As per FMI’s analysis, the global dietary supplement market is poised to expand at above 9% CAGR to surpass a valuation of approx. US$ 254 billion by 2031. Younger demographic of consumers is exhibiting high demand for dietary supplements in the form of soft gels/pills.
Growing concerns about maintaining a healthy lifestyle while increasing modernization across the globe are the key factors driving the consumption of vitamins & minerals as dietary supplements across the globe.
Alongside this, growing incidence lifestyle disease among geriatric population and increasing auto-immune diseases such as asthma and diabetes are bolstering the growth of dietary supplements market.
Consumers’ growing need to include various vitamins & nutrients in their daily diets is commonly being combined with their need for the convenience in their dietary habits.
Thus, online retail pharmaceutical companies are contributing towards increasing the adoption of dietary supplements. Hence, dietary supplements market is anticipated to witness a staggering growth over the coming years.
However, factors such as negative publicity, use of adultered ingredients that have potential for substance abuse, and false product claims are likely to impede the growth of dietary supplements during the forecast period.
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Key Takeaways from FMI’s Dietary Supplements Market Study
- By form type, soft gel/pills are anticipated to emerge as lucrative segment through 2021
- Increasing application in sports nutrition will stimulate dietary supplements sales
- Rising prevalence of obesity and other lifestyle across the U.S. will improve the consumption of dietary supplements, spurring sales
- Increasing cases of malnutrition among pediatric population will spur the sales of dietary supplements across India
- Japan is expected to register a stellar growth on the back of growing cardiovascular disease among geriatric population
- Countries such as Spain, the U.K., France, and Germany will witness an impressive growth backed by the rising vitamin D deficiency through 2021
“Growing health conscious population across the globe and increasing focus on innovating flavor and texture of dietary supplements will widen the growth opportunities for the market during the forecast period,” says the FMI analyst.
Competitive Landscape
Herblife International, BASF SE, E. I. Du Pont de Nemours and Company, Glanbia Plc, Royal DSM N.V., Abbott Laboratories, Amway Enterprises, NBTY Inc., Bayer AG, and GlaxoSmithKline Limited are some prominent players operating in the dietary supplements market.
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Increasing focus on product innovation to broaden their product portfolios will provide lucrative opportunities for the market players. Also, with strategic collaborations and early regulatory approvals leading players are expanding their global reach to maintain their position in the industry.
Furthermore, unauthorized use of ingredients and substances potential for abuse used in the manufacturing of dietary supplements might act as a restraint for the market growth.
For instance, the U.S. Food and Drug Administration (FDA), on May 21, 2021 announced that they seized more than 207,000 units of dietary supplements that contain kratom, including over 34,000 kilograms of bulk kratom, an adultered dietary supplement ingredient, manufactured by Atofil LLC, subsidiary of premium manufacturing products.
In October 2020, leading player Abbott Laboratories, announced the launch of strawberry-flavored food supplements in India to expand their product portfolio.