Dietary Supplement Market Is Estimated To Witness High Growth Owing To Increasing Demand for Health Supplements
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| Dietary Supplement Market |
The
global Dietary Supplement Market is estimated to be valued at US$ 160.6 Billion In 2021 and is
expected to exhibit a CAGR of 8.0%
over the forecast period 2022-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The Dietary Supplement Market refers to the market for products that are
consumed orally to supplement the diet and provide essential nutrients. These
supplements come in various forms such as tablets, capsules, powders, and
liquids. They are taken to enhance overall health, fill nutritional gaps, and
prevent specific deficiencies. The market for dietary supplements is driven by
increasing consumer awareness about the importance of a healthy lifestyle and
the benefits of taking supplements. The rising prevalence of chronic diseases
and the growing aging population are also contributing to the growth of the
market. Additionally, the trend of personalized nutrition and the availability
of a wide range of products for different age groups and health conditions are
further fueling market growth.
Market Key Trends:
One key trend in the dietary supplement market is the growing demand for
natural and organic supplements. Consumers are becoming increasingly conscious
about the ingredients and production methods of the supplements they consume.
They are opting for products that are free from artificial additives,
chemicals, and genetically modified organisms (GMOs). Natural and organic
supplements are perceived as safer and healthier alternatives to synthetic
supplements. This trend is driven by the rising awareness about the potential
health risks associated with synthetic ingredients and the desire for a more
sustainable and eco-friendly approach to wellbeing. Manufacturers are
responding to this trend by launching a wide range of natural and organic dietary
supplements to cater to the evolving consumer preferences.
PEST Analysis.
Political: The political landscape plays a crucial role in shaping the Dietary
Supplements Market. Government regulations and policies related to
product labeling, safety standards, and marketing practices can impact the
industry. For example, stricter regulations on health claims or the
introduction of new laws regarding ingredient sourcing could affect
manufacturers and suppliers.
Economic: The economic factors that influence the dietary supplement market
include disposable income, consumer spending patterns, and economic stability.
As economies grow, individuals are more likely to spend on health and wellness
products, including dietary supplements. Furthermore, factors such as rising
healthcare costs and an aging population can drive demand for supplements.
Social: Social factors have a significant impact on the dietary supplement
market. Increasing health consciousness and awareness among consumers, growing
fitness trends, and a desire for preventive healthcare drive the demand for
dietary supplements. Additionally, changing demographics, such as the aging
population and rising interest in natural and organic products, contribute to
the market's growth.
Technological: Technological advancements can revolutionize the dietary
supplement market. Innovations in manufacturing processes, product
formulations, and packaging techniques can improve the quality, efficacy, and
attractiveness of the supplements. Technologies like encapsulation,
nanotechnology, and nutrigenomics are making significant strides in the
industry, providing opportunities for growth and product differentiation.
Key Takeaways.
Market Size: The global dietary supplement market is projected to experience
high growth, exhibiting a CAGR of 8.0%
during the forecast period of 2022 to 2030. The market is fueled by factors
such as increasing health awareness, rising disposable income, and a growing
aging population. The market size for 2021 was estimated at US$ 160.6 billion.
Regional Analysis: The Asia-Pacific region is expected to be the
fastest-growing and dominating region in the dietary supplement market. The
region's growth is driven by factors such as the rising population, increasing
health consciousness, and growing disposable income in countries like China and
India. Additionally, the presence of a large customer base interested in
preventive healthcare and holistic wellness further fuels the market growth in
the region.
Key Players: Key players operating in the dietary supplement market include
Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V.,
Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF
SE. These players have significant market presence and offer a wide range of
dietary supplements catering to various health needs and target segments. They
focus on research and development, product innovation, acquisitions, and
partnerships to maintain their market position and expand their customer base
globally.
Overall, the dietary supplement market is expected to witness substantial
growth, primarily driven by factors such as increasing health awareness, rising
disposable income, and technological advancements. The Asia-Pacific region
presents significant opportunities for market players, and key players are
actively engaged in strategies to capture market share and stay competitive in
this growing industry.
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