According to MarketsandMarkets, the dietary supplements market is projected to reach USD 239.4 billion by 2028 from USD 167.5 billion by 2023, at a CAGR of 7.4% during the forecast period in terms of value. The demand for dietary supplements is driven by increasing consumer awareness of health and wellness, preventive healthcare, the aging population, and rising chronic diseases. The convenience of online purchasing and product availability further fuel market growth. For instance, in the United States, dietary supplement consumption is high due to a health-conscious population, a proactive approach to wellness, and a robust regulatory framework ensuring safety and quality standards.
Key players in this market include Nestle (Switzerland), Abbott (US), Amway Corp (US), Pfizer Inc. (US), ADM (US), International Flavors & Fragrance (US), Otsuka Holdings Co., Ltd (Japan), Glanbia PLC (Ireland), GSK PLC. (UK), Bayer AG (Germany), Herbalife International of America, Inc. (US), Nature’s Sunshine Products, Inc (US), Bionova (Canada), ArkoPharma (France), American Health (US), Pure Encapsulation (US), H&H Group (Hong Kong), Nu Skin (US), Power Gummies (India), Biomedical Research Laboratories (US), HealthKart (India), NutriScience Corporation (US), Nature’s Essentials (US), and Life Extension (US) These players have adopted various growth strategies, such as partnerships, agreements, collaborations, and new product launches, to increase their global market presence.
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Nestle, a globally recognized food and beverage company, is a significant player in the dietary supplements market. With a presence in numerous regions, including North America, South America, Europe, Asia, and Australia, Nestle caters to a diverse customer base worldwide. The company’s Nutrition and Health Science business segment offers a wide range of high-quality dietary supplements, including vitamins, minerals, probiotics, and specialized nutrition for different age groups and specific health needs. Nestle’s commitment to research, development, and stringent quality standards ensures that its supplements meet the highest industry standards. With a global footprint spanning several countries, Nestle’s reach enables them to effectively serve consumers seeking reliable and trustworthy dietary supplement options.
Abbott is a multinational healthcare company and is a leading player in the dietary supplements market. With a diverse portfolio of healthcare products, including pharmaceuticals, medical devices, diagnostics, and nutritional products, Abbott offers a wide range of dietary supplements that support nutrition and overall wellness. These supplements cater to specific health concerns and age groups, such as prenatal vitamins, infant nutrition, and specialized supplements for the elderly. With a strong global presence, Abbott operates in key regions like North America, Europe, Asia-Pacific, Latin America, and the Middle East. This widespread presence allows Abbott to adapt to local market preferences and regulations, serving retailers, distributors, hospitals, healthcare facilities, and government organizations globally. Popular dietary supplement brands offered by Abbott include Glucerna and Ensure.
Amway is a global direct-selling company, that plays a significant role in the dietary supplements market. With its Nutrition segment and Nutrilite brand, Amway offers a wide range of dietary supplements and vitamins. The company’s presence in over 100 countries and territories, with a vast network of Independent Business Owners (IBOs), enables it to reach a diverse global customer base. Amway’s commitment to innovation is reflected in its 1,000+ patents and patents pending, ensuring high-quality products. Additionally, with manufacturing facilities strategically located worldwide and a strong global presence through experience centers, shops, and distribution centers, Amway effectively serves the dietary supplements market on a global scale.
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Asia Pacific is a highly diverse market in terms of dietary supplement manufacturing and consumption. The Asia Pacific dietary supplements market in is expected to grow at a significant rate. The population across has been increasingly switching towards a healthier life by the adoption of dietary supplements in different forms, which are naturally sourced. Additionally, the geriatric population has been growing in countries such as Japan, where the demand for geriatric supplements and medicinal supplements is set to grow. Further, after the pandemic countries like India and China are increasingly adopted these supplements apart from daily diet, as a means of prevention and fulfilling dietary requirements. These countries are also offering key players to expand their reach in the dietary supplements market by providing a vast customer base, the focus of the companies operating in the market is shifting towards establishing business and manufacturing facilities, which drives the market in the region.
The prime factor contributing to the growth of dietary supplements in the region is the growing adoption of supplements to meet the intensifying food demand and escalating population. Additionally, key players like Abbott (US), Nestle (Switzerland), and others have a strong presence and market share in the region, which further boost the dietary supplements market in the Asia Pacific.
