Nutritional Supplements Global Market Report 2024

The nutritional supplements market size has grown strongly in recent years. It will grow from $390.7 billion in 2023 to $419.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed in the past period can be credited to several factors including an aging population, evolving lifestyles, the surge in sports and fitness pursuits, the expansion of e-commerce, and the increasing popularity of veganism.

The nutritional supplements market size is expected to see strong growth in the next few years. It will grow to $569.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. Anticipated growth in the upcoming period can be linked to personalized nutrition, heightened interest in genetic testing, the emergence of smart packaging solutions, a focus on epidemic preparedness, and an increased emphasis on sustainability. Notable trends expected in the forecast period encompass the rise of CBD and hemp-based supplements, the prominence of plant-based proteins, the surge in mental well-being supplements, the popularity of collagen supplements, and the growing market for brain health supplements.

The growing incidence of non-communicable diseases is fostering a heightened demand for the nutritional supplement market. Non-communicable diseases, characterized by conditions typically not caused by acute infections, necessitate long-term treatment and care. Nutritional supplements play a crucial role in managing these health consequences, with examples such as alpha-lipoic acid supplementation addressing complications associated with diabetes. As of December 2021, statistics from the International Diabetes Federation, a Belgium-based non-profit diabetes association, reported 537 million adults (20–79 years) living with diabetes, causing 6.7 million deaths in 2021. Projections indicate an anticipated increase to 643 million people worldwide with diabetes by 2030. This escalation in non-communicable diseases underscores the market growth potential for nutritional supplements.

The anticipated growth of the nutritional supplement market is strongly driven by the increasing awareness and emphasis on health and fitness. The concept of health and fitness entails a holistic state of overall well-being, covering physical, mental, and social dimensions. Nutritional supplements play a vital role in supporting health and fitness goals, aiding in the enhancement of performance by boosting muscle strength, power, and endurance. A notable illustration of this trend is evident in a January 2022 survey involving 2,000 participants, as reported by Nutrisystem, a US-based provider of weight loss products. The survey revealed that approximately 53% of respondents set a goal for 2022 focused on weight loss, with an average target of shedding 14 pounds. This data underscores the heightened awareness and commitment to health and fitness objectives, driving an increased demand for nutritional supplements. As individuals strive for improved well-being and physical fitness, the nutritional supplement market is poised for substantial growth.

New product innovations have become a prominent trend gaining traction in the nutritional supplements market. Leading players in the nutritional supplement industry are strategically focusing on the development of innovative products to maintain their competitive edge. A notable example is Amway India Enterprises Private Limited, an India-based company specializing in the production and development of nutritional supplements. In February 2022, the company introduced a range of nutrition supplements featuring a unique, tasty, convenient, and simplified format. Released under the umbrella brand Nutrilite, these products are presented as mouth-watering candies and jelly strips designed to dissolve in the mouth, aligning with modern lifestyles. Amway has tailored this compact nutritional offering specifically for the preferences and needs of the contemporary lifestyle and millennial consumer segment. This strategic move highlights the industry's commitment to continuous innovation and adaptation to evolving consumer demands.

Prominent companies in the nutritional supplement market are strategically focusing on product launches, including innovations such as plant protein powder. This dietary supplement is derived from various plant sources, providing a concentrated and convenient form of plant-based proteins. A case in point is Tata Consumer Products, an India-based fast-moving consumer goods company, which, in September 2022, introduced GoFit plant protein powder. This product launch aligns with the growing demand for plant-centric supplements and underscores Tata Consumer Products' commitment to health and wellness in line with contemporary consumer preferences for products supporting a healthy lifestyle. By entering the market with a plant-based nutritional supplement, the company strategically diversifies its product portfolio and taps into the rising demand for high-quality, plant-derived nutritional options.

In August 2021, Nestlé Health Science, a Switzerland-based pharmaceutical and nutritional manufacturing company, completed the acquisition of The Bountiful Company for USD 5.75 billion. Through this transaction, Nestlé gained ownership of prominent brands such as Bounty, Solgar, Osteo Bi-Flex, Puritan’s Pride, Ester-C, and Sundown from The Bountiful Company. This strategic move positions Nestlé to establish a dominant presence in the fragmented market of vitamins, minerals, and supplements. The acquisition enables Nestlé to capitalize on the consistent growth in consumer healthcare that The Bountiful Company has experienced. The Bountiful Company, headquartered in the United States, specializes in the development and production of dietary supplements.

Major companies operating in the nutritional supplements market report are The Archer-Daniels-Midland Company, Pfizer Inc., Bayer AG, Abbott Laboratories, GlaxoSmithKline PLC, Otsuka Pharmaceutical Co. Ltd., DuPont de Nemours Inc., Koninklijke DSM NV, Amway Corporation, Nutrilite Products Inc., Nestlé Health Science SA, Glanbia PLC, Herbalife Nutrition Ltd., Carlyle Group Inc., The Carlyle Group Inc., Stepan Company, GNC Holdings Inc., Nu Skin Enterprises Inc., USANA Health Sciences Inc., Arkopharma Laboratories Company Limited, Iovate Health Sciences International Inc., Now Health Group Inc., Xango LLC, Garden of Life LLC, Pharmavite LLC, Nature's Bounty Co., Herb Pharm LLC, American Health Formulations Inc., Ayanda GmbH, BioTech USA, Himalaya Global Holdings, The Biomedical Research & Longevity Society, Megafoods Products Madras Private Limited, MusclePharm Corporation, SmartyPants Vitamins Inc., Thorne Research Inc., Vitabiotics Ltd., Vitacost.com Inc.

Asia-Pacific was the largest region in the nutritional supplements market in 2023. Latin America is expected to be the fastest-growing region in the forecast period. The regions covered in the nutritional supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nutritional supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Nutritional supplements come in various types, including vegan sports nutrition, meal replacement shakes, food supplements, and others. Vegan sports nutrition is specifically designed for athletes and is available in formats such as energy bars, capsules, powders, gummies, and liquids. Athletes use vegan sports nutrition to support training efforts and enhance recovery. These supplements are formulated in different types, including tablets, capsules, powder, soft gels, liquid, and others, incorporating ingredients such as botanicals, vitamins, minerals, proteins, amino acids, fish oils, fibers, specialty carbohydrates, enzymes, and more. The distribution channels for these supplements include supermarkets/hypermarkets, retail pharmacies, direct selling, drug stores, and e-commerce. Nutritional supplements cater to a diverse demographic, including infants, children, adults, pregnant women, and the elderly, addressing various nutritional needs across different age groups.

The nutritional supplements market research report is one of a series of new reports that provides nutritional supplements market statistics, including nutritional supplements industry global market size, regional shares, competitors with a nutritional supplements market share, detailed nutritional supplements market segments, market trends and opportunities, and any further data you may need to thrive in the nutritional supplements industry. This nutritional supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nutritional supplement market consists of sales of iron nutrition pills, fat burner powder, dietary supplements, functional foods, and whey proteins. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.