The dietary supplements market was valued at US$ 214,165.30 million in 2021 and is projected to reach US$ 319,085.34 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.

Dietary supplements contain various nutrients, such as vitamins, minerals, proteins, amino acids, and probiotics. Many people use these supplements to lead a healthy lifestyle. Dietary supplements are generally available in different forms such as tablets, capsules and softgels, and powders. Rising concern related to health and fitness amongst the people, especially in young population group, is one of the key factors driving the market growth. Moreover, growing traction for sports and recreational activities and rising awareness related to the advantages of consuming dietary supplements are also propelling the growth of the global dietary supplements market

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In 2020, Asia-Pacific held the largest share of the global dietary supplements market and is estimated to register the highest CAGR in the market during the forecast period. Rising inclination toward health and fitness, changing lifestyle, increasing expenditure on healthcare, and rising prevalence of chronic disease in the region are among the crucial factors driving the growth of the market across Asia-Pacific. The presence of major players, such as Amway Corp. and Bayer AG, is expected to boost market growth in the coming years. These companies are constantly trying to meet the rising demand for dietary supplements and are spending significant amounts on research and development to bring new products to the dietary supplement market.

Increasing Healthcare Expenditure

The increasing geriatric population improved medical facilities, rising obesity cases, and the surging number of insured people has resulted in an upswing in healthcare expenditure. According to a study conducted by the United Nations, the number of elderly people is expected to increase to 1.5 billion by 2050. Globally, the proportion of individuals aged 65 and above climbed from 6% in 1990 to 9% in 2019. In 2019, 703 million people were aged 65 and above across the world. Healthcare expenses are increasing at a rate of around 4.5% every year, according to a study conducted by the United Nations. The healthcare spending in the US climbed by 4.6% in 2019 to US$3.8 trillion, or US$11,582 per person. Thus, a significant rise in healthcare expenditure has enforced people to look for health supplements to keep themselves fit and fine, creating new opportunities for the global dietary supplements market.

Type Insights

Based on type, the dietary supplements market is segmented into vitamins, minerals, proteins and amino acids, probiotics, blends, and others. In 2020, the vitamins segment accounted for the largest revenue share of the global dietary supplements market, whereas the probiotics segment is expected to register the highest CAGR in the dietary supplements market during the forecast period. Vitamins play an essential role in the development and appropriate functioning of the body. The rising importance of vitamin supplements amongst people to fulfil daily nutritional requirements is propelling the market growth for the segment. Moreover, rising vitamin deficiency leading to severe health issues, such as hair loss, muscle weakness, brittle nails, skin problems, and anaemia is driving the demand for vitamin supplements.

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Anona GmbH; Abbott; Amway Corp.; Bayer AG; Arkopharma; Bionova; Pfizer Inc.; Otsuka Holdings Co., Ltd.; GlaxoSmithKline plc.; and The Bountiful Company are among the key players operating in the dietary supplements market. These players are adopting product innovation and new product development strategies to acquire potential consumer groups across the world.

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