The global Nutritional Supplements Market size is expected to reach USD 620.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.3% from 2022 to 2030. The awareness regarding health and fitness has been on an upward trend in the past few years. During the pandemic, this gained a lot of momentum and has resulted in the massive growth of the market. The increase in the prevalence of chronic diseases and non-communicable diseases has also fueled the growth of the market. Immunity-boosting supplements and food were in high demand across the globe. According to Nutrition Business Journal, there was a massive surge in the purchase of immune supplements, 17 out of 20 vitamin products were immunity-related.
The awareness pertaining to health and fitness has
also risen in recent years. With this newfound interest in fitness and
well-being, numerous products in the market catering to the needs of fitness
enthusiasts and professional athletes have seen a big jump in their demand. A
growing number of fitness clubs and gyms all over the globe, an increase in the
consumption of products like protein supplements, and high demand for
energy-boosting supplements are boosting the growth of the market.
Interest in functional foods has also risen and many
people are opting for naturally sourced foods that are enriched with this
necessary nutritional supplementation and are incorporating them into their
diet. APAC emerged as the largest regional market in 2021. Japan was the first
country to approve such foods, back in the 1980s and other countries have been
following suit. The plant-based products have also gained a lot of traction
with more and more people turning to a vegan diet for a more holistic approach
to health.
The functional foods and beverages product segment
held the largest revenue share of over 55.0% in 2021. Food rich in supplements
like minerals and vitamins, omega-3, and fiber-rich food is in high demand due
to their benefits. The demand has grown significantly in recent years due to
their long-term benefits. Apart from COVID, the use of these products for
balancing nutritional imbalances, slowing down aging, and maintaining agility
have been responsible for the growth of this segment. The sports nutrition product
segment is expected to witness the fastest growth over the forecast period
owing to the rising interest in fitness and overall health.
The powder formulation segment held the largest
revenue share in 2021 due to the high product density in the market and this
formulation is preferred over other forms of oral ingestion. The ease of use
for all age groups has been key to driving this segment. The capsules segment
is expected to grow at a significant CAGR from 2022 to 2030. Capsules come in
multiple layers, in extended-release forms, which are meant for specific uses
and are expected to witness significant growth in the future.
The brick-and-mortar sales channel captured the
largest revenue share in 2021, despite being challenged by the online sales
channel. With the COVID still in effect, people are preferring online purchases
of products, but brick and mortar sales have not slowed down. It is expected to
grow significantly. The e-commerce segment is expected to emerge as
the fastest-growing sales channel over the forecast period due to key market
player initiatives and the preference of people for purchasing.
The adult consumer group segment held the largest
revenue share in 2021 owing to increased concerns related to health, higher
susceptibility to chronic diseases, and overall awareness of the importance of
a well-supplemented diet for complete health and well-being. The children
segment is expected to witness significant growth over the forecast period
because people are becoming more aware of proper nutritional requirements from
a young age for better mental and physical development, thus fostering the
growth of the market.
Asia Pacific was the highest-grossing region in 2021
in the market. The majority of the population in the region has become aware of
the benefits of nutritional supplements and is keenly purchasing them,
resulting in the growth of the market. In addition, countries like Japan and
China are major exporters of nutritional supplements, accounting for billions
per year. The growth in the market has been spurred due to COVID. Latin America
is expected to register the fastest growth rate over the forecast period owing
to the increasing chronic disease burden, rising awareness regarding the use of
nutritional supplements, and the importance of maintaining a healthy lifestyle.
Despite lockdown being imposed across the globe, the
market for nutritional supplements has grown multi-fold. People are
increasingly becoming aware of the benefits of nutritional supplements and also
moving towards leading a healthy lifestyle. Participation in sports or physical
activity has increased over the years to combat obesity and has thus increased
the number of sports and fitness enthusiasts. An increase in the consumption of
sports nutrition products and general energy-boosting supplements has spurred
the growth of the market.
Related Press Release@ Nutritional Supplements Market Report
Nutritional Supplements Market
Report Highlights
- By product, the functional foods and beverages segment held the
largest revenue share in 2021 due to its increasing popularity. The sports
nutrition segment is expected to emerge as the fastest-growing segment
over the forecast period
- Based on formulation, the powder segment had the largest market
share in 2021 and is expected to witness significant growth in the coming
years
- The brick-and-mortar sales channel segment held the largest revenue
share in 2021. The e-commerce sales channel is expected to register the
fastest growth rate over the forecast period owing to the ease of
distribution of this sales channel
- The Asia Pacific region held the largest revenue share in 2021
owing to its large export capacity
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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