Nutritional Supplements Market to grow at highest pace owing to rising health consciousness
Nutritional supplements are consumable food products that contain dietary ingredients meant to supplement one's diet. These supplements provide additional or higher amounts of nutrients like vitamins, minerals, fibers, fatty acids, or amino acids. Common nutritional supplements include vitamins, minerals, meal supplements, sports nutrition and dietary supplements. Nutritional supplements offer various health benefits such as improved immunity, bone and heart health, metabolic function, memory and concentration, energy levels, etc. They help fulfill the nutritional needs that cannot be met through diet alone or compensate for dietary deficiencies due to malabsorption. Rising health consciousness among people and desire to lead an active lifestyle has significantly boosted the demand for nutritional supplements in recent years.
Global Nutritional Supplements Market Was Valued At US$ 325.4 Billion In 2022 And Is Estimated To Exhibit A CAGR Of 7.31%, In Terms Of Value, Over The Forecast Period (2023 – 2030), And Is Expected To Reach US$ 572.4 Billion By 2030.
Key Takeaways
Key players operating in the nutritional supplements are Abbott Laboratories, Archer Daniels Midland (ADM), American Health, Inc., Amway Corporation, Arkopharma Laboratoires Pharmaceutiques, Ayanda, DuPont, DSM, the Nature's Bounty Co., Herbalife International of America, Inc, Stepan Company, Pfizer Inc., Nestle S.A., Nature's Sunshine, and GlaxoSmithKline.
The rising consumer awareness regarding health and fitness has propelled the Nutritional Supplements Market Demand in recent years. People are increasingly consuming dietary supplements to meet their daily nutritional needs and for overall well-being. Advancements in product offerings, formulations and delivery systems have further boosted the uptake of supplements.
Technological advancements have allowed manufacturers to develop innovative formulations, delivery mechanisms and product forms of supplements. Introduction of supplements in the form of gummies, chewable and dissolvable tablets have gained popularity especially among millennial population. Manufacturers are also focusing on customization and developing personalized supplement regimens based on individual requirements. This has augmented further growth opportunities.
Market Trends
Individualization is a key trend witnessed in the nutritional supplements industry. Manufacturers are focusing on understanding specific consumer needs and formulating customized nutrition solutions for different groups. Another prominent trend is the shift towards more efficacious and bioavailable forms of supplements through nanotechnology and other innovations. Use of liposomes, micelles, phytosomes etc. helps enhance absorption of active ingredients.
Market Opportunities
Increased focus on preventive healthcare and rising health expenditure presents lucrative growth opportunities. Growing geriatric population susceptible to age-related nutritional deficiencies also opens new avenues. Lastly, expansion into emerging markets of Asia Pacific and Latin America will allow greater geographical penetration over coming years.
Impact of COVID-19 on Nutritional Supplements Market
The COVID-19 pandemic has significantly impacted the nutritional supplements market. During the initial stages of the pandemic in 2020, the market witnessed a decline in sales as lockdowns were imposed across various countries and people avoided going out. However, as the pandemic continued and its long term effects started unfolding, awareness about health and immunity increased tremendously. There was a renewed focus on preventive healthcare and supplements that could help boost immunity. This led to rising demand for immunity-boosting supplements containing vitamins C and D, zinc and herbal extracts like turmeric, ginger etc. Innovation also picked up during this period as manufacturers launched products focused on respiratory and lung health. Telehealth and online consultations increased and e-commerce emerged as the preferred sales channel. The future holds greater emphasis on developing natural products, personalized supplements and leveraging digital technologies for improved access and consumer experience. Developing economies with large population bases will provide significant growth opportunities. Overall, while the pandemic disrupted the market initially, increased health consciousness has made supplements integral to everyday wellness routines.
In terms of regions, North America accounts for the lion's share of the global nutritional supplements market in terms of value. This is owing to factors like rising health awareness, busy schedules leading to nutritional deficiencies and promotion of supplements by regulatory agencies. Europe remains the second largest region driven by growth in the German, UK and French markets. Asia Pacific is expected to be the fastest growing region during the forecast period on account of rising incomes, expanding middle class and growing health & fitness trends in countries like China, India and Southeast Asia. The Latin American region is witnessing an uptick in demand for sports and herbal supplements. Overall, developing countries will play a crucial role in redefining the future landscape of this market.
With increasing health issues like obesity, gut problems and lifestyle diseases due to fast urbanization, Southeast Asia represents one of the fastest growing regional markets for nutritional supplements globally. Countries like Indonesia, Thailand, Vietnam and Philippines are witnessing rising expendable incomes, exposure to Western influences and health & wellness trends driving the adoption of supplements. Foreign direct investments and emergence of local manufacturers are making products widely accessible at affordable prices. E-commerce is playing a huge role in this digitally-savvy region by facilitating easy purchase and consumption of products for nutrition, immunity, beauty from within etc. Thus, Southeast Asia's nutritional supplements market is poised to attract significant investments and flourish over the next decade.
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