Dietary Supplements Market is Projected to Reach $239.4 billion by 2028, at a CAGR of 7.4% from 2023

The dietary supplements market is projected to experience significant growth according to a research report published by MarketsandMarkets. The report states that the market is estimated to be valued at USD 167.5 billion in 2023 and is expected to reach USD 239.4 billion by 2028, with a compound annual growth rate (CAGR) of 7.4%. Dietary supplements are products intended to be ingested and contain various dietary ingredients such as vitamins, minerals, herbs, botanicals, amino acids, enzymes, and probiotics.

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The demand for vitamins across all age groups is a key driver for the market. Vitamins are essential for maintaining overall health and proper bodily functions. Since these micronutrients cannot be synthesized in sufficient quantities by the human body, dietary supplements are necessary to meet the required intake. Factors such as the consumption of processed and junk food, as well as lifestyle changes, contribute to a decrease in vitamin consumption, thereby increasing the demand for dietary supplements.

The function segment of additional supplements, which provide concentrated sources of nutrients, is expected to experience significant growth. These supplements are designed to correct nutritional deficiencies, support specific physiological functions, and maintain adequate nutrient intake. The younger generation's growing awareness of health and wellness is driving the demand for additional supplements to complement their daily diets.

Liquid dietary supplements are expected to dominate the market during the study period. These supplements provide an easily digestible and convenient way to resolve nutritional deficiencies and support proper physiological functions. Liquid supplements are popular among all age groups due to their ease of consumption.

The changing lifestyle of adults and the need for optimal nutrition contribute to the increased demand for dietary supplements in this population. While most adults can meet their nutritional needs through a healthy diet, supplements provide an additional nutrient boost to support overall health, especially for individuals with busy lifestyles and higher stress levels.

Online distribution channels are experiencing significant growth due to their ease of use. Consumers prefer the convenience of purchasing dietary supplements online, leading to increased demand for this distribution channel. A survey conducted in India revealed that around 51% of respondents who took dietary supplements preferred to purchase them online.

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Asia Pacific is expected to provide the highest growth prospects for the dietary supplements market in 2023. The region has a diverse market for manufacturing and consuming dietary supplements. Countries like Japan, India, and China have witnessed increased adoption of supplements to meet dietary requirements and promote preventive health measures. Key players in the market, including Nestle, Abbott, and others, have a strong presence in the Asia Pacific region, further driving market growth.

Some of the key players in the dietary supplements market include Nestle, Abbott, Amway Corp, Pfizer Inc., ADM, International Flavors & Fragrance, Otsuka Holdings Co., Ltd, Glanbia PLC, GSK PLC, Bayer AG, Herbalife International of America, Inc., and others. These companies are focusing on expanding their business and manufacturing facilities to cater to the growing demand for dietary supplements.

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