Nutritional Supplements Market Size, Share, Report By 2032

The global nutritional supplements market size reached US$ 358.23 billion in 2023 and is expected to hit over US$ 647.58 billion by 2032, at a notable CAGR of 6.80% from 2023 to 2032.

Key Takeaway:

By product, the functional foods and beverages segment hold market share of 56% in 2022
By formulation, the powder formulations segment has generated market share of 37% in 2022
By sales channel, the brick and mortar segment has contributed market share of 71% in 2022.
By consumer group, the adults segment has captured market share of over 26% in 2022.
The APAC market has held revenue share of 35.8% in 2022.

Nutritional supplements are used to treat the deficiency of essential nutrients in the body such as vitamins, minerals, fibers, omega-3, and proteins. The busy and hectic lifestyle of people results in unhealthy food habits and lack of maintenance of proper diet. Therefore, people opt for nutritional supplements in order to fulfil their daily nutritional needs.

The growing burden of diseases, rising prevalence of obesity and overweight and sedentary lifestyle of the population is increasing fostering the adoption of nutritional supplements among the consumers across the globe. The development of the immune system highly depends on the stomach, hence dietary supplements are necessary for the development of strong immune system. A strong immune system helps to prevents diseases and fosters the recovery from any illness.

Get Report Sample Copy OR Any Customization Requirement@https://www.precedenceresearch.com/sample/1325

Crucial factors accountable for market growth are:

Rising health consciousness
Increasing consumer expenditure on health and wellness
Rising burden of malnutrition
Demand for a healthy and active lifestyle
Rising participation of youth in sports and fitness activities
Busy and hectic schedules of the consumers
Rising number of working population
Growing demand for functional foods
Increasing government initiatives to eliminate malnutrition among children

Regional Snapshots

Asia Pacific was the dominating nutritional supplements market in 2020. Asia Pacific is the home to around 60% of the global population. The rising prevalence of malnutrition among kids, obesity, underweight, and overweight issues among the adults are the various factors propelling the growth of the nutritional supplements market. The high number of young population in Asia Pacific are increasingly participating in various sports and athletic activities. Further, the rising popularity of gyms and fitness centers is fueling the demand for the sports nutrition supplements across the Asia Pacific countries. Further, the nations like India, China, and Philippines are becoming the manufacturing hub for the nutritional supplements. Key market players are investing heavily in the region for the research activities and setting up manufacturing plants owing to the easy availability of raw materials and cheap labor.

On the other hand, Latin America is expected to show the highest growth rate during the forecast period. Rising health awareness and increasing consumer expenditure on health and wellness products is the major driving force of the nutritional supplements market in the region.

North America was the second largest market for the nutritional supplements in 2020 and is expected to sustain its significance throughout the forecast period. This is attributed to the increased disposable income, increased health awareness of the consumers, sedentary life style of the consumers, and unhealthy food habits of people.

Table of Contents

Scope of the Nutritional Supplements Market Report

Report Highlights	Details
Market Size	USD 647.58 Billion by 2032
Growth Rate	CAGR of 6.80% From 2023 to 2032
Largest Market	Asia Pacific
Fastest Growing Market	Latin America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Form, Product, Age Group, Distribution Channel, Region

Market Dynamics

Drivers – The global nutritional supplements market is majorly driven by the growing nutritional consumption needs of the consumers. In today’s time, maintaining a proper diet has become a luxury. Most of the people busy working and this results in lack proper intake of nutritional diet. Therefore, the adoption of nutritional diet is on its rise among the global population owing to the ease and convenience along with the nutritional benefits offered by the various forms of nutritional supplements.

Restraints – The high costs of the nutritional supplements is the major issue that may restrict the adoption of nutritional supplements among the low income consumers and may hamper the market growth in the underdeveloped economies during the forecast period.

Opportunities – The demand for the dietary supplements is increasing among the millennials owing to its immunity boosting properties. Further nootropics is gaining traction. Nootropics is a class of compounds that helps in maintaining brain health and its smooth functioning. It is anticipated that in the upcoming years, demand for those nutritional supplement will rise that helps maintaining the brain health.

Challenges – The nutritional supplements industry faces the difficulties of government approval. The respective authorities imposes strict regulations for the nutritional supplements to be marketed. This is a major challenge faced by the industry.

Report Highlights

By form, the capsules segment is expected to be the fastest growing due to its easy availability and convenience. The advanced multi-layered capsules perfectly and instantly helps to fulfil the nutrients deficiency. Therefore, the consumption of multivitamins is increasing among the consumers, thereby fostering the segment growth.
By product type, the dietary supplements is expected to witness highest growth rate owing to the rising demand for the dietary fibers among the global population. The increased health consciousness among the population have led to the increased awareness regarding the development of a strong immune system.
By age group, the adults is the dominating segment and is estimated to retain its position during the forecast period. Increasing participation in sports, increasing participation in fitness centers, rising disposable income, rising number of working population, and increased health awareness among the young adults is fostering the growth of this segment.
By distribution channel, the e-commerce segment is estimated to be the most opportunistic segment. The rising penetration of internet and growing popularity of e-commerce platforms is boosting the market. Further, the rapid growth of several online pharmacies is positively impacting the segment growth.