DELRAY BEACH, Fla., Nov. 26, 2024 /PRNewswire/ -- The dietary supplements market is estimated at USD 179.53 billion in 2024 and is projected to reach USD 258.75 billion by 2029, at a CAGR of 7.6% from 2024 to 2029, according to a report published by MarketsandMarkets™.
Dietary supplements are witnessing rapid growth, with several key factors driving the trend toward plant-based diets, health and wellness awareness, and the overall pervasiveness of social media. As more consumers choose plant-based lifestyles there will be a growing demand for supplements that reflect those values. Dairy and meat alternatives are gradually shaping the traditional food industry, and this shift is increasing the need for plant-based dietary supplements focusing on sustainability, cruelty-free, and a health-focused platform.
The growing awareness of wellness and health issues has been a key factor driving the increase in demand for vegan supplements. Consumers are becoming more aware of the impact their dietary habits have on their well-being in general. This awareness has now brought with it a high demand for supplements that are healthy nutrition enhancers, energy creators, and immunity boosters, which align with plant-based standards. For example, people using a vegan diet can face difficulties in meeting their protein or vitamin needs, which is why these individuals have started turning towards plant-based supplements in these areas.
In August 2023, Herbalife launched a new plant-based supplement range, Herbalife V, built according to the drive for plant-based alternatives including supplements. These contain products ranging from plant-based protein milkshakes, greens boosters, and products mainly aimed to support the immune and digestive systems. The launch further points to the growing trend toward plant-based supplements and the demand for quality and sustainability in nutrition.
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The adult target consumer dominates the dietary supplements market during the forecast period 2024-2029.
As adults increasingly emphasize health and wellness, the degree to which they turn to dietary supplements to support various aspects of their well-being has expanded from simple nutritional gaps to specific health problems. This demography ranges in age from young adults looking to increase fitness levels and energy to the middle and older aged groups, which is aimed at managing chronic conditions and healthy aging. This population of adults is now better educated about the psychological components and dimensions needed for wholesome well-being. Supplements that focus on enhancement for improving cognitive processing, stress management, mood elevation, and sleeping hygiene are rising in demand.
As younger adults are more and more interested in exercise and wellness, the need for dietary supplements surges even further. Supplements geared toward bettering athletic performance, post-recovery support of muscles, or boosting energy levels are quite sought after. Protein powders, amino acids, creatine, and pre-workout formulas are popular among active individuals and those who enjoy a good amount of physical training and health for performance enhancement.
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The sports nutrition sub-segment in the function segment has a significant share of the market.
Within the dietary supplement market, sports nutrition has a significant market share based on increased fitness, athletic performance, and active lifestyles among diverse consumer demographics. With increased awareness of what a person requires to achieve fitness goals or boost physical performance, sports nutrition supplements become an integral part of an active lifestyle. Growth in this is driven by the increasing adoption of fitness-centric lifestyles, which is influenced by the general global increase in the number of people joining the gym, participating in endurance sports, and engaging in running, cycling, and strength training.
Consumers in this category require supplements that provide energy, enhance endurance, support muscle growth, and accelerate recovery post-workout. Most products would fall into the category of protein powders, branched-chain amino acids (BCAAs), creatine, and pre and post workout formulas. A more specific example of this category is whey protein supplements which are widely consumed for their role in muscle repair and growth, while creatine is popular for improving strength and performance during high-intensity exercises. With continuous innovation, tailored solutions, and growing awareness about the importance of nutrition in physical performance and recovery, the sports nutrition segment is poised for sustained growth in the years to come.
Based on region, Europe holds a significant market share in the dietary supplements market.
The European market is highly regulated, which contributes to consumer trust and, in turn, supports market growth. The European Union (EU) has established stringent regulations governing the production, marketing, and sale of dietary supplements. These regulations ensure that products meet high safety, quality, and efficacy standards, which is crucial in a region where consumers are increasingly cautious about the ingredients and health claims made by supplement brands. For example, the EU's Health Claims Regulation requires that any claims made on supplements must be substantiated by scientific evidence. This regulation plays a vital role in maintaining high product standards and protecting consumers from misleading or unproven claims. It has, however, also spurred innovation, as companies seek to differentiate themselves through the development of products backed by solid clinical research. The regulatory environment ensures that only high-quality, reliable supplements reach the market, building trust and encouraging higher adoption rates among consumers.
The report profiles key players such as Nestlé (Switzerland), Abbott (US), Amway Corp (US), Otsuka Holdings Co., Ltd (Japan), Glanbia PLC (Ireland), Bayer AG (Germany), Haleon Group of Companies (UK), Herbalife International of America, Inc. (US), Nature's Sunshine Products, Inc (US), Bionova (India), Arkopharma (France), American Health (US), H&H Group (Hong Kong), Nu Skin (US), and Vitaco (New Zealand).
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