Nutritional Supplements Market Intelligence Report Offers Growth Prospects

 

Nutritional Supplements Industry Overview

The global nutritional supplements market size was estimated at USD 381.47 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030.

Growing attention to health has significantly helped the market thrive. Moreover, the rising prevalence of non-communicable diseases has resulted in the faster adoption of nutritional supplements to enrich overall well-being. According to the Global Alliance for Chronic Diseases (GACD), approximately 71% of deaths globally occur due to non-communicable diseases (NCDs). Thus, these alarming statistics have shifted the focus on well-being and health, which is expected to increase the demand for nutritional supplements.

Gather more insights about the market drivers, restrains and growth of the Nutritional Supplements Market

Moreover, sports nutrition has also been trending due to a shift in emphasis toward fitness and wellness among the adult population. Through social media platforms and endorsements, fitness professionals, athletes, and enthusiasts encourage people to stay healthy and fit. For instance, in December 2022, Amway India, a key player in the market, launched the campaign “Passion Ko Do Poshan” with Mirabai Chanu, an Indian weightlifter, to market its product line Nutrilite. The campaign was advertised via digital platforms such as YouTube, Instagram, Facebook, Twitter, and LinkedIn. In addition, as the worldwide population suffering from conditions such as obesity, diabetes, and cardiovascular disorders, is growing day by day, individuals are encouraged to embrace a healthy lifestyle that lowers the risk of getting such disorders.

Furthermore, awareness about maintaining a nutritious diet to complete nutritional necessities has been gaining momentum. Governments, globally, particularly in developing countries where malnutrition is highly prevalent, continuously introduce initiatives to enhance the health condition of individuals. For instance, in June 2022, the "Supplement Your Knowledge" initiative was launched by the U.S. Food and Drug Administration (FDA) to inform, educate, and enhance knowledge of dietary supplements in educators, customers, and healthcare professionals. Nutritional supplementation has been pivotal in enhancing the status of malnutrition in some countries.

Access to dietary supplementation has been made more convenient through online and retail channels. The ease of availability has been a significant aspect propelling the market. E-commerce platforms are also driving the demand of the market owing to the enhanced visibility of products and wider reach across all age groups and socio-economic strata. E-commerce platforms have gained traction in developing countries such as India, China, and Mexico. Moreover, many market participants are launching their offerings on e-commerce platforms to reinforce their business avenues. For instance, in March 2022, Cymbiotika, a nutritional supplement company, established its e-commerce platform in the UK for natural supplements. The increased adoption of e-commerce platforms due to the pandemic has further fueled market growth.

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The global immune health supplements market size was estimated at USD 26.60 billion in 2023 and is projected to grow at a CAGR of 10.72% from 2024 to 2030.

The global sports nutrition market size was valued at USD 45.24 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2030.

Regional Insights

In terms of region, Asia Pacific dominated the nutritional supplements market in 2022 with a revenue share of 39.4%. Factors such as the low price of raw materials, availability of functional foods, and high cognition regarding the health advantages of nutritional supplements have driven regional growth. Nations like Japan and China have been leaders in enriched foods with high nutritional value. Multiple products are particularly produced in the region and shipped to other parts of the globe, contributing positively to the growth of the market. In addition, companies in the industry are entering the region. For instance, in May 2023, USANA Health Sciences, Inc. announced its plan to enter the market in India in the latter half of 2023.

The market for Latin America is expected to grow at the fastest CAGR of 8.0% from 2023 to 2030. The notable demand for health products across the region is driving the regional growth of the market. The increasing awareness about well-being and health and the rising popularity of nutrient-rich food propel the market. The rise in the disposable income of the people has led to extra spending on fitness and health products, thus fueling the growth of the market.

Key Nutritional Supplements Company Insights

The key participants in the nutritional supplements industry are launching various strategic initiatives to retain their market presence. In addition, different strategic initiatives help market participants to strengthen their industry position. For instance, in May 2023, Launch Hydrate, a key player in the sports nutrition industry, partnered with Perfect Game, a softball and baseball organization. This collaboration aimed to offer various sports drinks to the Perfect Game participants. For instance, in April 2023, Hemperella launched hemp-based protein powder, hemp muesli, and protein bars, among others.

Key Companies profiled:

·         Glanbia PLC

·         Abbott

·         Nestlé Health Science

·         Herbalife International of America, Inc

·         Amway Corp.

·         PepsiCo

·         Clif Bar & Company

·         Science in Sport plc

·         THG PLC

·         CSN

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