:

With the growing emphasis on mental wellness and importance of sleep on physical and mental wellbeing, the mood and sleep supporting supplements has witnessed continuous growth in product launches such as, magnesium, melatonin, tryptophan and others, in the past few years. It is worth mentioning that the rising stress levels among young populations and exposure to smart devices will drive the adoption of such supplements in the coming years.

Opportunity: Increasing Shift towards Traditional Natural Products

Use of botanical / herbal dietary supplements has emerged as a popular alternative supplements. This can be attributed to the fact that botanical supplements appear to be effective and safer option compared to other dietary supplements with minimal risk of side effects. As more individuals adopt these natural supplements and personalized care, the market for dietary supplements is poised for significant expansion. Companies that leverage high nutritional clinically proven plant-based extracts effectively can gain a competitive edge and capitalize on the growing demand for nutritional solutions.

Challenge: Growing Influx of Counterfeit / Fake Supplements in the Market

Rising influx of unauthorized dietary supplements in the market has posed a significant challenge for the original producers which has further resulted into the growing consumer distrust over these products. For instance, in 2023, NOW Foods discovered sales of 11 different fake dietary supplements imitating its NOW brand on Amazon. Further, more than 40,000 cases against unsafe protein powder sample and dietary supplements were filled in India in 2022-2023.

Botanical dietary supplements are anticipated to grow at highest rate within the dietary supplements market by product type:

The dietary supplements market is segmented into vitamins, botanical, minerals, amino acids, fatty acids, probiotics and other types, based on type of product. Owing to their natural origin and effective healing qualities, the herbal / botanical based supplements demand is anticipated to increase at a noticeable yearly rate during the forecast period.

Tablets captured majority share of dietary supplements market by dosage form:

Capsules, tablets, powers, gels, gummies, liquids, and other forms are the key segments that the dietary supplements are available in. In 2024, the tablets segment captures the largest share out of all these product types. This can be attributed to the fact that tablets are easy to ingest with fixed amount of active ingredients, therefore, ensuring controlled intake of dietary supplements. Further, innovations in tablet technology, such as improved bioavailability and controlled-release formulations, are likely to drive this trend.

North America to dominate the current dietary supplements market and Asia-Pacific to witness the highest growth

Remote patient monitoring market research included a comprehensive analysis of five key regions:
• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• Latin America.

Regions were assessed on healthcare infrastructure, regulations, adoption rate, and market dynamics. North America is expected to hold the largest portion of total dietary supplements market and this trend is likely to remain the same in the coming decade. Key elements supporting this trend in the region include rising elderly population, high rate of lifestyle related illnesses, growing healthcare costs, strong regulatory framework, presence of leading dietary supplement manufacturers, and higher disposable incomes, all of which are anticipated to fuel growth in North America

As per the historical and the base year of the report (2022 and 2023, respectively), Major players operating in dietary supplements market are Nestle SA, Abbott, Amway, Pfizer, Archer-Daniels-Midland Company, Otsuka Pharmaceutical Co. Ltd., Glanbia plc, Herbalife Ltd., Bayer AG, Nature’s Sunshine Products Inc. among others. The overall dietary supplements market is consolidated with five key players holding majority share of the total dietary supplements market.

View Report Summary and Table of Content: (https://www.wissenresearch.com/dietary-supplements-market-global-forecast-2030/)

Recent Developments and Headlines:

• Natural Alternatives International, Inc. signed a distribution agreement with Barentz, for the distribution of its sports nutrition based dietary supplement CarnoSyn^® beta-alanine in Brazilian dietary supplements’ market. (February 2024)
• Kyowa Hakko USA and Quifaest entered a strategic partnership in order to launch former company’s first IMMUSETM postbiotic in Mexico. (September 2023)
• Hyundai Department Store entered into a strategic collaboration with Nestle Health Science S.A. with an aim to distribute latter company’s dietary supplements in the South Korean market. (August 2023)

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Mayur Jain
wissen Research LLC
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