According to Facts and Factors, the global nutritional supplements market was valued at USD 283.5 Million in 2020 and is expected to make approximately USD 423.1 Million in revenue by the end of 2026, with a CAGR of approximately 6.9% between 2021 and 2026.
Enzymes, antibiotics, polyphenols, amino acids, and collagen capsules are examples of nutritional supplements. With the rise of the working class, obtaining all of the nutrients through a balanced diet has become more difficult. People seek vitamin and food supplements to achieve their nutritional goals, which drives the market for vitamins and nutritional supplements. These supplements are widely available in supermarkets and hypermarkets, which make up the market’s largest section. Shifting consumer preferences, rising health awareness, a growing senior population, and the adoption of a healthy diet are all driving the industry. The convergence of important business trends has created new opportunities for important industry participants. One of the key elements fueling the need for nutritional supplements is changing lifestyles and food patterns. The market would benefit from the increased positive attitude toward sports nutrition.
Consumers in all regions are becoming more health-conscious, which is propelling the nutritional supplement industry forward. To maintain their good health and quality of life, the senior population is focusing on adjusting to nutritional supplements particularly tailored to their needs. Ageing causes a variety of changes in an individual, including psychological, physiological, and social changes, all of which have an impact on their nutritional and food choices. The ageing population is becoming increasingly reliant on routine dietary choices and nutritional consumption patterns. Over time, the growing elderly population even in some countries has boosted demand for developing and maintaining age-friendly meal alternatives mostly with better nutritional value to support their overall health, which has led to an increase in demand for nutraceuticals, which has fueled the market growth. Consumers have become more conscious of healthy ageing and disease prevention as their concerns about bone health and mobility have grown. As a result, supplemental nutrition solutions that meet the nutritional needs of ageing customers are in higher demand.
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Even though nutritional products such as nutritional supplements have seen a surge significantly in recent years, the majority of the populace is suspicious about their use, particularly nutritional supplement goods. Furthermore, the growing awareness of nutritional supplements among rural and semi-urban customers, as well as a lack of education about them, deters important companies from investing. These demographic accounts for a large proportion of the population in developing and non-developing nations who do not consume nutritional supplements. Furthermore, consumers regard nutritional supplements as medical medications and are hesitant to include them in their everyday diets. As a result of these factors, several supplement makers are focusing on producing new supplement formulations, such as gummies, soft chews, and others, to alleviate the dread of ingesting nutraceuticals in the form of tablets and capsules. However, such formulation is already in the initial stages of entering the global market, whereas tablets and capsules already have a majority stake in the nutraceutical market, posing a challenge to the nutritional supplement market’s growth.
To Market Players
Major players operative in the nutritional supplements market is Abbott Laboratories, Archer Daniels Midland (ADM), American Health, Inc., Amway Corporation, Arkopharma Laboratoires Pharmaceutiques, Ayanda, DuPont, DSM, Nature’s Bounty Co., Herbalife International of America, Inc, Stepan Company, Pfizer Inc., Nestle S.A., Nature’s Sunshine, and GlaxoSmithKline and among others.
Innovative nutritional supplement components are being brought to the market. Lonza will offer TWK10, a probiotic supplement for energy drink products, in September 2020. Furthermore, producers are introducing new vegans and based on plant goods to meet the increasing demands based on plant ingredients like elderberry, Echinacea, and turmeric, among others. Oziva, a supplement company, launched a vegan omega-3 multivitamin in February 2021. Nature’s Way will debut elderberry goods in November 2020, including Sleep + Immune Gummies.
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Market Dynamics
Humans use nutritional supplements largely to address nutritional deficits. So over the forecast timeframe, rising consumer awareness of personal health and wellbeing is likely to drive demand for nutritional supplements such as minerals, vitamins, protein, amino acids and omega fatty acids. Over the forecast years, rising awareness about gut health as a result of the rising pervasiveness of inflammatory bowel disease, indigestion, acid reflux, and indigestion around the world is expected to drive demand for fibres and speciality carbohydrates from the gastrointestinal health application segment. Consumer awareness of healthy living and diet, urbanisation and changing lifestyles, disease prevention, weight management awareness between several young professionals, advancement in the general merchandise and pharmaceutical companies, advancement in the product range, and industrialization of sales channels are some of the key factors driving the nutritional supplement industry.
Obesity, cardiovascular disease, diabetes, and other related illnesses are predicted to rise in incidence among adults around the world, propelling the market forward. Over the projection period, rising recognition of sports as a professional occupation is predicted to increase demand for nutritional supplements such as proteins, vitamins, and amino acids. The demand for nutritional supplements is likely to rise as people become more aware of the nutritional needs of children and newborns. Over the projected period, the growing working population and rising per capita income in developing nations are likely to increase consumer expenditure on baby feeding, driving the market.
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Asia-Pacific is projected to Dominate Global Nutritional supplements Market Growth
Due to rising demand in China, Japan, and India, Asia-Pacific is the fastest-growing region for nutritional supplements. Over the projected period, rising expenditure on health-enhancing products in the region due to rising per capita income and increased awareness is likely to fuel demand for dietary supplements. Low-cost raw resources, especially plant-based compounds, are readily available in the region. Furthermore, nations such as China, India, and the Philippines are becoming major outsourcing hubs for manufacturing and R&D. The expansion of nutritional supplements in the region is being fueled by rising disposable income, increased health awareness, and a growing willingness to spend more on nutrition.
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