Nutritional Supplements Market To Reach US $ 624.7 Billion By
Tokyo, November 03, 2021 (GLOBE NEWSWIRE) – The world nutritional supplements market size was valued at US $ 314.6 billion in 2020, according to a new report study from Precedence Research. Nutritional supplements are used to treat the deficiency of essential nutrients in the body such as vitamins, minerals, fiber, omega-3s, and protein. People’s busy and fast paced lifestyles lead to unhealthy eating habits and failure to maintain proper diet. Hence, people opt for nutritional supplements in order to meet their daily nutritional needs.
The growing burden of disease, the growing prevalence of obesity, overweight and sedentary lifestyle of the population are increasingly driving the adoption of nutritional supplements by consumers around the world. The development of the immune system is highly dependent on the stomach, which is why food supplements are necessary for the development of a strong immune system. A strong immune system helps prevent disease and promotes healing from any disease.
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The crucial factors responsible for the growth of the market are:
- Growing awareness of health
- Increased consumer spending on health and wellness
- The growing burden of malnutrition
- Requirement of a healthy and active lifestyle
- Growing participation of young people in sports and fitness activities
- Busy and busy schedules of consumers
- Increase in the number of active people
- Growing demand for functional foods
- Increase government initiatives to eliminate malnutrition in children
RepresentingoScope of the nutritional supplements market
|Cover of the report||Details|
|Market size in 2020||US $ 314.6 billion|
|Growth rate from 2021 to 2030||7.1% CAGR|
|The biggest market||Asia Pacific|
|Covered segments||Shape, product, age group, distribution channel, region|
|Regional scope||North America, Europe, APAC, Rest of the World|
Asia-Pacific was the dominant nutritional supplement market in 2020. Asia-Pacific is home to around 60% of the world’s population. Rising prevalence of malnutrition in children, obesity, underweight, and overweight issues in adults are the various factors that are propelling the growth of the nutritional supplements market. The high number of young people in Asia-Pacific are increasingly participating in various sports and athletic activities. In addition, the growing popularity of gyms and fitness centers is fueling the demand for sports nutritional supplements in Asia-Pacific countries. Additionally, countries like India, China, and the Philippines are emerging as the manufacturing hub for nutritional supplements. Major market players are investing heavily in the region for research activities and setting up manufacturing plants due 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. Growing health awareness and increasing consumer spending on health and wellness products is the main driving force behind the nutritional supplements market in the region.
North America was the second largest market for nutritional supplements in 2020 and is expected to maintain its importance throughout the forecast period. This is attributed to increased disposable income, increased consumer awareness of health, sedentary lifestyle of consumers and unhealthy eating habits of people.
Conductors – The global nutritional supplement market is primarily driven by the increasing nutritional consumption needs of consumers. Nowadays, maintaining a good diet has become a luxury. Most people are busy with work, which results in a lack of adequate nutritional intake. Hence, the adoption of nutritional diet is increasing among the world population due to the ease and convenience as well as the nutritional benefits offered by the different forms of nutritional supplements.
Constraints – High costs of nutritional supplements are the major issue which may restrain adoption of nutritional supplements among low income consumers and may hamper market growth in underdeveloped economies during the forecast period.
Opportunities – The demand for dietary supplements is increasing among millennials due to its immunity boosting properties. Other nootropics are gaining ground. Nootropics are a class of compounds that help maintain brain health and proper functioning. It is expected that in the coming years the demand for these nutritional supplements will increase, which will help maintain brain health.
Challenges – The nutritional supplement industry faces the challenges of government approval. The respective authorities impose strict regulations for the nutritional supplements to be marketed. It is a major challenge for the industry.
Report Strong points
- Due to its shape, the capsule segment is expected to experience the fastest growing due to its availability and convenience. The advanced multi-layered capsules perfectly and instantly help fill nutrient deficiencies. Therefore, the consumption of multivitamins is increasing among consumers, thus promoting the growth of the segment.
- By product type, dietary supplements are expected to experience the highest growth rate due to the increasing demand for dietary fiber among the global population. The increased awareness of health among the population has led to an increased awareness regarding the development of a strong immune system.
- By age group, adults are the dominant segment and are expected to maintain their position during the forecast period. Increased participation in sports, increased participation in fitness centers, increased disposable income, increased number of active people and increased health awareness among young adults are promoting the growth of this segment.
- By distribution channel, the e-commerce segment is considered to be the most opportunistic segment. Growing internet penetration and growing popularity of e-commerce platforms are driving the market. In addition, the rapid growth of several online pharmacies has a positive impact on the growth of the segment.
Segments covered in the report
- Soft gels
By product type
- Sports nutrition
- Food supplements
- Fat Burner
- Functional food
By age group
By distribution channel
- Supermarkets / Hypermarkets
- Specialty stores
- North America
- Asia Pacific
- Rest of the world
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