Nutritional Supplements Market is Predicted to 6.2% CAGR till 2028
The global Nutritional Supplements Market size is expected to reach USD 505.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. Growing awareness on health and wellbeing along with the growing prevalence of lifestyle diseases such as obesity and diabetes is driving the market. According to the Centers for Disease Control and Prevention, obesity prevalence was 30.5% in 1999 – 2000 which increased to 42.4% in 2017 – 2018. Consumers are actively treating chronic conditions at home with food and beverages. These chronic conditions are not only limited to lifestyle diseases such as diabetes and obesity but also include blood pressure, anxiety, depression, stress, and joint pain.
There is a rise in the consumption of immunity-boosting supplements among consumers due to the spread of COVID-19. This, in turn, is estimated to drive the market over the forecast period. Moreover, supporting government initiatives to promote a healthy lifestyle and nutrition is estimated to drive the market. For instance, in November 2020, the U.K. government announced its plans to roll out free Vitamin D supplements to the elderly and population who are deemed extremely vulnerable to COVID-19. Many studies suggest that vitamin D could have a positive impact on COVID-19 patients. Furthermore, in April 2017, the Government of Scotland distributed free vitamin supplements to pregnant women in Scotland.
The growing number of product launches, partnerships, and mergers and acquisitions is boosting the adoption of nutritional supplements. For instance, in February 2019, Tilray, Inc. a Canadian pharmaceutical and cannabis company, acquired Manitoba Harvest, a hemp food manufacturer. In October 2020, Health XP launched Shield Whey, a whey protein powder with immunity-boosting vitamins such as vitamin C, vitamin K, and vitamin E. In March 2020, PepsiCo announced the agreement to acquire Rockstar Energy Beverages for USD 3.9 billion.
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Nutritional Supplements Market Report Highlights
- The functional foods segment dominated the market and accounted for the largest revenue share of 60.0% in 2020
- The adults segment accounted for the largest revenue share in 2020, whereas the children segment is projected to witness the fastest CAGR during the forecast period
- The powder segment accounted for the largest revenue share in 2020, whereas the capsules segment is projected to witness the fastest CAGR during the forecast period
- Asia Pacific accounted for the largest revenue share in 2020 due to increasing awareness on health and wellness, growing disposable income, and availability of a large number of nutritional supplements in the region