dietary supplements Market

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 to lead a healthy lifestyle. Dietary supplements consist of various nutrients, such as vitamins, minerals, proteins, amino acids, and probiotics. They are available in different forms, such as tablets, capsules and softgels, and powders.

Based on type, the dietary supplements market is segmented into vitamins, minerals, proteins and amino acids, probiotics, blends, and others. The vitamins segment accounted for the largest market share in 2020, whereas the probiotics segment is expected to register the highest CAGR in the market during the forecast period. Probiotics are microorganisms, such as yeast and bacteria, which aid in maintaining gut microbial balance in humans and animals. Probiotics components boost the body's natural digestive juices and enzymes to promote optimal digestive system function. Probiotic dietary supplements have grown in popularity among consumers looking for natural remedies for various health problems such as intestinal diseases, stomachache, indigestion, and other digestive and gut health issues. The development of innovative probiotic supplements, such as powders, capsules, gummies, and chewable products, is projected to drive market growth for this segment in the coming years. Furthermore, the unexpected impact of the COVID-19 pandemic has created a need for products that improve immunological health, which is anticipated to propel the demand for probiotic supplements in the future.

Based on region, the dietary supplements market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SAM). In 2020, Asia-Pacific held the largest share of the market and is estimated to register the highest CAGR in the market over the forecast period. Growing awareness about dietary supplements and increasing health consciousness among people are among the major factors driving the dietary supplements market growth in Asia-Pacific. Owing to the various health benefits of dietary supplements such as enhancement in the intake of essential nutritional components in the human body. Also, there is a growing demand for these fibers amongst the populace. The healthcare industry in Asia-Pacific is rapidly expanding. The rising geriatric population-especially in countries such as Japan and China-is driving the growth of the healthcare industry across the region. Japan's healthcare expenditure in 2018 amounted to 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.

Anona GmbH; Abbott; Amway Corp.; Bayer AG; Arkopharma; Bionova; Pfizer Inc.; Otsuka Holdings Co., Ltd.; GlaxoSmithKline plc.; and The Bountiful Company are among the key players operating in the dietary supplements market.

The overall dietary supplements market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the dietary supplements market.