Global
Dietary Supplements Market Is Estimated To Witness High Growth Owing To
Increasing Consumer Awareness And Growing Demand For Nutritional Supplements

The
Global Dietary Supplement Market is estimated to be valued at US$ 160.6 Billion In 2021 and is
expected to exhibit a CAGR of 8.0%
over the forecast period 2022-2030, as highlighted in a new report published by
Coherent Market Insights.



Market Overview:

The dietary supplement market offers a wide range of products that provide
essential nutrients, vitamins, and minerals to support overall health and
well-being. These supplements come in various forms such as capsules, tablets,
powders, and liquids. They are commonly consumed to supplement dietary deficiencies,
support weight management, boost immune health, and enhance athletic
performance. With increasing consumer awareness about the importance of
preventive healthcare and an active lifestyle, the demand for dietary
supplements is witnessing significant growth. Moreover, the rise in chronic
diseases, aging population, and the adoption of a healthy lifestyle further
contribute to market growth.



Market Dynamics:

The dietary supplement market is driven by two key factors. Firstly, the
growing emphasis on preventive healthcare and increasing consumer awareness
about the benefits of dietary supplementation fuels market growth. With a
rising number of people opting for a healthy lifestyle and seeking natural
means of maintaining health, the demand for dietary supplements is expected to
increase. Secondly, the rising occurrence of chronic diseases, such as
cardiovascular diseases, obesity, and diabetes, drives the demand for dietary
supplements as they play a vital role in supporting overall health and managing
specific health conditions. Additionally, technological advancements in
supplement formulations and increasing product innovations further contribute
to market growth.



SWOT Analysis:



Strength:

The Dietary
Supplements Market has a strong demand and a large consumer base due to
the growing health consciousness among individuals. The increased awareness
about the benefits of dietary supplements and their role in preventing
nutritional deficiencies is a major strength of this market. Additionally, the
availability of a wide range of supplements catering to different needs and
preferences further strengthens the market position.



Weakness:

One weakness of the dietary supplement market is the lack of stringent
regulations and quality control measures. This opens up the possibility of
substandard or adulterated products entering the market, which can compromise
consumer safety and confidence. Another weakness is the potential side effects
or interactions of certain supplements with medications or existing health
conditions, which may deter some individuals from using them.



Opportunity:

The growing aging population presents a significant opportunity for the dietary
supplement market. As people age, their nutritional requirements change and
they may need additional supplements to support their overall health. Moreover,
the increasing adoption of e-commerce platforms and the convenience of online
shopping provide an opportunity for dietary supplement companies to reach a
wider customer base and expand their market presence.



Threats:

One major threat to the dietary supplement market is the negative perception
and skepticism surrounding the efficacy of supplements. There is a lack of
scientific evidence for certain claims made by supplement manufacturers, which
can create doubts among consumers. Furthermore, the emergence of alternative
health practices and remedies may divert some consumers' attention and spending
away from dietary supplements.



Key Takeaways:



The global dietary supplement market is expected to witness high growth,
exhibiting a CAGR of 8.0% over the
forecast period, due to increasing health consciousness among individuals and
the availability of a wide range of supplements catering to different needs. In
terms of regional analysis, North America is expected to be the fastest growing
and dominating region in the dietary supplement market, driven by the rising
demand for natural and organic supplements and the presence of key players in
the region. Key players operating in the dietary supplement market include
Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V.,
Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF
SE.