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A proper diet is the core prerequisite for maintaining a healthy life. However, people's eating habits worldwide have rapidly changed due to many reasons. These can include various factors such as busier lifestyles, and changing food choices due to rising prices and availability. More have also leaned towards fast food and processed packaged meals for convenience. Such shifts can take a toll on one’s health. Regardless of the reasons, one effect of this change is clear: an unhealthy lifestyle dramatically reduces nutrient intake. Other drivers of nutrient deficiencies can also be biological, where some individuals are unable to absorb the vitamins and minerals from the food they eat.
To compensate for any potential lack of nutritional supply in everyday consumption, many have begun including dietary supplements into their diets. These supplements supply the human body with all the necessary nutrients in tablets, capsules and liquids. With so many benefits, health supplements are also common even among the healthier population as well as those who have higher purchasing power to spend on them.
While supplements boost general immunity, they have turned into a valuable commodity for the industry. According to Grand View Research, the global dietary supplements market was valued at US$151.9 billion in 2021. The trend will likely continue to move upward as more people find these supplements beneficial for their health. According to the 2019 CRN Consumer Survey on Dietary Supplements iIn the United States, 77% of American adults consume dietary supplements for overall health and wellness to improve energy, enhance immunity and fill nutrient gaps.
An earlier survey by Centers for Disease Control and Prevention (CDC) also noted that intake typically increased with age. In Europe, where the market was worth US$61.8 billion in 2021, according to Grand View Research, 40% of citizens in the United Kingdom above 65 and 33% of those between ages 19 and 64 consumed dietary supplements, as further found by the National Diet and Nutrition Survey. The consumption of health supplements in Asia has also risen – in 2020, Statista reports that 66% of Singaporeans took dietary supplements daily; the same can be said for 62% of Indonesians.
With greater focus on health and prevention worldwide, the popularity of health supplements can be seen across plenty of markets, but two key ones take precedence – North America and the Asia Pacific region.
According to Grand View Research, North America had the largest revenue share of the global dietary supplement industry at 34.8% in 2021, and will see a compound annual growth rate (CAGR) of 5.6% till 2028, forecasting a market value of US77.1 billion by then. The sharp increase in demand for dietary supplements was seen during the post COVID-19 pandemic, owing to increasing awareness and importance of better immune health. In North America, the country that consumes the most health supplements is the United States. Mexico’s consumption is expected to increase over the forecasted period, making it a potential market to target.
The nutritional supplements market in the Asia Pacific was worth US140.4 billion in 2021 and is forecasted to expand at a CAGR of 6.1% from 2022 to 2030, as reported by Grand View Research. With many inclined towards adopting a healthier lifestyle, marketing more naturally sourced supplements to this region will bode well for any business. While China leads the Asia Pacific market share, India has seen an increase in purchase of health supplements, potentially driving the regional industry further.
Fortune Business Insights reports that the global dietary supplement industry is set to grow at a 8.68% CAGR between 2020 and 2028, hitting a record high of US$128.64 in 2028. The Asian market will also expand at a much faster rate than its American and European counterparts, with countries like South Korea delivering high potential for growth.
Noting the increasing awareness of improved health and fitness levels on a global scale, Malaysian businesses have plenty of opportunities to leverage in the health supplements industry. As the demand continues to rise worldwide, identifying the unique needs, interests and preferences will help you diversify markets and target your consumers more effectively. The advent of the internet also means that you can also sell supplements online easily, whether through an online store, marketplace or social media, and introduce creative strategies to retain a loyal following of customers. Dive into a world of possibilities today!
