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The global dietary supplements market size is expected to grow by USD 327.4 billion by 2030, registering a CAGR of 8.9% from 2022 to 2030. The growing popularity of dietary supplements among the youth has been the prime factor to drive the demand for nutraceuticals. Also, the increased work hours and the need to maintain a healthy work-life balance have prompted the intake of essential nutrition in everyday life. Hence, the dietary supplements industry is likely to foresee a significant boost based on the heightened demand for food supplements and nutrition.
According to industry experts, the intake of dietary supplements varies among the population and is likely to be based on their demographics. For instance, a set of dietary supplements for an urban population living in metro cities would differ from those living in hilly or cold areas. As an example, the intake of Vitamin D in regular diets in the population from cold areas becomes more essential. Experts also recommend a prior consultation with dieticians and nutrition specialists to understand the impact of dietary supplements on an individual.
Since the emergence of COVID-19, the significance of dietary supplements has had a far-reaching impact on consumers. In addition, consumer trends in the dietary supplements industry indicate consumer trust in food supplements has doubled since the pandemic. The online sales of dietary supplements crossed the mark of USD 8 billion in 2020. Besides, e-commerce trends reveal that Amazon deliveries for nutraceuticals and food supplements have been on a growing spree since then. On contrary, the logistical challenges and the pace to keep up with the market demand are some of the challenges highlighted by industry experts. In addition, adulteration, misleading claims, and other forms of forgery have been reported in the past. Amazon has then mandated its sellers to provide standard quality control documentation and essential certifications to ensure product safety with high-quality standards.
In terms of segment, the industry has witnessed enlarged demand for Vitamins over other segments in the past few years owing to the increase in the importance of a multivitamin diet in working professionals and gym enthusiasts. Most common forms of vitamins are available in powder and liquid with different flavors that enable convenience and ease of consumption. As the trend of a vegan diet has grown in the past few years, the demand for botanical ingredients has grown by leaps and bounds.
Region-wise, North America is expected to foresee huge growth in terms of revenue share and a high CAGR based on veganism and a shift in dietary trends. A huge population in the U.S. is now shifting towards adopting a healthy lifestyle. On the other hand, the emergence of new startups in the food industry with a major emphasis on nutraceuticals as a food product is expected to drive the trend of veganism in the U.S. Asia Pacific is the second leading regional market in terms of growth and expansion to offer lucrative potential opportunities. Thailand is a vast market for natural supplementation and personalized nutrition.
Industry players are emphasizing research and developments in vitamins and nutraceutical-based food products to enrich food solutions. Gnosis by Lesaffre has dedicated scientific research in MenaQ7 exclusively based on Vitamin K2 that supports bone health and cardiovascular benefits in children and adults. Additionally, MenaQ7 also contributes to expanding the company’s product portfolio.
Research Support Specialist, USA