Technavio anticipates that the global dietary supplements market size is expected to grow USD 38.16 billion from 2018 to 2022. According to Technavio, the major factor leading to stable growth for the global dietary supplements market is the rising awareness of preventative healthcare and medicine among consumers. Other factors contributing to increased demand for dietary supplements are growing obesity rates and the surging prevalence of cardiovascular disorders and other diseases. Overall, the rising awareness around health is a primary factor leading to increased dietary supplement industry revenues.
What are dietary supplements? Dietary supplements are manufactured products such as pills, powders, liquids, tablets or capsules that are often taken by mouth to provide nutrients. Dietary supplements are often extracted from food but also extracted from synthetics. There are many types of dietary supplements that branch off as segments of their own such as Vitamin D and E; minerals like potassium, magnesium, iron, and calcium; protein powders and pills famous in the health and fitness industry; and herbs like echinacea and garlic.
The scale of the dietary supplement industry is experiencing tremendous growth, the market is highly fragmented with several key players occupying a good chunk of the market share. Due to high volume sales, supplement industry revenues are up drastically — and are expected to continue soaring. In the age of a personalized nutritional market, Technavio predicts that the global dietary supplements market will post a compound annual growth rate (CAGR) of 7% between 2018 to 2022. A key contributing factor affecting the growth of the global dietary supplement market size is the global rise of fitness centers and gymnasiums.
The key segment driving this growth is the fact that many companies are expanding into a more streamlined healthy foods business instead of focusing on dietary supplements alone. As the growing concern towards health and fitness awareness heightens, the demand for medicinal products is fueling the growth of the supplements market and leading to related markets such as the fitness and sports industries driving up the demand for nutritional and medicinal supplements.
The growing popularity of e-commerce channels is a key market trend leading to increased online sales for dietary supplements. With a shift in focus to online sales, we are seeing more companies allocate larger marketing budgets to market their dietary supplements products.
The popularity of dietary supplements like probiotics is also contributing greatly to the growth of the global dietary supplements market size. We’re also witnessing increased entrepreneurship in the market, where dietary supplement startups such as probiotics startups are importing large amounts of products and selling them online.
Technavio’s global dietary supplements market research report does a deep dive analysis of the various factors affecting the global dietary supplements market size and growth. According to Technavio, the top companies leading the market are Abbot, Amway, Bayer, Glanbia, and Herbalife Nutrition. From a geographical market segment standpoint, the APAC region continues to lead the way for the global dietary supplements market making up 51% of the market share, followed by the Americas, and EMEA.
Technavio's report goes into detail about the 4 main segmentations in the market, with the vitamins segment accounting for the largest share of the global dietary supplements market. The report additionally segments by combination supplements, fatty acids, probiotics, and other supplement products. A deep analysis and accurate predictions for the market are also made in the report including leading trends in the market such as the awareness of preventative healthcare. To get access to more detailed stats in the market look at Technavio's free market snapshot.
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51% of the market share in the global dietary supplements market will be coming from the APAC region. Other key regions expected to see major growth are the Americas and EMEA regions. Technavio’s report will go through each geographical segment and define the various factors fueling the growth for the global pet care market size.
Globally, the dietary supplement industry's overall economic impact continues to rise — growing by $38.16 billion by 2022. Technavio finds that much of this growth has been driven by an increase in consumer demand for health and wellness products in a competitive landscape.
Technavio’s report is highlighted by an in-depth analysis and predictions on customer behavior patterns affecting the growth of the global dietary supplements market size. Technavio’s market research insights also cover the variety of factors accelerating growth in the global dietary supplements market and the growth of related markets such as the vitamins industry. Comprehensive analysis of the global as well as regional markets of the dietary supplements market; including a detailed analysis of what is leading to growing demand from the Americas, EMEA and the APAC region.
Technavio is a global market research company specializing in niche and emerging technologies. The company has published over 15,000 reports on hundreds of industries and technologies, serving more than 1,000 organizations globally and over 100 Fortune 500 companies. Its offerings include syndicated research, subscription services, and custom research offerings to help businesses make fast, effective, well-founded decisions. Headquartered in London, UK and with offices across 7 countries, Technavio’s 500 in-house analysts and 16 years of experience allow the company to offer unmatched insights into countless markets. Discover what Technavio can do for you at https://www.technavio.com/.
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