According to our latest market study on “Dietary Supplements Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Vitamins, Minerals, Proteins and Amino Acids, Probiotics, Blends, and Others), Form (Tablets, Capsules and Softgels, Powders, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others),’’ the market size was valued at US$ 214,165.30 million in 2021 and is projected to reach a market size of 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. The dietary supplements are available in different forms, such as tablets, capsules and softgels, and powders. Dietary supplements help in fulfilling the specific nutritional requirement of an individual.
In recent years, health and fitness have picked up as trends due to the rising prevalence of various diseases and medical conditions such as cancer, cardiovascular disorders, diabetes, high blood pressure, obesity, and high cholesterol. People have become aware and concerned about their health and physique over the last few years. Dietary supplements contain dietary ingredients, which improve their nutritional worth. Many people use dietary supplements to help them lead a healthy lifestyle. Millions of people of various age groups, backgrounds, and geographies are embracing fitness worldwide to better their physical health and overall well-being, which is boosting the demand for dietary supplements substantially. For instance, according to Penn Medicine, more than one third of American citizens use supplements, with 30% of adults of age 65 and older taking four or more supplements of any kind.
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 global dietary supplements market. These companies are significantly investing in research and development to meet changing preferences of consumers, which would open lucrative growth opportunities in the coming years.
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Impact of COVID-19 Pandemic on Dietary Supplements Market Growth
The COVID-19 pandemic has had a mixed impact on the dietary supplement sector. Initially, the pandemic had a substantial impact on the dietary supplements market because of the decrease in manufacturing. The imposition of lockdown halted manufacturing activities, resulting in a decrease in supply. In addition, travel restrictions across the world made it difficult to transport raw materials, which impacted the worldwide economy negatively. However, the growth of the dietary supplements market surged during the COVID-19 outbreak as a result of studies claiming that dietary supplements can help enhance the immune system. According to a Nutrition Outlook report, the sales of dietary supplements increased during the pandemic since these supplements assist in combatting or improving the immune system against COVID-19. Furthermore, Glanbia PLC, a global nutrition company, reports that the purchasing of its dietary supplements in retail stores grew in April 2020.
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Dietary Supplements Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Vitamins, Minerals, Proteins and Amino Acids, Probiotics, Blends, and Others), Form (Tablets, Capsules and Softgels, Powders, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others) and Geography
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