According to the recently released “Global Dietary Supplements Market – Growth, Trends, and Forecast (2018-2023)” report by ResearchAndMarkets.com, the global dietary supplements market was valued at $96 billion in 2017, and it is expected to grow at a CAGR of 6.9 percent during the forecast period.
The dietary supplements market is primarily driven by the paradigm shift toward preventive health management practices amid rising healthcare costs and increasing burden of lifestyle diseases. Digitization in retail is expected to boost the future growth of dietary supplements. Moreover, the popularity of herbal and probiotic supplements is also expected to drive the market growth in the future.
Based on product type, the vitamin segment is steadily growing whereas the fatty acid segment represents the fastest growing supplement segment due to popularity of omega-3-based supplements. Dietary supplements, such as vitamins, minerals, botanicals, enzymes, fatty acids, and proteins, help promote general health and well-being, by preventing nutritional deficiency diseases.
The vitamin segment of the global dietary supplement market was valued at $34.39 billion in 2017 and is expected to grow at a CAGR of 6.6 percent during the forecast period. Mineral-based dietary supplement is a well-established segment of the overall nutraceutical market, owing to its longstanding tradition of use and years of clinical research.
Asia-Pacific holds the major share in the market, followed by North America and Europe. The North American dietary supplement market has high competition, with Herbalife, Amway, and Farmacias Similares SA de CV as the leading players.