PUBLISHER: Grand View Research | PRODUCT CODE: 1726311
PUBLISHER: Grand View Research | PRODUCT CODE: 1726311
The North America dietary supplements market is anticipated to reach USD 86.65 billion by 2030 and is projected to expand at a CAGR of 5.8% during the forecast period, according to a new report by Grand View Research, Inc. The market for dietary supplements is growing due to growing awareness regarding the role of dietary preference in human health and the increasing consumer focus on overall well-being.
Large number of consumers have been focusing on embracing lifestyles and dietary preferences that assist them in leading healthy lifestyles. This has significant increased the demand for dietary supplements in the regional industry. Development of applications specific dietary supplements by the key market participants also contribute to rising adoption. Increasing availability of information regarding benefits associated with consumption of dietary supplements and ease of accessibility facilitated by the effective distribution strategies implemented by the major market participants are likely to develop noteworthy growth for this market in coming years.
Product innovation, new product developments, and the increasing adoption of novel technologies in marketing and supply chain management have facilitated this market's growth. The multi-channel distribution strategies embraced by the major companies add lucrative growth opportunities to this market. Companies are adopting new technologies and personalized strategies to address changing consumer requirements. This includes fulfilling nutritional needs through cost-effective packaging.
The retail channel remains critical to the expansion of the market, with offline outlets such as supermarkets dominating and accounting for more than half of regional sales. However, online sales are growing rapidly due to convenience and cost-effectiveness. The growing elderly demographic and increasing prevalence of chronic disorders such as obesity augment the demand for dietary supplements. Collaboration with online retailers expands strategic partnerships, while technological innovations such as microencapsulation add value while enhancing competitiveness.