The global dietary supplements market is expected to reach $278.02 billion by 2024, according to a new report by Grand View Research, Inc. Favorable outlook toward the medical nutrition market in light of increasing applications for the treatment of malnutrition and cardiovascular disorders is likely to spur the market, the report said.
Rising sales of sports nutrition products in the U.S. and China on account of increasing prevalence of fitness and sports at a domestic level along with new product launches is likely to have a significant impact on the industry over the projected period. The market is expected to generate revenues worth $37.16 billion by 2024, Grand View Research predicted.
Rising consumption of clinical nutrition products as a prevention medium for reducing malnutrition is expected to have a substantial impact. Furthermore, increasing prevalence of premature births on a global level is expected to promote the use of medicinal supplements over the forecast period. The market was worth $19.17 billion in 2015 and is projected to witness growth at a CAGR of 9.5% from 2016 to 2024.
Further key findings from the report include:
- The market for dietary supplement capsules was valued at $26.42 billion in 2015. The increasing use of omega-3 fatty acids in the formulation of dietary supplement capsules is expected to have a positive impact over the forecast period.
- Amino acid-based dietary supplements accounted for 14.3% of the market share in 2015 and is projected to witness significant growth on account of increasing protein intake by bodybuilders and sports athletes
- Gel caps and soft gels together accounted for 13.2% of the overall market in 2015. These products are expected to witness growth on account of their increasing application in confectionaries including chocolates, candies, and desserts.
- Asia-Pacific is projected to grow at a CAGR of 11.2% from 2016 to 2024. Rising sales of green juice, royal jelly, blueberries, chlorella, and black vinegar in Japan owing to increasing awareness toward natural products is expected to promote the use of nutritional supplements over the forecast period.
- North America accounted for 28.5% of the total market in 2015 and is projected to witness growth on account of increasing consumption of products with reduced calorie level and high nutritional content.
- Key participants include Amway Corporation, Pfizer Pharmaceuticals, Abbott Laboratories, Herbalife International, ADM, DuPont, and Carlyle Group. In April 2016, Amway Inc. launched a new sports nutrition energy drink under the brand name, XS Sports Nutrition line. This type of product innovation is expected to force manufacturers to develop new products over the next eight years.
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