February 25, 2024

The Dietary Supplements Industry is driven by the growing focus on preventive healthcare

Dietary supplements are intended to provide nutrients that may otherwise not be consumed in sufficient quantities through diet alone. They are available in various forms such as tablets, capsules, softgels, gelcaps, liquids, or powders. The global dietary supplements market comprises minerals, vitamins, herbal supplements and other dietary supplements. Mineral dietary supplements are inorganic compounds and elements needed for basic physiological functions and help maintain bone and nerve health. Vitamin dietary supplements are organic compounds that serve as cofactors for protein synthesis and breakdown and metabolism of carbohydrates, fats and proteins. Herbal supplements are plant-derived products such as ginkgo biloba, garlic, ginseng, milk thistle, and echinacea, marketed to have health benefits beyond their basic dietary value. While dietary supplements are regulated by oversight agencies in many parts of the world, regulations regarding quality, safety, claims, labelling and marketing differ significantly by country and by region.

The global dietary supplements industry is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The global dietary supplements market has seen substantial growth in the past few years driven by increasing health consciousness and focus on preventive healthcare. Some of the key trends include:

  • Growing demand for sports nutrition and performance supplements: Protein powders, amino acids, BCAAs, pre and post-workout supplements are increasingly popular among young professionals and athletes to support muscle building and physical performance.
  • Increasing adoption of herbal supplements: Owing to their natural origin, supplements like turmeric, ginger, garlic, ginkgo, ginseng etc are gaining popularity as alternatives to conventional medicines for conditions like anxiety, stress, pain etc.
  • Customization and innovation: Companies are introducing supplements targeting specific needs like digestive health, bone & joint health, immunity, heart health etc. Innovative delivery forms also enable customers to choose supplements according to their requirements and lifestyle.

Porter’s Analysis

  • Threat of new entrants: The dietary supplements industry has high capital requirements to enter the market due to strict regulations. Regulatory compliance also makes it difficult for new companies.
  • Bargaining power of buyers: Buyers have moderate bargaining power in this industry as there are many established brands to choose from. Customers can easily shift to substitutes if prices increase substantially.
  • Bargaining power of suppliers: Leading supplement ingredients providers have some bargaining power over manufacturers. However, this is balanced by manufacturers’ power to source ingredients from alternative suppliers.
  • Threat of new substitutes: The threat of substitutes is moderate as consumers can opt for alternatives like functional foods and fortified products for their nutritional needs. However, supplements provide targeted support not available from substitutes.
  • Competitive rivalry: The market is highly competitive with established brands vying for market share. Players focus on product innovation, brand recognition and effective marketing to strengthen positions.

Key Takeaways

The global dietary supplements industry is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Regional analysis: North America dominates currently due to high health awareness and disposable incomes. Asia Pacific is expected to grow the fastest due to rising lifestyle diseases, growing middle class and shifting dietary patterns in regions like India, China etc.

Key players operating in the dietary supplements market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Players focus on innovations like vegetarian, organic and specialized formulations to strengthen market positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it