Dietary supplement is defined as a product intended to supplement the diet and contains any of a number of ingredients such as: vitamins, minerals, herbs or other botanical or amino acids. Dietary supplements are meant to be taken orally and are come in pill, capsule, tablet, powder or liquid form.Global dietary supplements market valued at USD 132.8 billion in 2016 and is expected to reach USD 278.02 billion by 2024 at a CAGR of 8.8%.
The global dietary supplements market is primarily driven by increased consumer awareness for preventative healthcare along with rising geriatric population, growing prevalence of chronic diseases. However, negative publicity, fake products and high pricing of these products are expected to hinder the growth of the market. In coming years, increasing focus on development of herbal and organic dietary supplements are expected to emerge as growth opportunity for the market during the forecast period 2017 to 2025.
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The dietary supplements market has been segmented into capsules, tablets, powder, gel caps, soft gels and others.
The market for dietary supplement capsules was valued at USD 26.42 billion in 2015. By application, dietary supplements market is divided into medical supplements, beauty supplements andsportsnutrition among others. By ingredient, the market has been segmented into vitamins and minerals, amino acids, botanical etc. Amino acid-based dietary supplements accounted for 14.3% of the market share in 2015. It is expected to witness significant growth on account of increasing protein intake by bodybuilder and sports athletes.
North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and Latin America hold a major share of the market. In terms of revenue, Asia-Pacific holds the largest share of the dietary supplement market. North America accounted for around 28% of the total market in 2016 and is projected to witness growth on account of increasing consumption of products. Asia-Pacific is projected to growth at a CAGR of 11.2% from 2016 to 2024. In 2016, Europe was one of the leading markets for dietary supplement products.
Recently, European consumers are showing great interest in healthy lifestyles which in turn drives the consumption of healthy food.
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The key manufacturers of global dietary supplements market include Amway, Blackmores Ltd., NBTY, Inc., Herbalife Ltd., Omega Protein Corporation, Bayer AG, Naturalife Asia Co., Ltd., Koninklijke DSM N.V., Bio-Botanica Inc., The Himalaya Drug Company, Nu Skin Enterprises, Inc., Epax AS, Surya Herbal Ltd., Nestle S.A. (Switzerland), Nu Skin Enterprises Inc. (U.S.), BASF SE.
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