Growing Influence Around Body Aesthetics and Easy Access to OTC Drugs boosts the Global Nutritional Supplements Market

Valued at $381.47 Bn in 2022, the Nutritional Supplements market is projected to grow steadily at a CAGR of 6.3%, reaching $621.91 Bn by 2030

AHMEDABAD, GUJARAT, INDIA, April 2, 2024 /EINPresswire.com/ -- Globally, the market for nutritional supplements has been experiencing consistent growth for at least a decade now. It was valued at $381.47 Bn in 2022 and is projected to grow at a CAGR of 6.3% reaching $621.91 Bn by 2030. The US is at the forefront of nutritional supplements market in the world with almost 50% of its adult population and more than one-third of children consuming them. This amounts to approximately 153 Mn people consumers in the US alone. Over time, many supplements including the likes of lucosamine, prenatal vitamins, and fiber laxatives have become more affordable for Americans to buy as they are eligible for payment through plans like Health Savings Accounts (HSA), Flexible Spending Accounts (FSA), and Health Reimbursement Arrangements (HRA), which gives them tax-advantages for these products.

Meanwhile, dietary supplements sales in Asia-Pacific are snowballing in both developed and developing nations owing to the rising aging population and disposable incomes in these countries. Apart from that, consumer knowledge about products containing herbal and ancient medicine extracts is driving the market in countries like China, Japan, and India. China stands as the largest producer, exporter and consumer of vitamin D as children and adolescents in the country aged 6 to 17 years are reported to be suffering from vitamin D deficiency and add to the demand pool.

Insights10 report on 'Global Nutritional Supplements Market'¹ suggests that, globally, vitamins & dietary supplements account for 26% of the nutraceuticals market with a major contribution from the elderly population as 88% people aged 65 or above are taking these supplements. Further, the consumption of nutritional supplements is increasing with the emergence of new trends and ‘Aesthetic Goals’, where goals are centered around physical appearance as people are becoming more conscious about their bodies and the way they look.

The dietary supplements market is dominated by Vitamin D pills due to its rising demand among athletes and working professionals for improved energy and weight management. Supplements like multivitamins and single nutrients like iron (55.8%), vitamin D (47.8%), folic acid (15.6%), calcium (67%), and omega-3 fatty acids (6.3%) are gaining demand as awareness about maternal health continues to rise.

At the same time, the market for protein supplements is becoming popular with fitness trainers widely prescribing these supplements in health clubs, fitness centers, and gymnasiums. The adoption is driven by the hype and easy availability & consumption of these products. For instance, flavored vitamin gummies are a convenient way to ingest nutritional supplements rather than traditional pills. The availability of collagen peptides in the form of flavored drinks, capsules, gummies, and powders is another example of how ease of consumption is boosting the adoption of health supplements.

Another reason the market is seeing an upward trend in its sales is the sedentary lifestyle and growing awareness about chronic illnesses caused by the lifestyle among people. Nutritional deficiency around the world is another factor contributing to the expansion of the market globally. 45% of deaths among children are linked to malnutrition while 148 Mn children aged below 5 are malnourished and 22.3% children below 5 years of age have stunted growth. 2 Bn people are suffering from micronutrient deficiency and 735 Mn people are facing hunger across the globe. Stakeholders and manufacturers can take advantage of this opportunity by creating targeted nutritional supplements that address specific health concerns and increasing their product offerings to address the growing demand for various nutrients.

Insights10's repository² provides detailed reports and analysis for Nutritional Supplements Market in many geographies such as North American region like US and Canada, APAC region including China, India, Japan, Australia, South Korea, Indonesia, Hong Kong, Vietnam, Philippines, Singapore, Malaysia, and Thailand, European countries such as Netherlands, Romania, Poland, and Belgium, African regions like Egypt, South Africa, Nigeria, and Kenya, Latin American countries like Brazil and Mexico, and Middle Eastern region including UAE, Saudi Arabia, and Turkey.

Thanks to the boom in e-commerce industry in the last decade, and the e-commerce ecosystem’s ability to support small, independent businesses, customers get easy access to nutritional supplements, while online retailers enjoy profit margins up to 20-30%. The numerous growth factors, including the presence of e-commerce platforms, as well as an increase in the disposable income of the population, shows a positive trend and strong potential for long-term growth of the Nutritional Supplements market!

About Insights10³
Insights10 is a healthcare-focused market research platform with an objective of supporting data-driven decisions and delivering actionable insights for healthcare and life science organizations. Insights10 platform provides syndicated and customized research reports in healthcare and allied industries such as pharmaceuticals, diseases/therapies, medical devices, digital health, healthcare services, OTC and nutraceuticals, etc. Insights10 currently provides 30,000+ different reports on different topics at a global as well as country specific level, making it one of the largest collections of syndicated research reports in the Life sciences and Healthcare sector available across the world.

Purav Gandhi
Healthark Wellness Solutions LLP
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¹ https://www.insights10.com/report/global-nutritional-supplements-market-analysis/
² https://www.insights10.com/reports/
³ https://www.insights10.com/