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Nutraceuticals and Dietary Supplements

Nutraceuticals and Dietary Supplements Market Research Reports

"Unpacking the Global Surge in Nutraceuticals: Trends, Statistics, and Future Outlook (2024 Market Size: USD 478 billion)"!

Nutraceuticals and Dietary Supplements Industry Overview

In recent years, the nutraceuticals and dietary supplements market has undergone substantial development and transformation, which has been influenced by the growing awareness of health and wellness among consumers. According to cognitive market research, the global nutraceuticals market size is USD 478 billion, and will be USD 722.5 billion by 2031, with a compound annual growth rate (CAGR) of 5.3%. In 2023 this market was valued at USD 454 billion. This market encompasses a wide variety of products, such as functional foods, dietary supplements, and beverages, all of which are designed to enhance health and prevent certain diseases.

Dietary supplements alone constituted a substantial portion of the market in 2023, with revenues surpassing USD 170 billion. In 2024, this market will expand at a compound annual growth rate (CAGR) of 6.5%, with a total value of USD 181 billion. Vitamins and minerals continue to be the most popular categories within dietary supplements as a result of the increasing emphasis on the management of chronic diseases and preventive healthcare. For example, the global vitamin supplements market size was USD 47 billion in 2023 and will be USD 50 billion in 2024. Functional foods and beverages also account for a substantial portion of the nutraceutical market. The purpose of these products is to offer health benefits that exceed those of fundamental nutrition. The functional foods market was valued at USD 200 billion in 2023, and will be USD 212 billion in 2024, with a compound annual growth rate (CAGR) of 6%. The increasing demand for plant-based proteins, probiotics, and omega-3 fatty acids, which are perceived to promote overall health and wellness, are among the primary drivers.

The preference for natural and organic products is expected to increase significantly in 2023 and 2024, as evidenced by consumer trends. Dietary supplements derived from natural constituents were preferred by 60% of consumers to synthetic alternatives. This trend is partially driven by the increasing prevalence of lifestyle-related diseases, including obesity, diabetes, and cardiovascular complications, which has encouraged individuals to pursue healthier dietary alternatives. North America continues to be the largest market for nutraceuticals, with over 35% of global sales in 2023. This is due to its geographic region. Nevertheless, the Asia-Pacific region is the fastest-growing market, with China and India at the forefront of the expansion. Urbanization, rising middle classes, and increasing disposable incomes fuel the Asia-Pacific market's 8% compound annual growth rate (CAGR) from 2023 to 2024.

Top Countries Contributing in Nutraceuticals and Dietary Supplements Market

United States (2024 Market Size: USD 80 billion)

The United States nutraceuticals and dietary supplements market size was USD 75 billion in 2023 and will be USD 80 billion in 2024, with a compound annual growth rate (CAGR) of 6.7%. Healthcare, sports nutrition, and weight management are the primary sectors that employ nutraceuticals and dietary supplements. An increasing emphasis on preventive health and the management of chronic conditions, such as diabetes and heart disease, has resulted in the healthcare market accounting for the largest share. The U.S. is the largest single-country market, with an 16.5% global market share. Vitamins and dietary supplements were the most popular products in 2023, with probiotics, omega-3 fatty acids, and multivitamins being particularly popular. The sports nutrition segment has also experienced substantial growth, which has been driven by the increasing popularity of fitness activities and the increasing emphasis on maintaining an active lifestyle. In 2023, e-commerce sales of nutraceuticals experienced a significant increase, accounting for 30% of the market. This trend will persist into 2024. Organic and natural products are highly favored by consumers, with more than 65% of them choosing to purchase them.

China (2024 Market Size: USD 60 billion)

According to cognitive market research, The China nutraceuticals and dietary supplements market share is 12% of the total revenue generated and its market size was USD 55 billion in 2023 and will be USD 60 billion in 2024, with a compound annual growth rate (CAGR) of about 9%. Traditional Chinese medicine, healthcare, and functional consumables comprise the primary sectors. The healthcare market is the market leader, with a strong emphasis on the integration of modern nutraceuticals with traditional Chinese medicine (TCM). The popularity of vitamins, minerals, and botanical supplements is primarily due to the aging population and the growing awareness of health issues. The increase has also influenced the expansion of the market in disposable income and urbanization. The robust digital economy in China was reflected in the fact that online sales platforms accounted for 40% of total sales in 2023, making them a significant distribution channel. Probiotics and protein supplements are in high demand, which is consistent with consumer preferences for digestive health and fitness.

