Dietary Supplement Market To Generate $288.5 Billion Revenue by 2030
- Published: April 2022
The dietary supplement market is projected to generate $288.5 billion revenue in 2030, advancing at a CAGR of 9.9% during 2021–2030. This can be ascribed to the surging need for sports nutritional supplements, increasing consumer awareness about nutrition health and wellness, rising prevalence of chronic diseases and disorders, and shifting consumer preference.
Due to the COVID-19 pandemic, the need for immunity-boosting supplements has increased to fight against the disease. This scenario along with surging awareness of consumers toward the benefits of nutraceutical products positively affects the demand for dietary supplements. Moreover, with the growing geriatric population, which is susceptible to several infections including COVID-19, the demand for these products is increasing to improve the immunity system.
Furthermore, energy and weight management product producers are more concentrating on nutraceutical ingredients to increase the nutritional value in their products. It has increased the need for fibers and specialty carbohydrates that are helpful to reduce cholesterol levels, weight loss, control hypertension, and blood sugar level.
Protein Supplement Is the Fastest-Growing Product Type in the Market
The protein supplement category is expected to witness the fastest growth during the forecast period, advancing at a CAGR of 11.1%. This can be mainly due to the rising demand for protein supplements such as powders and amino acid products like histidine, phenylalanine, creatine, tyrosine, citrulline, and proline, from consumers, owing to the increasing awareness on health and diet, across the world.
Moreover, the elderly category is expected to witness the fastest growth in the upcoming years, based on end user. This can be attributed to the rising awareness regarding the nutritional requirements among elderly people and the increasing bone health and mobility concerns. With the use of dietary supplements, they can maintain good health and quality of life.
Geographically, APAC held the largest share in the market in 2021. The surging use of products with more nutritional value and less calorie content, the rising awareness about the consumption of supplement products, and the increasing number of product launches are expected to drive the demand for dietary supplements in the region.
Mergers and Acquisitions Are Most-Effective Strategic Measure
Key players in the dietary supplement market have been extensively involved in mergers and acquisitions to gain competitive advantages. For instance:
In February 2022, Nestle SA signed an agreement to acquire a majority stake in Orgain, a plant-based nutrition company. The agreement includes the option for Nestlé Health Science to fully acquire Orgain by 2024. This agreement will strengthen Nestlé Health Science's existing portfolio of nutrition products that support healthier lives.
In November 2020, Unilever plc signed an agreement to acquire the SmartyPants Vitamins, a U.S.-based vitamin, mineral, and supplement company. It complements Unilever’s portfolio of brands in the functional nutrition and supplement segment.
Key players in the market include Amway Corp, Herbalife Nutrition, Pfizer Inc., Abbott Laboratories, Bayer AG, Danisco, Plantafood Medical GmBH, Nu Skin Enterprises, GlaxoSmithKline plc, Nutraceutics, Nestle, and Carlyle Group.