PUBLISHER: Acute Market Reports | PRODUCT CODE: 1422165
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1422165
The nutritional supplements market is expected to grow at a CAGR of 6.5% during the forecast period of 2024 to 2032, driven by key drivers such as increasing health awareness, the sports and fitness trend, and the popularity of weight management products. However, regulatory challenges pose a notable restraint. Market segmentation highlights the dominance of specific product categories and consumer groups, while geographic trends emphasize regional variations in market dynamics. The competitive landscape underscores the strategic efforts of key players to navigate this dynamic market and capitalize on emerging opportunities. As the industry evolves, adherence to regulatory standards and continued innovation will be crucial for sustained success.
The rise in health consciousness among consumers is a significant driver for the nutritional supplements market. Individuals are increasingly prioritizing preventive healthcare and are turning to nutritional supplements to fill nutritional gaps in their diets. This trend is substantiated by a surge in demand for products such as dietary supplements and functional foods and beverages.
The growing interest in sports and fitness activities is propelling the demand for sports nutrition products. Athletes and fitness enthusiasts are seeking specialized nutritional supplements to enhance performance, support recovery, and achieve their fitness goals. This trend is evident in the consistent revenue growth of sports nutrition products.
The prevalence of weight management concerns globally is driving the demand for fat burners in the nutritional supplements market. Consumers are actively seeking products that aid in weight loss and support healthy metabolism. This trend is reflected in the sustained popularity of fat burner supplements.
Despite the positive trends, the market faces a notable restraint related to regulatory challenges. Governments worldwide are implementing stricter regulations on the manufacturing and marketing of nutritional supplements. Compliance with these regulations poses challenges for market players, impacting the overall growth of the industry. This is particularly evident in the increasing scrutiny of health claims and the need for scientific substantiation.
Sports Nutrition: In 2023, sports nutrition emerged as a leading product segment, capturing a significant share of the market revenue. The increasing adoption of active lifestyles and the emphasis on fitness contributed to the high demand for sports nutrition products. The segment is expected to maintain a robust Compound Annual Growth Rate (CAGR) during the forecast period from 2024 to 2032.
Fat Burners: Fat burners, addressing the weight management trend, also witnessed substantial revenue in 2023. However, the segment's CAGR during the forecast period is expected to be noteworthy, reflecting sustained consumer interest in weight loss solutions.
Dietary Supplements: Dietary supplements, encompassing a wide range of health-promoting products, secured considerable revenue in 2023. The segment is expected to maintain a steady CAGR, driven by the ongoing health awareness and preventive healthcare trend.
Functional Foods and Beverages: The functional foods and beverages segment exhibited both high revenue and a promising CAGR in 2023. Consumers are increasingly incorporating these products into their daily routines for their perceived health benefits.
Adults: Among different consumer groups, adults constituted the highest revenue in 2023. The demand for nutritional supplements among adults is driven by diverse health needs, including energy, immune support, and overall well-being. The segment is anticipated to maintain a substantial CAGR during the forecast period.
Geriatric: The geriatric consumer group also demonstrated significant revenue in 2023, reflecting the growing aging population globally. The need for nutritional support to address age-related health concerns contributes to the segment's consistent growth, with a noteworthy CAGR expected from 2024 to 2032.
The nutritional supplements market exhibits diverse geographic trends, with varying revenue contributions and CAGR across regions.
The region with the highest revenue in 2023 was North America, driven by high consumer awareness and well-established distribution channels.
The region with the highest CAGR during the forecast period (2024-2032) is Asia-Pacific, indicating a growing market potential and evolving consumer preferences in the coming years.
The nutritional supplements market is characterized by intense competition among key players, including Amway, Herbalife, Abbott Laboratories, Glanbia PLC, Nestlé Health Science, PepsiCo, Clif Bar & Company, Science in Sport plc, THG PLC and CSN. These companies employ strategic measures such as product innovation, mergers, and acquisitions to strengthen their market position. In 2023, the total market revenues for these players were [provide actual revenue figures], with an expected increase during the forecast period from 2024 to 2032.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofNutritional Supplements market are as follows:
Micro and macro environment factors that are currently influencing the Nutritional Supplements market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
(NOTE : All the data for all countries will be provided similarly.)
FIG. 11Market Positioning of Key Nutritional Supplements Market Players, 2023
FIG. 12Global Nutritional Supplements Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032