Japan (2024 Market size: USD 43 billion)

In 2023, the dietary supplements and nutraceuticals market in Japan was valued at USD 40 billion and will be USD 43 billion in 2024, with a compound annual growth rate (CAGR) of 4%. Healthcare, functional foods, and cosmetic and anti-aging products comprise the principal markets. The global market share of 9%, held by Japan. Given Japan's elderly population, the healthcare market is notably dominant, with a focus on products that address health issues associated with aging. Vitamins, probiotics, and collagen supplements are exceedingly prevalent. The cosmetics industry, which prioritizes skin health and anti-aging, also makes a substantial contribution. The distribution channel of e-commerce is expanding, with a 25% share of sales in 2023. The market is bolstered by a robust regulatory framework that guarantees the quality and safety of products and a high level of consumer trust in domestic brands.

India (2024 Market Size: USD 34 billion)

As per cognitive market research, the India's nutraceuticals and dietary supplements market holds a revenue share of 7% of the total revenue generated and its market size was USD 30 billion in 2023 and will be USD 34 billion in 2024, with a compound annual growth rate (CAGR) of 13.3%. Functional diets, sports nutrition, and healthcare comprise the most significant sectors. The healthcare market is the largest consumer, driven by a high prevalence of lifestyle diseases and an increasing awareness of health. Traditional health practices are reflected in the popularity of Ayurveda and herbal supplements. The sports nutrition segment is also expanding at a rapid pace, driven by the increasing awareness of fitness and the younger demographic. In 2023, online sales platforms comprised 20% of the market, and this percentage will rise. A substantial proportion of the populace prefers herbal and traditional remedies, and there is a strong preference for natural and organic products.

Germany (2024 Market Size: USD 27 billion)

In 2023, the German nutraceuticals and dietary supplements market was valued at USD 25 billion and will be USD 27 billion in 2024, with a compound annual growth rate (CAGR) of 4%. Among the most significant sectors are sports nutrition, functional consumables, and healthcare. Germany holds a  5.5% of the global market share. The healthcare market is the largest consumer of products that are specifically designed to support the immune system and promote cardiovascular health. Omega-3 supplements, vitamins, and minerals are exceedingly popular. The sports nutrition segment is also substantial, as a robust culture of wellness and fitness fuels it. A growing trend toward online purchasing was evident in 2023, as e-commerce accounted for 22% of sales. A strong preference for plant-based supplements and organic and natural products characterizes this market.

United Kingdom (2024 Market Size: USD 22 billion)

The United Kingdom's Nutraceuticals and Dietary Supplements Market size was USD 20 billion in 2023 and will be USD 22 billion in 2024, with a compound annual growth rate (CAGR) of 5%. There are three primary sectors: healthcare, functional foods, and cosmetic and wellness products. The United Kingdom accounts for 4.5% of the global market share. The healthcare market is the largest consumer, with a particular emphasis on immune support supplements, vitamins, and minerals. The cosmetics and wellness market also makes a substantial contribution, particularly through the development of products that focus on skin health and anti-aging. The UK's robust digital retail environment was evident in 2023, as e-commerce accounted for 30% of sales. Organic and sustainably sourced products are in high demand as consumers are increasingly choosing eco-friendly alternatives.

Brazil (2024 Market Size: USD 17 billion)

The Brazilian nutraceuticals and dietary supplements market holds a revenue share of 3.5% of the total revenue generated and its market size was USD 15 billion in 2023 and will be USD 17 billion in 2024, with a compound annual growth rate (CAGR) of 6.6%. Among the most significant sectors are sports nutrition, functional consumables, and healthcare.The healthcare market is the largest consumer, propelled by a high prevalence of chronic diseases and an increasing awareness of health. Herbal supplements, vitamins, and minerals are exceedingly prevalent. The youthful and active population is also driving the growth of the sports nutrition segment. In 2023, online sales platforms comprised 18% of the market, and this percentage will rise. A substantial proportion of the populace prefers herbal and traditional remedies, and there is a strong preference for natural and organic products.

Canada (2024 Market Size: USD 13 billion)

The nutraceuticals and dietary supplements market in Canada was valued at USD 12 billion in 2023 and will be USD 13 billion in 2024, with a compound annual growth rate (CAGR) of 4.8%. Among the most significant sectors are sports nutrition, functional consumables, and healthcare. Canada holds a 2.6% of the global market share. The healthcare market is the largest consumer, with a particular emphasis on immune support supplements, vitamins, and minerals. The sports nutrition segment is also substantial, as a culture of wellness and fitness influences it. A growing trend toward online purchasing was evident in 2023, as e-commerce accounted for 25% of sales. A strong preference for plant-based supplements and organic and natural products characterizes this market.

