According to a report published by MarketsandMarkets, the global dietary supplements market is currently estimated at $167.5 billion (U.S.) and is projected to reach $239.4 billion (U.S.) in 2028, growing at a compound annual growth rate (CAGR) of 7.4 percent during the forecast period.
The report states that the “high demand for vitamins for all age groups drives the market” and “Factors such as consumer processed food, junk food and lifestyle changes lead to a decrease in vitamin consumption, which demands requirement through dietary supplements.” Younger generations becoming aware of overall health and wellness and the benefits of dietary supplements is driving demand for additional supplements, according to the report.
Furthermore, beverage supplements are set to dominate the market during the study period, and since “liquid supplements are easy to consume by any age group and the contents are easily digestible, it is convenient and affordable to use and consume.”
Other factors contributing to the market growth include increasingly busy lifestyles for adults, which can contribute to chronic health issues and high levels of stress. As a result, adults are turning toward dietary supplements to help them to maintain their overall health. Furthermore, ease of use is contributing to growth of online distribution channels, according to the report. “According to a survey by TimesNow, on dietary supplements in India conducted in March 2022,” the report states, “around 51 [percent] of respondents who took daily dietary supplements or nutraceuticals stated that they purchased them online,” indicating that “most of the people prefer online purchases which fuel the demand for this distribution channel.”
Lastly, according to the report, “Asia Pacific provides the highest growth prospects for the dietary supplements market in 2023,” and “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, “The population across has been increasingly switching [toward] a healthier life by the adoption of dietary supplements in different forms.” For example, in Japan and other countries, the geriatric population is growing, increasing the demand for supplements geared toward that age group. Furthermore, after the pandemic, countries such as India and China “are increasingly adopting … supplements apart from daily diet, as a means of prevention and fulfilling dietary requirements.”
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