The dietary supplements market has seen tremendous growth over the past few years owing to the rising health consciousness among consumers. Dietary supplements are products meant to supplement the diet. They contain essential nutrients like vitamins, minerals, fatty acids, fibers and amino acids. Dietary supplements provide additional nutrition that may not be consumed through a regular diet. They promote overall health and well-being. Many supplements support hair, skin, bone, heart, brain and digestive health. They are available in capsule, powder, softgel, gel tab and liquid forms for easy ingestion.

The Global Dietary Supplements Market is estimated to be valued at US$ 203.43 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the dietary supplements are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Key players are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.

The demand for dietary supplements is growing rapidly owing to increasing health expenditure and disposable income, along with rising chronic disease prevalence globally. Changing lifestyles and busy schedules have encouraged consumers to rely on supplements for daily nutrition.

The dietary supplements market is expanding globally owing to rising health awareness in developing regions. Asian and Latin American countries are expected to witness highest growth on account of growing middle class population with greater willingness to spend on health and wellness products.

Market Key Trends

One of the key trends in the dietary supplements market is customization. Consumers are looking for customized supplements tailored to their individual needs, preferences, fitness goals and medical conditions. This has prompted supplement brands to offer customized product recommendations and formulations to attract niche consumer segments in the market.

Porter’s Analysis

Threat of new entrants: The dietary supplement market requires a large capital to start production facilities and establish distribution networks. Bargaining power of buyers: Buyers have moderate to high bargaining power as there are many manufacturers of dietary supplements providing substitutable products. Bargaining power of suppliers: The dietary supplement industry has access to a variety of inputs from different suppliers giving them moderate bargaining power. Threat of new substitutes: There is a threat of new substitutes emerging from pharmaceutical or nutraceutical products providing similar health benefits. Competitive rivalry: Being a mature and growing market with a number of large and small players results in high competitive rivalry.

Geographical Regions

North America currently holds the largest share of the dietary supplements market, valued at around US$ 80 billion in 2024. This is mainly attributed to factors such as increasing health consciousness, growing obesity rates, and promotion of dietary supplements for general well-being by manufacturers in the region.

The Asia Pacific region is expected to record the fastest growth during the forecast period. This can be ascribed to rising living standards, growing middle-class population with greater disposable incomes, and shifting lifestyle patterns in densely populated countries such as India and China. Improving distribution networks across developing nations are helping propel the dietary supplements industry expansion in Asia Pacific.