Nutritional Supplements Market Size, Trends & Growth [2030]
The global Nutritional Supplements market gathered revenue around USD 335.24 billion in 2021 and market is set to grow USD 624.7 billion by the end of 2030 and is estimated to expand at a modest CAGR of 7.1% during the prediction period 2022 to 2030.
The spread of the COVID-19 pandemic has resulted in increasing health awareness among consumers. Moreover, consumers are looking for nutritional supplements to improve health. This, in turn, is driving the market, globally. According to a study published by the WHO in March 2020, eating a healthy diet for maintaining a strong immune system is a vital approach to fast recovery from several viruses, including SARS-CoV-2 infection. Although there is no evidence of nutritional foods and dietary supplements either preventing or curing the COVID-19 infection, healthy and nutritional diets still play a key role in supporting the immune system.
There is a significant rise in demand for immunity boosting supplements among consumers as a preventative measure for COVID-19. According to Nutrition Business Journal, the cold, flu, and immunity supplements market reached USD 5.2 billion in 2020 in the U.S. Moreover, according to an article published in Natural Products in April 2020, the U.K. and other European countries are also witnessing very strong sales of immunity-boosting supplements. Immunity-boosting supplements are estimated to drive market growth potential during the period. Moreover, growing demand for sports nutrition products owing to increasing preference for healthy active living as well as growing awareness on nutrition among young athletes.
The accessibility of dietary and nutritional supplements is increasing due to the emergence of e-commerce. Although it is difficult to buy dietary and nutrition supplements online due to a lack of product knowledge and suitability concerns, sales of these products have continued to increase. In addition, online platforms are also flourishing during the COVID-19 pandemic. For instance, online revenue for BY-HEALTH a nutritional supplements providers based in China increased by 46.83% in the first quarter of 2020 as compared to the same period last year. Easy accessibility of nutritional supplements through brick and mortar and online channels is supporting market growth.
Players operating in the market are introducing new products to attract consumer’s attention, thereby driving the market. For instance, in March 2021, Kirin Group launched four functional foods and supplements containing beta-lactolin for supporting memory. In March 2021, Avrio Health L.P. introduced nutritional supplement products including Senokot Laxative Gummies in pomegranate blueberry flavor and Senokot laxative tea. Mommy's Bliss, a wellness company, announced in March 2021 its plans to introduce twenty-six new nutritional supplements in 2021.
Scope of the Nutritional Supplements Market Report
|
Report Highlights |
Details |
|
Market Size |
USD 624.7 Billion by 2030 |
|
Growth Rate |
CAGR of 7.1% From 2022 to 2030 |
|
Largest Market |
Asia Pacific |
|
Fastest Growing Market |
Latin America |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2030 |
|
Segments Covered |
Form, Product, Age Group, Distribution Channel, Region |
|
Companies Mentioned |
Abbott Nutrition, Amway, Nestle, Glanbia Plc, Herbalife International of America, Archer Daniels Midland, GlaxoSmithKline, Nature’s Bounty Co., Arkopharma Laboratories Pharmaceutiques, DuPont, American Health, Inc., Pfizer, Inc. |
Form Insights
By form, the powder segment led the global nutritional supplement market with remarkable revenue share of around 40% in 2020 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the higher consumption of the powder form of nutritional supplement owing to its easy availability and higher commercial presence in the market. Moreover, rising popularity of green tea, dietary fibers, and protein powders are fostering the segment growth across the globe.
On the other hand, the capsules segment is expected to be the most opportunistic segment during the forecast period. This is attributed to the ease and convenience associated with the consumption of capsules. The hectic and busy schedules of the consumer results in the lack of proper diet and therefore, capsules serve the need for the consumers to fulfill their daily nutritional requirements.
On the other hand, the sports nutrition segment is expected to be the fastest-growing segment owing to an increase in the sports participation by the youth across the globe. Further, the growing popularity of fitness centers and gyms among the youth is fostering the sales of the sports nutritional supplements.
Age Group Insights
By age group, the adult segment led the market with revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the rise in the number of employed adults including men and women and the higher preference for the nutritional supplements in developed countries. Moreover, the rising prevalence of obesity, rising demand for functional food, and desire to stay healthy and active is propelling the growth of this segment.
On the other hand, the kids segment is estimated to be the most opportunistic segment owing to the rising awareness regarding the health benefits of the nutritional supplements among the parents. It is estimated that around 21% of the global population are baby boomers in 2020.
Distribution Channel Insights
By distribution channel, the specialty stores segment led the market with largest revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. The specialty stores offers a wide variety of supplements along with numerous brands. Further, the consultation offered by the sales person regarding the needs of the consumers facilitates the buyer to decide the type of supplement to be bought.
On the other hand, e-commerce is estimated to be the most opportunistic segment, owing to the growing penetration of e-commerce platforms. Further, easy refund and replacements, easy payment option, and heavy discounts on various brands offered is boosting the growth of this segment.
Product Type Insights
By product type, the functional food segment led the global nutritional supplement market with remarkable revenue share of over 55% in 2020 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the rising disposable income coupled with increased health awareness among the consumers. Consumers are now increasingly preferring the consumption of food and beverages items that are incorporated with functional benefits such as minerals, vitamins, fibers, and omega-3. This factor is propelling the growth of this segment.
Some of the prominent players in the Nutritional Supplements Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Form
By Product Type
By Age Group
By Distribution Channel
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Nutritional Supplements Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers