Unlock Lucrative Opportunities in the Booming Dietary Supplement Market: Projected to Reach $170.1 Billion by 2034 with a 9.5% CAGR – FMI

The global Dietary Supplement Market is on the brink of unprecedented growth, with projections estimating the market will achieve a valuation of approximately USD 170.1 billion by 2034, growing at a steady CAGR of 9.5% from 2024 to 2034. By the end of 2024, the market is anticipated to reach USD 74.3 billion, driven by rising health consciousness among consumers and the increasing adoption of preventive healthcare measures.

Several key trends are shaping the dietary supplement market. There is a notable surge in demand for probiotics and prebiotics aimed at enhancing digestive health. Consumers are increasingly seeking natural and organic supplements, driven by a desire for holistic health and wellness solutions. The sports nutrition segment is also experiencing significant growth as athletes and fitness enthusiasts look for supplements to improve performance, endurance, and muscle strength.

Government regulations are playing a crucial role in the market’s expansion. Regulatory bodies are focusing on updating food laws to influence product claims and labeling, fostering greater transparency and consumer trust in dietary supplements. Additionally, innovations in microencapsulation and nanoencapsulation technologies are ensuring better delivery and absorption of nutrients, further propelling market growth.

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The burgeoning dietary supplement market offers a wealth of opportunities for investors. The increasing awareness of health and wellness among consumers, coupled with technological advancements in supplement formulation, is creating a fertile ground for growth. Established companies and new entrants are actively exploring diverse opportunities to capture the expanding consumer base.

Country-wise Insights:

The section below highlights the CAGRs of the leading countries in the dietary supplement market. The three main countries pushing dietary supplement demand include Australia, China, and the United States.

Key Takeaways from the Dietary Supplement Market Report

• The global dietary supplement market is expected to reach a valuation of US$ 170.1 billion by 2034.
• Global demand for dietary supplements will likely soar at a 9.5% CAGR over the forecast period.
• Based on form, the soft gel (capsule) segment is anticipated to expand significantly by generating a share of 35.8% in 2024.
• Australia’s dietary supplement industry will likely expand at a steady CAGR of 8.4% from 2024 to 2034.
• China is expected to showcase a considerable CAGR of around 7.8% in the evaluation period.

“Sales of nutritional, herbal, and vitamin supplements have increased significantly. Along with the established enterprises, a number of new ones have entered this industry in tandem with this increase. These producers are all actively looking for new ways to reach large consumer bases,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).

Who is winning?

Following key dietary supplement manufacturers listed in the report:

• BASF SE
• Abbott Laboratories
• Bayer AG
• Glanbia Plc
• Royal DSM N.V.
• Now Health Group, Inc.
• Herbalife International
• Amway Corp.
• ADM
• Arkopharma
• GlaxoSmithKline plc
• Nu Skin Enterprises, Inc.
• Ayanda
• Other

The dairy supplement market is characterized by intense competition among key players. They are vying for high market shares through innovations in product formulations, marketing strategies, and expanding product portfolios.

They aim to meet the growing demand for nutritional enhancements and functional dairy-based products. Competitive assessments in this market emphasize continual research & development, quality control, and strategic collaborations to capture consumer attention amid evolving health trends and preferences.

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For instance,

• BioAdaptives Inc., a well-known producer and distributor of cutting-edge, sustainable dietary supplements, announced the opening of a dedicated research and development Food Lab in January 2024. Its goal is to provide healthy powder goods and snacks that can be fed to both people and animals.
• In December 2023, O Positiv, a well-known supplement brand, increased its reach by launching its goods on Target.com and in over 250 Target locations nationwide. The company introduced FLO PMS Capsules & Gummies, MENO Menopause Capsules & Gummies, and URO Vaginal Probiotic Capsules.

Global Dietary Supplement Market, Leading Trends in Category:

The below section shows the global trends in the dietary supplement industry in terms of form, ingredients, sales channel, and application.

Dietary Supplement Market by Category

By Form:

• Soft Gel (Capsule)
• Gummies
• Powders
• Liquid
• Bars
• Others

By Ingredients:

• Vitamin
• Minerals
• Botanical Supplements
• Amino Acid
• Others

By Application:

• Weight Management
• Immune & Digestive Health
• General Health
• Heart Health
• Sports Nutrition
• Brain/Mental Health
• Bone & Joint Health
• Others

By End-user:

• Children
• Women
• Men

By Sales Channel:

• Store-based Retailing
  • Hypermarkets/Supermarkets
  • Conventional Stores
  • Drug Stores & Pharmacies
  • Other Retailers
• Online Retailing

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

Purchase now and gain full access to the Dietary Supplement Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

Authored by:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

Explore FMI’s related ongoing Coverage in Food and Beverage Domain:

The digestive enzyme supplements market size is projected to be valued at US$ 1.9 Billion in 2023 and is expected to rise to US$ 3.5 Billion by 2033.

The herbal supplement industry is progressing to attain a revenue potential of US$ 194,859.4 million by 2034.

The global Botanical Supplements Market is predicted to surpass a valuation of US$ 71,963 million in 2023. It is expected to reach a valuation of US$ 95,703.2 million by 2033.

The global collagen supplement industry share is forecast to reach a value of nearly US$ 3,089.7 million by 2034.

The global calcium supplements market is forecasted to be valued at US$ 8.01 billion by 2032, up from US$ 3.8 billion in 2022, advancing at a CAGR of 7.74% from 2022 to 2032.

The multi nutritional supplement market was worth US$ 310 Billion in 2020 and is expected to advance at a 5.9% CAGR from 2022 to 2032.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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