Dietary Supplements Market to surpass US$ 290 Bn by end of 2027, Says Coherent Market Insights

SEATTLE, Nov. 8, 2021 /PRNewswire/ -- According to the Coherent Market Insights, The global dietary supplements market is estimated to account for 290 Bn in terms of value, witnessing a CAGR of 7.7% by the end of 2027.

Dietary supplements contain all or only some of the following ingredients: minerals (such as calcium, bromine, magnesium, iodine, and zinc), vitamins (such as vitamin E, riboflavin, pyridoxine, thiamine, and thalassemia), herbs (such as saw palmetto, nettle root, and dandelion root), amino acids (such as lysine, valerian, and ginkgo biloba), enzymes (such as lycopene, quercetin, pumpkin seed, and green tea), and probiotics (which include acidophilus, bifidus, and rotavirus). A dietary supplement may also contain only one or few of the above ingredients, or a combination of ingredients designed to increase the amount of the above ingredients in the body.

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Market Drivers:

Growing awareness regarding the health benefits of dietary supplements is a key factor driving growth of the market. Moreover, strict regulation regarding the safety of dietary supplements is again fostering growth of the market. For instance, in October 1994, the Dietary Supplement Health and Education Act (DSHEA) was signed into law by President Clinton. Before this time, dietary supplements were subject to the same regulatory requirements as were other foods. This new law, which amended the Federal Food, Drug, and Cosmetic Act, created a new regulatory framework for the safety and labeling of dietary supplements.

The increasing aging population is another key factor driving growth of the dietary supplements market. According to the United Nation, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6 percent in 1990 to 9 percent in 2019.

Market Opportunities:

Expanding retail and pharmacy chains across the globe is projected to provide lucrative growth opportunities to the dietary supplements market. According to data from the National Retail Federation, retail sales hit a record of US$ 3.68 trillion in 2018. Also, according to the U.S. Census Bureau. U.S. retail sales rose 0.3% in January 2020.

Growing usage of dietary supplements in sports nutrition is expected to offer potential growth opportunities to the market. For instance, in March 2021, PepsiCo has introduced a line of energy drinks called Mtn Dew Rise Energy targeted at morning consumers. Each 16-ounce can have around 25 calories, 180 mg of caffeine — nearly twice the amount of a cup of coffee — along with vitamins A and C, antioxidants, and fruit juice. It also contains citicoline to boost mental clarity and zinc for immune support

Market Trends:

Growing trend of veganism is driving demand for vegan dietary supplements which is expected to augment growth of the market. For instance, in March 2018, GHT Companies has introduced Vegan Life Nutrition (VLN), to provide nutritional supplements that are completely free of animal products.VLN's D3 products are derived from lichen, an all-natural, unique plant source; and the B12 products use cyanocobalamin, the optimal source of vitamin B12. 

An increasing number of partnerships and agreements among key players is another key trend in the market that is expected to increase dietary supplements market size. For instance, in August 2021, Fullife Healthcare has joined hands with Parry Nutraceuticals to launch a new range of plant-based nutritional products. The first product to come out of this partnership is a plant-based Vegan B12 under well-known Swiss nutrition brand, Fast&Up. Similarly, in August 2021, Fullife Healthcare has partnered with Parry Nutraceuticals, a division of EID Parry of Murugappa Group and a pioneer in plant-based health supplements, to launch plant-based nutritional products in India.

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Competitive Landscape:

Key players engaged in the dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc.,  Glanbia Plc., Royal DSM N.V., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE etc.

Market segmentation:

Global Dietary Supplements Market, By Form:

• Soft gel/Pills
• Confectionery Products
• Gummies
• Chews
• Others (Lollipops, hard-boiled candies)
• Pharmaceutical Products
• Chewable Pills and Pills
• Gelcaps
• Powder
• Liquid

Global Dietary Supplements Market, By Application:

• Weight Loss
• Sports Nutrition
• General Wellbeing
• Immune and Digestive Health
• Bone and Joint Health
• Heart Health
• Other Specific Requirements (Beauty Supplements, Anti-Allergies, and Eye Health)

Global Dietary Supplements Market, By Ingredients:

• Vitamins & Minerals
• Amino Acids
• Botanical Supplements
• Others (Concentrate, Metabolite, Constituent, and Extract)

Global Dietary Supplements Market, By End Use:

• Men
• Women
• Senior Citizens
• Others (Kids and Toddlers)

Global Dietary Supplements Market, By Distribution Channel:

• Pharmacies & Drugstores
• Health & Beauty Stores
• Hypermarkets & Supermarkets
• Online
• Direct Selling

By Geography:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

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SOURCE Coherent Market Insights