billion by 2027, fueled by rising health-consciousness and growing demand for preventative healthcare solutions.
The nutritional supplements market is projected to experience significant growth in the coming years, according to a report by The Brainy Insights. The market, which was valued at USD 360.2 billion in 2022, is expected to reach USD 688.9 billion by 2032. This growth can be attributed to the increasing recognition of the repercussions of an unhealthy lifestyle and the rise in non-communicable diseases (NCDs). The World Health Organization estimates that NCDs result in 41 million deaths annually, leading to a surge in the use of dietary supplements for overall health improvement and immunity enhancement.
One of the key findings of the report is that Asia Pacific emerged as the largest market for nutritional supplements, accounting for 35.6% of the market revenue in 2022. This can be attributed to the region’s ability to produce functional foods, the availability of raw materials, and a high level of public awareness about the benefits of nutritional supplements.
In terms of product segmentation, functional foods and beverages held the largest market share of 56.1% in 2022. These products are designed to provide specific health benefits or treat medical conditions. The powder formulation segment dominated the market with a share of 35.4% in 2022, replacing soft chews and soft gels as the preferred option.
In terms of consumer groups, adults accounted for the largest market share of 24.8% in 2022. This is likely due to the increasing realization among adults about the importance of maintaining good health. Supermarkets and hypermarkets were the dominant distribution channel, with a market share of 42.3% in 2022, providing customers with a convenient one-stop-shop for a variety of nutritional supplements.
The report highlights the rising focus on wellness and good health as a driving factor for the growth of the nutritional supplements market. In today’s fast-paced world, where people often have little time for food preparation and rely on fast food, nutritional supplements offer a practical way to bridge nutritional gaps and provide essential nutrients.
Some of the major players operating in the nutritional supplements market include TheHut.com Ltd., Science in Sports, PepsiCo, Glanbia plc, Cliff Bar & Company, Cardiff Sports Nutrition Ltd, Amway, Abbott Nutrition, Nestle, and Herbalife International of America, Inc.
Overall, the nutritional supplements market is expected to witness substantial growth in the coming years, driven by the increasing focus on health and wellness. As people become more aware of the importance of maintaining good health, the demand for dietary supplements is likely to rise, creating opportunities for companies to cater to this expanding market.