Nutritional Supplements Market Growth & Trends
The global nutritional supplements market size is projected to reach USD 621.86 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 6.3% from 2023 to 2030. The global market for nutritional supplements has been experiencing a substantial surge in demand in recent years, driven by a convergence of factors such as evolving consumer preferences, health consciousness, and advancements in scientific research.
Another significant factor contributing to market growth is the changing lifestyles and demographic trends. Rapid urbanization, sedentary work environments, and busy schedules have resulted in decreased physical activity levels and a rise in stress-related issues. As a result, individuals are actively seeking solutions to overcome these challenges and are willing to invest in health and wellness products to improve their quality of life. In addition, the aging population and the desire for healthy aging have fueled the demand for products supporting longevity & vitality.
One of the primary drivers behind the increased demand for nutritional supplements is the rising awareness of the importance of a balanced and nutrient-rich diet. As more people acknowledge the challenges of obtaining all necessary nutrients solely through their daily meals, they are turning to supplements as a convenient and effective way to bridge nutritional gaps. The modern lifestyle, characterized by fast-paced routines and often poor dietary choices, has resulted in the need for alternative sources of essential vitamins, minerals, and other nutrients that support overall well-being.
Aging populations across the world have also contributed significantly to the surge in demand for nutritional supplements. As individuals age, their nutritional requirements often change, and they may require additional support to maintain their health and vitality. Nutritional supplements designed to address age-related concerns, such as bone health, cognitive function, and immune support, have gained popularity among elderly demographics seeking to enhance their quality of life and maintain their independence.
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Nutritional Supplements Market Report
Nutritional Supplements Market Report Highlights
- In terms of product, the functional foods and beverages segment dominated the market in 2022 with a revenue share of 55.9%, which can be attributed to the increased demand for probiotics
- Based on consumer group, the adult segment dominated the global market in 2022 with a revenue share of 51.0%. The segment is also anticipated to showcase the fastest CAGR of 7.0% over the forecast period. This growth is attributed to the large consumption of supplements by this age group
- In terms of formulation, the powder segment dominated the market in 2022 with a revenue share of 38.4%. The higher revenue growth is attributed to the large number of products available in powdered form
- In terms of sales channel, the brick & mortar distribution channel segment dominated the global industry in 2022 with a share of 67.3%. In contrast, the E-commerce segment is projected to register the highest growth rate during the projected period.
- In terms of region, Asia Pacific dominated the global industry in 2022 with a revenue share of 39.39%, owing to the growing consumer base and increasing awareness regarding healthy living standards in the region