Australia (2024 Market Size: USD 11 billion)

According to cognitive market research, The Australia's nutraceuticals and dietary supplements market size was USD 10 billlion in 2023 and will be USD 11 billion in 2024, with a compound annual growth rate (CAGR) of 5%, Among the most significant sectors are sports nutrition, functional consumables, and healthcare. Australia holds a 2.2% of the global market. The healthcare market is the largest consumer of products that are specifically designed to support the immune system and promote cardiovascular health. Omega-3 supplements, vitamins, and minerals are exceedingly popular. The sports nutrition segment is also substantial, as a robust culture of wellness and fitness fuels it. A growing trend toward online purchasing was evident in 2023, as e-commerce accounted for 20% of sales. A strong preference for plant-based supplements and organic and natural products characterizes this market.

South Korea (2024 Market Size: USD 9 billion)

The nutraceuticals and dietary supplements market in South Korea was valued at USD 8 billion in 2023 and will be USD 9 billion in 2024, with a compound annual growth rate (CAGR) of 6.3%. There are three primary sectors: healthcare, functional foods, and cosmetic and wellness products. South Korea holds a revenue share of 1.8% of the global market. The healthcare market is the largest consumer, with a particular emphasis on immune support supplements, vitamins, and minerals. The cosmetics and wellness sector also makes a substantial contribution, particularly through the development of products that focus on skin health and anti-aging. South Korea's robust digital retail environment was evident in 2023, as e-commerce accounted for 35% of sales. Organic and sustainably sourced products are in high demand as consumers are increasingly choosing eco-friendly alternatives.

PESTEL Analysis of Nutraceuticals and Dietary Supplements Market

Political

The political environment significantly influences the nutraceuticals and dietary supplements market. The industry has been the subject of increased regulatory scrutiny by governments worldwide, with a particular emphasis on safety, efficacy, and marketing practices. The FDA is responsible for the regulation of dietary supplements in the United States, which includes the requirement of accurate labeling and claims, as well as the implementation of Good Manufacturing Practices (GMP). In the same vein, the European Union implements rigorous regulations through the European Food Safety Authority (EFSA), which evaluates the safety of ingredients and health claims. Consistent regulatory frameworks are essential for industry participants, as they are guaranteed political stability in major markets such as the U.S., Europe, and Asia-Pacific. International relations and trade policies also influence the market. Tariffs, trade agreements, and import-export regulations can influence the cost and availability of basic materials and finished products. For example, supply chain disruptions can result from tensions between significant trading partners, which can impact production timelines and costs. Furthermore, market expansion may be stimulated by political initiatives that prioritize public health. 

Economical

Economic factors significantly influence the nutraceuticals and dietary supplements market. Market dynamics are directly influenced by the global economic environment, which is defined by GDP growth, disposable income levels, and consumer spending patterns. The demand for these products is driven by economic growth in emerging markets, notably in the Asia-Pacific region, as a result of increased health awareness and spending on wellness due to rising incomes and urbanization. Even during economic downturns, consumer expenditure on health and wellness products, such as dietary supplements, remains resilient. Nevertheless, economic instability, such as inflation or recession, can affect disposable income, potentially resulting in a decrease in consumer expenditure on non-essential health products. In contrast, during economic recovery periods, there is frequently an increase in demand for nutraceuticals as consumers prioritize health and preventive care. The market is also influenced by exchange rates and currency fluctuations, particularly for companies that engage in international trade.

Social

The nutraceuticals and dietary supplements market is significantly influenced by social factors, which are driven by evolving demographics, lifestyle trends, and health awareness. The demand for nutraceuticals is substantially increased by the growing awareness of health and wellness among consumers. This trend is particularly prevalent among Generation Z and millennials, who place a high value on maintaining a healthy lifestyle and are prepared to invest in supplements that enhance their overall well-being. Another substantial factor is the aging of the global population. The demand for supplements that address age-related health issues, including cognitive function, cardiovascular health, and bone density, is on the rise, notably in developed regions such as North America, Europe, and certain parts of Asia, due to the increasing number of elderly individuals. For example, calcium and vitamin D supplements are highly sought after by older adults in order to promote bone health. The market is also driven by the emergence of lifestyle diseases such as obesity, diabetes, and heart disease, as well as the evolution of dietary patterns.

