Global Dietary Supplements Market 2022- Analysis, Market Overview, Growth Factors, Demand, Revenue and Application and Industry Forecast to 2031

Kenneth Research, in its repository of market research reports, has recently added a report titled Global Dietary Supplements Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the Global Dietary Supplements Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Dietary Supplements Market products.

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Dietary supplements are essential nutrients present as various dosage forms such as tablets, capsules, soft gels and others, and are derived from either natural or synthetic sources. The market for dietary supplements is projected to grow at a significant CAGR of 6.78% over the forecast period, i.e., 2021-2028. Further, the global dietary supplements market accounted for a market value of USD 67,218.23 million in 2019 and is anticipated to attain a substantial market value by 2028.

Dietary supplements market is segmented by source, by supplement, by form, by application, by end user, by distribution channel and by region. On the basis of the supplement segment, the market is sub-segmented into vitamins, botanicals, proteins & amino acids, minerals and others, out of which, the vitamins segment is anticipated to hold the leading share in the market over the forecast period. This can be attributed to the rising interest of consumers in improving personal health and wellness. On the other hand, the market is segmented on the basis of form into tablets & capsules, soft gels, powders, liquids and others, out of which, the tablets and capsules segment is anticipated to lead the market and grow at the highest CAGR during the forecast period. Ease of handling of tablets and capsule form is estimated to contribute towards the growth of tablet and capsule segment in the dietary supplement market.

Based on geography, the market for dietary supplements is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America held the leading share in 2018 which is estimated to grow further by the end of 2028. The growth in the market in this region can be attributed to increasing concerns regarding cardiovascular diseases among working professionals on account of irregular and unhealthy dieting patterns. Further, the market in Europe captured a market size of USD 17,342.30 million in the year 2019 and is expected to reach a substantial size by 2028 on account of rising adoption rates for botanicals among the population of European countries.

Some of the key industry leaders in the global dietary supplements market are Abbott, Amway, Bayer, Otsuka, Pfizer Inc., GlaxoSmithKline plc, Herbalife International of America, Inc., NuSkin Enterprises, Arkopharma, Nature’s Bounty and others.

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