The global nutritional supplements market size is expected to grow exponentially to reach USD 128.64 billion by 2028, at a CAGR of 8.68% from 2021 to 2028. This is due to the increasing demand for personalized nutritional supplements and the rising prevalence of chronic diseases such as diabetes, hypertension, high cholesterol, and other heart diseases. This information is revealed in the latest report by Fortune Business Insights, “Nutritional Supplements Market Size, Share, Industry Analysis, by Type (Vitamins, Minerals, Enzymes, Fatty Acids, Proteins, Others), by Form (Tablets, Capsules, Liquid, Powder), by Region, Forecast to 2021-2028.” The report states that the market was valued at USD 61.2 billion in 2020 and is likely to grow in the coming years.
Intelligence source: https://www.fortun ebusinessinsights.com/dietary-supplements-market-102082
Demand for immunity-boosting meals surges amid COVID-19 pandemic
The COVID-19 pandemic is putting significant pressure on health services. Medical professionals, nurses and others working on the front lines are fighting hard to prevent the spread of the novel coronavirus. Government agencies are urging citizens to eat a healthy and nutritious diet to fight this disease. This is expected to increase the demand for nutritional supplements that provide the necessary vitamins and minerals to promote health and optimal functioning of the body. The global market is expected to achieve positive growth in the near future.
Nutritional supplements are products that supplement consumers with necessary nutrients obtained from synthetic or natural food sources. These supplements come in capsules, tablets, tablets, or liquid form. Popular products include minerals such as iron and calcium, and vitamins B12 and D. Consuming this product will improve your physical performance, improve your muscles and slow down fatigue.
What's included in the report?
The global Human Nutritional Supplements market report includes quantitative and qualitative analysis of several factors such as key driving factors and restraints affecting the growth. Additionally, the report provides insights into regional analysis covering various regions contributing to the market growth. This includes the competitive environment involving key players and the introduction of new products, announcements of partnerships, and adoption of strategies for collaboration, contributing to the market growth between 2020 and 2027. Additionally, research analysts are adopting several research methods such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will fuel the market growth in the coming years.
driving factors
Growing demand for personalized nutritional supplements to promote growth
According to a 2018 Epsilon survey, approximately 80% of consumers are attracted to personalized services. Today's consumers expect personalization for everything from directing restaurants to cater to their dining needs to their designer clothing preferences. In addition to this, nutritional supplements are needed to combat various lifestyle diseases that vary from person to person, such as obesity, cardiovascular disease, and diabetes. This is fueling the demand for provision of personalized programs by companies, which is expected to further drive the global nutritional supplements market during the forecast period.
Segmentation
The vitamin segment maintained a market share of 37.14% in 2019 due to increased consumption.
The vitamin segment is expected to witness accelerated growth by type, supporting increasing consumption of nutritional supplements due to increasing population of vitamin deficiencies. The vitamin segment is expected to continue to dominate the nutritional supplements market, accounting for 37.14% market share in 2019.
Regional Insights
Increasing demand for nutritional products in Asia Pacific to drive growth
Among all regions, the Asia Pacific market is expected to witness significant growth in the coming years. This is due to the increasing demand for nutritional supplements such as nutritional supplements in the region. Increasing health awareness among people in countries such as India and China is expected to favor the growth of the Asia Pacific region. North America is expected to witness significant growth between 2020 and 2027 due to the prevalence of lifestyle diseases and the presence of an aging population. The region was valued at USD 11.95 billion in 2019 and is likely to grow in the near future.
Competitive environment
Mergers and acquisitions by large companies to strengthen their product portfolios
In the global nutritional supplement market, large companies such as Amway and Abbott are observed to be trying to solidify their positions. These companies do this by acquiring other companies to strengthen their product portfolios in highly competitive global markets. Other companies are expected to further contribute to market growth by adopting strategies such as new product introduction, collaboration, and partnerships.
industrial development:
- April 2020: Major supplements provider DSM announced the acquisition of Glycom, valued at €765 million, which the company said would expand its foothold in the lucrative supplements business.
List of companies doing business in the market:
- Amway (Michigan, USA)
- Abbott (Illinois, USA)
- Nestlé SA (Vevay, Switzerland)
- Harbor Life Nutrition Limited (California, USA)
- Archer Daniels Midland (Illinois, USA)
- Granvia Nutritionals (Illinois, USA)
- Otsuka Holdings Co., Ltd. (Tokyo, Japan)
- Alcopama (France, Caros)
- Pfizer (New York, USA)
- Glasso Smithcline (Brentford, UK)
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