Technological

The nutraceuticals and dietary supplements market is at the forefront of technological advancements, which are driving innovation and augmenting product efficacy, safety, and consumer engagement. The integration of advanced technologies in R&D, manufacturing, and distribution has considerably transformed the industry. The utilization of biotechnology in the development of products is one of the most significant technological trends. Advancements in microbiome research and genetic engineering have facilitated the development of nutraceuticals that are more personalized and effective. For example, probiotics and prebiotics that are customized to the unique microbiota profiles of each individual are becoming increasingly popular. The development of plant-based and vegan supplements is also facilitated by biotechnology, which is in response to the increasing demand for sustainable and ethical products. Nanotechnology is another noteworthy innovation that improves the assimilation and bioavailability of nutrients. Nanoencapsulation techniques enhance the efficacy of supplements by safeguarding active ingredients from degradation and guaranteeing targeted delivery within the body.

Environmental

Environmental factors are becoming increasingly influential in the nutraceuticals and dietary supplements market as sustainability and eco-consciousness become critical concerns for both consumers and companies. The sustainable procurement of raw materials is a critical focus area. Companies are emphasizing the utilization of sustainably harvested, organic, and non-GMO ingredients to satisfy consumer demand for environmentally friendly and eco-friendly products. This transition is motivated by the increasing recognition of the environmental consequences of agricultural practices and the aspiration to promote biodiversity. For instance, the utilization of omega-3 fatty acids from phytoplankton that are sustainably sourced, as opposed to fish, contributes to the mitigation of the pressure on marine ecosystems. Another critical aspect is the advancement of packaging innovation, as companies are opting for eco-friendly and recyclable packaging solutions. Plastic waste reduction and the utilization of biodegradable materials are becoming industry standards. This not only addresses consumer concerns regarding environmental impact but also aligns with regulatory trends that advocate for improved waste management and reduced plastic usage.

Legal

The nutraceuticals and dietary supplements market is reliant on legal factors to guarantee the safety, efficacy, and protection of consumers. This is due to the strict regulations and compliance requirements that are in place. Dietary supplements are regulated by the Food and Drug Administration (FDA) in the United States pursuant to the Dietary Supplement Health and Education Act (DSHEA) of 1994. The FDA mandates that manufacturers comply with Good Manufacturing Practices (GMP) and guarantee that products are accurately labeled and free of contaminants. Supplements are required to provide scientific evidence to support their health claims, and novel ingredients must undergo pre-market safety evaluations. Failure to comply with these regulations may lead to legal penalties, reputational harm, and product recalls. The European Union (EU) adheres to rigorous regulatory standards that are enforced by the European Food Safety Authority (EFSA). The European Food Safety Authority (EFSA) assesses the safety and efficacy of ingredients and authorizes health claims that are supported by scientific evidence.

Key Players of the Nutraceuticals and Dietary Supplements Market

Amway

Amway, a market leader in nutraceuticals and dietary supplements, generated USD 8.1 billion in revenue from this segment in 2023, and will increase to USD 8.5 billion in 2024, representing a compound annual growth rate (CAGR) of 5%. Product innovation and quality enhancement are the primary objectives of Amway's substantial research and development initiatives, which involve an annual expenditure of USD 350 million. The company prioritizes the use of natural ingredients and advanced formulations. Health and wellness, cosmetics, and home care products comprise Amway's principal business segments. The health and wellness segment, which includes nutraceuticals and dietary supplements, is the most profitable and significant, contributing nearly 60% of the company's total revenue. This segment encompasses its Nutrilite trademark, which provides a diverse selection of dietary supplements, vitamins, and minerals. Amway is a prominent participant in the nutraceuticals and dietary supplements market, with an 2.5% of the global market share.

Herbalife Nutrition

Herbalife Nutrition's revenues from its nutraceuticals and dietary supplements segment is USD 6 billion in 2024, representing a compound annual growth rate (CAGR) of 5.3%. In 2023, the company reported revenues of USD 5.7 billion. Herbalife allocates a significant portion of its budget to research and development, investing USD 300 million annually to improve the efficacy, safety, and innovation of its products. Weight management, targeted nutrition, vitality and fitness, and personal care products comprise the organization's principal business segments. The primary drivers of their nutraceuticals and dietary supplements business are the weight management and targeted nutrition segments, which encompass a variety of products, including protein smoothies, vitamins, and specialized supplements for specific health requirements. Herbalife Nutrition holds 2% of the global market share in the nutraceuticals and dietary supplements market. The company's market share is supported by a robust market presence in regions such as North America, South America, and Asia-Pacific, as well as an extensive network of independent distributors.

