NUTRITIONAL SUPPLEMENTS MARKET ANALYSIS

Global nutritional supplements market was valued at US$ 325.4 Billion in 2022 and is estimated to exhibit a CAGR of 7.31%, in terms of value, over the forecast period (2023 – 2030), and is expected to reach US$ 572.4 Billion by 2030.

Increasing awareness regarding health is expected to drive the market growth. People are now more aware of the impact of an unhealthy lifestyle. Increasing prevalence of non-communicable diseases (NCDs) lead to adoption of nutritional supplements. As per the WHO, NCDs accounts for 41 million deaths every year. During the pandemic, immunity-boosting supplements were high in demand

Global Nutritional Supplements Market: Drivers

Consumption of Nutritional Food Global burden of malnutrition is increasing day by day. According to UNICEF, around 149.0 million children under 5 years of age are stunted, 40.1 million are overweight, and 49.5 million are weighted, in 2020. Rising prevalence of overweight and obesity globally. Low income countries are affected by the issue of underweight, whereas, high income countries are affected by the overweight and obesity issues. Around 677.6 million global adults were obese in 2020. Consumption of nutritional food and maintaining a healthy diet helps in building a strong immune system that provides strength to fight various diseases. This is expected to boost demand for the nutritional diets among the global population.

Eliminating the Usagee of Traditional Ingredients

Plant-based foods and superfoods are adopted as a part of living and eating healthier. Companies in the nutritional supplement industry focuses on developing a new line of products and manufacturing products that are not just tablets but are in palatable forms like gummies and soft chews with flavors that don’t taste like medicine. Innovative products like vitamin supplements from Frunutta are regular vitamins that dissolve under the tongue, and are helpful for people who do not prefer chewing gummies or swallowing pills. This formulation eliminates the usage of traditional ingredients like added colors, coatings, and preservatives. These new products has the potential to capture the market, and is expected to drive the market growth.

Global Nutritional Supplements Market: Market Restraints

High Cost of Nutritional Supplements and Side Effects

High cost of nutritional supplements and side effects associated with nutritional supplements are expected to hamper growth of the global nutritional supplements market. Nutritional supplements provide all the minerals and vitamins that are needed for healthy skin, hair, and nails. However, such products often contain large doses of vitamins and minerals which causes side effects such as constipation, diarrhea, and other stomach problems. The inactive ingredients can cause allergic reactions.

Global Nutritional Supplements Market: Market Segmentation

Among ingredient, vitamin segment held a dominant position, as vitamins are  the widely consumed supplements across the globe, followed by minerals and protein. In developed and developing countries, the deficiency of vital vitamins such as Vitamin A, B, C, and E among the population is v common, and hence to fulfill the required daily dose of vitamin, consumers are highly inclined towards vitamin supplements. In pregnant women, the elderly, and in some adults, lack of certain minerals can lead to serious health diseases, due to which the demand for mineral additives is increasing rapidly among the mentioned population group. The protein segment is expected to witness high demand in the near future, owing to rising consumer inclination towards weight management, body building, and endurance. The protein and amino acids segments are expected to witness growth, owing to its usage in muscle growth, fatigue reduction, increased mental focus, and improved recovery.

Figure 1. Global Nutritional Supplements Market, By Product Type,2022

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Global Nutritional Supplements Market: Regional Insights

Asia Pacific market is expected to exhibit fastest compound annual growth rate during 2023-2030, owing to increasing health-consciousness among consumers that leads to adoption of health-enhancing supplement products in their daily life. Demand for nutritional supplements is increasing at a rapid pace in highly populated countries of the region such as China and India. Rising awareness about the personalized nutrition is expected to enhance the consumer base for food supplements across the region. Moreover, increased interest of key international market players in expanding their production bases and product portfolio across Asian and Southeast Asian countries such as South Korea, Malaysia, India, China, and others, due to high population density is expected to drive the regional market growth.

Figure 2. Global Nutritional Supplements Market, By Region, 2022

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Global Nutritional Supplements Market: Recent Developments

• In April 2021, Persona Nutrition, a prominent personalized vitamin company, announced the launch of the globe’s first daily gummy vitamin packs for the whole family. These vitamin packs are designed to address various health goals including relaxation, immune health, skin health, focus enhancement, and everyday health support.
• In April 2020, DSM, one of the leading food supplements producers and distributors, announced the acquisition of Glycom, a major pioneer in Human Milk Oligosaccharides. This acquisition helped DSM to increase its footprint in the global dietary supplement market.
• In January 2020, Herbalife Nutrition, launched a new product Beta Heart. The product is specifically designed to maintain cholesterol levels in the blood. A vanillaflavored product named Beta Heart is available in a 15 grams sachet.

Global Nutritional Supplements Market: Key Companies

Major players in the global nutritional supplements market include Abbott Laboratories, Archer Daniels Midland (ADM), American Health, Inc., Amway Corporation, Arkopharma Laboratoires Pharmaceutiques, Ayanda, DuPont, DSM, the Nature's Bounty Co., Herbalife International of America, Inc, Stepan Company, Pfizer Inc., Nestle S.A., Nature's Sunshine, and GlaxoSmithKline.

*Definition: Nutritional supplements are defined as products that contain at least one dietary ingredient within them and can be consumed orally.