The scope of our recent study on the “Dietary Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Vitamins, Minerals, Proteins and Amino Acids, Probiotics, Blends, and Others), Form (Tablets, Capsules and Softgels, Powders, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)” includes the description of factors fueling the growth of the market, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing market share analysis.
The dietary supplements market was valued at US$ 214,165.30 million in 2021 and is projected to reach US$ 319,085.34 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028. Dietary supplements contain dietary ingredients to improve their nutritional worth. Many people use these supplements for a healthy lifestyle. Dietary supplements consist of various nutrients, such as vitamins, minerals, proteins, amino acids, and probiotics. Also, they are available in different forms such as tablets, capsules and softgels, and powders.
Based on form, the dietary supplements market is segmented into tablets, capsules & softgels, powders, and others. The capsules & softgels segment held the largest share of the market in 2020 and is projected to register the highest CAGR during the forecast period. Capsules are gelatin pieces that fit together to retain dry ingredients and are commonly used in supplements. They are widely available in cylindrical shape. The two-piece design of capsule prevents the oil-based substances and liquids from entering it. Therefore, majority of the dietary supplements are available in capsule form. A soft gel is similar to a capsule in appearance, but it is made of a gelatin-based shell surrounding a liquid fill. The gelatin soft gel keeps components safe from oxidizing and degrading. Soft gels are often preferred over tablets to be used for oils or other liquid substances since they are easy to swallow. In addition, soft gels hermetically encapsulate the contents to protect against air, and opaque soft gel shields delicate substances from light, which boosts the market growth for this segment.
The dietary supplements market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM). Asia-Pacific held the largest share of the market in 2020 and is expected to grow at the fastest CAGR over the forecast period. Rising urbanization, growing health consciousness amongst the people, and increasing participation in sports and recreational activities are among the key factors driving the growth of the dietary supplements market across Asia-Pacific. Moreover, rising healthcare expenditure and growing awareness about the advantages of consuming dietary supplements are projected to boost the growth of the market during the forecast period. The healthcare industry in Asia-Pacific is rapidly expanding. Rising geriatric population-especially in countries such as Japan and China-is driving the growth of healthcare industry across the region. Japan's healthcare expenditure in 2018 amounted for 10.95% of its GDP, according to the World Bank. With growing expenditure on medicines, healthcare services, and nutritional supplements, the dietary supplements market in Asia-Pacific is projected to witness tremendous growth in the coming years.
Impact of COVID-19 Pandemic on Dietary Supplements Market
The COVID-19 pandemic has had a mixed impact on the dietary supplement sector. Initially, the pandemic had a substantial impact on the market because of the decrease in manufacturing. The imposition of lockdown halted manufacturing activities, resulting in a decrease in supply. In addition, travel restrictions around the world made it difficult to transport raw materials, which impacted the worldwide economy negatively. However, the demand for dietary supplements surged during the COVID-19 pandemic as a result of studies claiming that dietary supplements can help enhance the immune system. Consumers are gravitating toward immunity-boosting and nutritious products as the number of COVID-19 cases rises. Moreover, due to the sudden impact of the COVID-19 pandemic, the market has seen a boom in demand for products that provide digestive and immune health. Therefore, sales of various supplements such as protein, vitamins, and omega-3 fatty acids have surged. Thus, the COVID-19 pandemic opened positive growth opportunities for the global dietary supplements market.
The report segments the dietary supplements market as follows:
Based on type, the dietary supplements market is segmented into vitamins, minerals, proteins and amino acids, probiotics, blends, and others. Based on form, the market is segmented into tablets, capsules & softgels, powders, and others. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. Based on geography, the dietary supplements market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).
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