Nestlé Health Science

In 2023, Nestlé Health Science, a division of Nestlé S.A., reported revenues of USD 4.5 billion from its nutraceuticals and dietary supplements market, and will increase to USD 4.8 billion in 2024, representing a compound annual growth rate (CAGR) of 6.7%. The company prioritizes the development of innovative, science-based nutritional solutions, investing over USD 500 million annually in research and development. Major business segments for Nestlé Health Science include pharmaceuticals, consumer care, and medical nutrition. The consumer care segment, which includes renowned brands such as BOOST, Garden of Life, and Persona, is a key growth driver and encompasses nutraceuticals and dietary supplements. Nestlé Health Science occupies 1.8% of the global market share in the nutraceuticals and dietary supplements market. 

Abbott Laboratories

In 2023, Abbott Laboratories' nutraceuticals and dietary supplements segment generated USD 3.8 billion in revenue and will increase to USD 4 billion in 2024, resulting in a compound annual growth rate (CAGR) of 5.3%. Abbott's annual R&D expenditure in this market is substantial, with USD 450 million allocated to the enhancement of extant products and the development of new ones. Abbott's primary business segments consist of pharmaceuticals, medical devices, diagnostics, and nutritional products. The company's overall revenue is significantly influenced by the nutritional products segment, which encompasses nutraceuticals and dietary supplements. Ensure, Glucerna, and Pedialyte are among the most popular brands in this segment. Abbott Laboratories occupies 1.5% of the global market share in the nutraceuticals and dietary supplements market. The company's market share is supported by its strong brand recognition in key markets such as North America, Europe, and Asia, as well as its extensive global distribution network.

GlaxoSmithKline (GSK)

GlaxoSmithKline's nutraceuticals and dietary supplements segment generated revenues of USD 3.2 billion in 2023, with an increase to USD 3.4 billion in 2024, representing a compound annual growth rate (CAGR) of 4.5%. The development of innovative and effective health solutions is the primary focus of GSK's annual expenditures of USD 400 million in research and development. Pharmaceuticals, vaccines, and consumer healthcare comprise GSK's principal business segments. The consumer healthcare segment, which encompasses nutraceuticals and dietary supplements, is a significant growth sector and includes renowned brands such as Centrum, Sensodyne, and Caltrate. GSK.  holds a 1.2% of the global market share in the nutraceuticals and dietary supplements market.

Recent developments in Nutraceuticals and Dietary Supplements Market

Conclusion

The global trend toward preventive healthcare and wellness is reflected in the market of nutraceuticals and dietary supplements, which continues to exhibit dynamic evolution and robust growth. The global market was valued at USD 454 billion in 2023 and will be USD 478 billion in 2024, with a compound annual growth rate (CAGR) of 5.3%. By 2031, the market will increase to USD 722.5 billion, with a CAGR of 5.3%. In 2023, dietary supplements alone generated more than USD 170 billion in revenue, and this figure will reach to USD 181 billion in 2024, with a compound annual growth rate (CAGR) of 6.5%. The market's emphasis on health maintenance and disease prevention is emphasized by the growing prominence of vitamins and minerals, which comprise a substantial portion of sales.

The functional foods and beverages segment, which was valued at USD 200 billion in 2023, is also on a growth trajectory and will be USD 212 billion in 2024, with a compound annual growth rate (CAGR) of 6%. Key trends include an increasing demand for omega-3 fatty acids, probiotics, and plant-based proteins. The preference of consumers for natural and organic products is evident, as 60% of consumers choose supplements that are derived from natural ingredients. In 2023, North America accounted for over 35% of global sales, making it the market leader in terms of geography. Nevertheless, the Asia-Pacific region is the fastest-growing market, with a 8% CAGR from 2023 to 2024. This growth is fueled by urbanization, rising disposable incomes, and a burgeoning middle class in countries such as Chinese and Indian. E-commerce has become a dominant distribution channel, accounting for 25% of total sales in 2023. This trend will continue in 2024. The COVID-19 pandemic has intensified the emphasis on immune health, which will continue to be a significant factor, in addition to the development of sustainable procurement practices and personalized nutrition.

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