by Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition and other related products that are intended to provide nutrients to the diet. They come in the form of tablets, capsules, softgels, powders and liquids and are available both with and without a prescription. These supplements are widely used to treat or prevent deficiency issues, support general well-being, offer antioxidant protection and promote exercise performance and recovery. The growing health-conscious population coupled with increasing incomes have been driving sales of nutritional supplements globally.
The Global Nutritional Supplements Market is estimated to be valued at US$ 374.72 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the nutritional supplements are Abbott Laboratories, Archer Daniels Midland (ADM), American Health, Inc., Amway Corporation, Arkopharma Laboratoires Pharmaceutiques, Ayanda, DuPont, DSM, the Nature’s Bounty Co., Herbalife International of America, Inc, Stepan Company, Pfizer Inc., Nestle S.A., Nature’s Sunshine, and GlaxoSmithKline. Key players like Abbott Laboratories, Archer Daniels Midland, Herbalife International and Amway Corporation collectively account for over 25% of the global market share.
The Nutritional Supplements Market Demand for nourishment from specific demographic groups like the elderly, pregnant women and athletes is propelling the sales of nutritional supplements industry. With the rising health awareness, consumers are increasingly using supplements to address nutritional deficiencies and maintain well-being.
Nutritional supplement brands are expanding globally to tap the opportunities in emerging markets. Companies are focusing on markets in Asia Pacific and Latin America which are expected to grow at a higher rate in the coming years. Partnerships with local players and tailored product portfolios help brands penetrate regional rural and urban clusters.
Market Key Trends
One of the key trends gaining traction in the nutritional supplements market is the growing demand for plant-based supplements. With rising preference for vegan and sustainable products, manufacturers have introduced supplements made from plant-derived vitamins, minerals, herbs and probiotics. The clean label and natural positioning of plant-based supplements appeals to health-conscious consumers. Sports nutrition and immunity-boosting supplements have also witnessed strong uptake amid the ongoing health crisis. Customization and personalized supplement formulations based on individual requirements are expected to shape the future of this industry.
Porter’s Analysis
Threat of new entrants: New entrants find it difficult in this market as customers have strong loyalty towards existing brands and manufacturers have patents over formulations.
Bargaining power of buyers: Buyers have high bargaining power as there are many brands offering similar products allowing buyers to compare and choose the best value.
Bargaining power of suppliers: Formulation ingredients suppliers have moderate bargaining power due to availability of substitutes and suppliers.
Threat of new substitutes: Threat from new substitutes is moderate as new products and delivery forms regularly being introduced.
Competitive rivalry: Intense competition exists between established brands.
Geographical Regions
The North American region holds the major share in the Nutritional Supplements Market Regional in terms of value due to rising health awareness among people. The United States alone holds around 50% share due to large customer base and established distribution channels.
The Asia Pacific region is the fastest growing market for nutritional supplements due to growing middle class population with increasing income, adopting healthier lifestyles and rising healthcare costs. China holds significant market share due to huge population while India is emerging as one of the attractive markets driven by growing young population and changing dietary habits.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
