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Dietary supplements market in the US to reach US$ 57 B by 2024

Dietary Supplements market was valued at USD 31 billion in 2018 and is expected to grow at the CAGR of 7.95% within the time period 2019-2024 because of the increasing demand for supplements and raising the consumer consciousness level.

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Definition / Scope

The dietary supplements are the products which contain dietary ingredients such as vitamins, minerals, protein, etc to add nutritional value to the supplements. It can be consumed in the tablets, capsules, powder, liquids, and others in order to get adequate nutrients and enhance the immune function. The dietary supplements market is comprised of the following segments:

Dietary Supplement segment.png

Market Overview

The United States is dominating the global dietary supplements market in the age of personalized nutrition market. Its market size has been increased from USD 18.093 billion in 2016[1] to USD 31 billion in 2018[2] It is expected to grow at the CAGR of 7.95% during the forecast period of 2019-2024 and will reach USD 57 billion by 2024[3] because of the increasing demand for the dietary supplements and rising health consciousness level.

In comparison to the sales of the product categories, Vitamins hold the largest segment with the market value of USD 7.42 billion in 2018.[4] It is expected to grow at the CAGR of 8.37% during the time period of 2019- 2024[5] Dietary supplements are consumed mostly in the tablet form, which accounts for almost 28.3% of total dietary supplement market in the US and is expected to grow at the CAGR of 8.44% from 2019-2024.[6]. Almost 40% of people consume dietary supplements for the purpose of general health followed by improving brain function.[7]

Key Metrics

Metrics Value Explanation
Base Year 2018 Researched through internet


Market Risks

  • FDA approvals

The Food and Drug Administration is the federal agency to manage the dietary supplements market. Unlike other drugs company, the dietary supplement company isn't responsible to provide evidence regarding the safety, label claims, and effectiveness of the dietary supplements to the FDA. Because of this, the company can't label the FDA approval for the product. The product must be sold with the label "This product is not intended to diagnose, treat, cure, or prevent any disease." It might be the risk to build up the trust upon the consumer regarding the product safety and effectiveness, which in turn will create obstacles for the growth of its market.

Top Market Opportunities

  • Increasing incidence of lifestyle-related metabolic diseases

Metabolic diseases such as diabetes, coronary heart disease, cancer, etc are in increasing trend. Globally, almost one in five men and one in six women is expected to develop cancer in their lifetime.[8] In the context of the United States, the incidence of cancer is about 439.2 per 100,000 men per year and the cancer death rate is about 163.5 per 100,000 in 2018.[9] Almost 1.5 million new cases of diabetes are diagnosed every year and it is the 7th leading cause of death in the US.[10] Along with this, one of the major metabolic risk factor, obesity, is also in increasing and the highest level of obese child and the young population are reported in the US.[11] The prevalence of obesity was 39.8% and affected about 93.3 million of US adults. Some of the dietary supplements are associated with the prevention and control of these health disorders. A case-controlled study conducted by Cameron and Pauling revealed that the mean survival time of the cancer patients has increased almost 4.1 times after consuming almost 10 gram/day of vitamin C. Along with this, a study by Spittle found that addition of 1 gram of vitamin C to the diet of the people tends to fall the cholesterol levels.[12] This increasing incidence of chronic diseases and the use of dietary supplements for its control will provide a significant opportunity for the growth of its market.

  • Increasing geriatric population

In the context of the United States, the population aged 65 and above is estimated to be more than double within the time period of 45 years. It will reach 98 million by 2060, increased from 46 million in 2015.[13] A study conducted by Sobal et al among 235 elderly population reported that almost 53% of them has consumed supplements on a daily basis within past 6 months. Garry et al and McGandy et al have reported that many elderly people fail to meet the RDA for several nutrients such as calcium, zinc, folate, etc. Because of them, they might consume dietary supplements to fulfill it, which will aid for the growth of its market.

  • Growing number of the fitness center and membership in health clubs

In the United States, there is a total of 38477 gyms.[14] Almost 60.87 million people have membership in the fitness, which has been increased from 50.2 million in 2010.[15] A survey conducted by Laura J Morrison, Frances Gizis and Barbara Shorter in the gym have found that almost 84.7% of participants took the supplements and mostly consumed supplements were multivitamins(42.3%), protein bars(42.3%), vitamin C(34.7%), and Vitamin E(23.4%) at least five times per week.[16] It indicates that the growing number of gym users are growing the demand for dietary supplements.

Market Drivers

  • High Consumption of dietary supplements

The annual survey conducted by Ipsos Public Affairs and Council for Responsible Nutrition has revealed that more than 170 million adults are consuming the dietary supplements, which constitutes almost 71% of total US adults.[17] A survey conducted among Americans revealed that more than 55% of study participants purchased multivitamins during the past 12 months in 2018.[18] It is driving the dietary supplements market.

  • Increasing household spending on vitamins

In US households, the annual average spending on vitamins has been increased from 46 dollars in 2007 to 80 dollars in 2018.[19] It is contributing to the growth of dietary supplements market.

  • Consumer health consciousness

Almost 21% of Americans consider the health and nutritional benefits of beverages before its consumption and 8% think that vitamins and supplements have more health benefits beyond basic nutrition.[20] Along with this, 26% of people agree that functional food has a meaningful impact on health and 38.1% stated that they would purchase healthy snacks.[21]

Market Restraints

  • Health Risks associated with contaminated dietary supplements

In the case of non-compliance to the prescribed supplements, they are most likely to cause side effects. Some of the supplements interact with other therapeutic procedures. For instance, consumption of antioxidants supplements such as Vitamin C and E can reduce the effectiveness of chemotherapy among cancer patients, supplements consumed before or after surgery can increase the risk of bleeding, etc.[22] Along with this, the excess consumption of these supplements also can causes health effects. For example, excess intake of Vitamin A can cause headache, liver damage, and cause birth defects, excess iron also damage liver and other vital organs. It might affect the demand for dietary supplements, restrain market growth.

  • Contaminated products

During the assessment of commercial samples of spirulina (alga, botanical dietary supplement), they were found contaminated with the mercury. Along with this, 13 people in the United States developed selenium intoxication because of the excess amount of selenium in the dietary supplement. It contained almost 27.3 mg per tablets, which was more than 180 times more than the safe and labeled limit.[23] This will raise the questions regarding the safety of the dietary supplements among the public and might restrain the growth of its market.

Industry Challenges

  • Online sales of dietary supplements

By distribution channel, the online sales of the dietary supplement are growing at the fastest rate and the sales of the vitamin and supplement category is increased by 40% in comparison to the previous year.[24] It will create a challenge for the growth of domestic retail sales.

Technology Trends

The advancement in technology is widening the scope of the dietary supplement market. some of the new technologies changes in this market are as follows:

  • Capsugel's DuoCap: It is a significant innovation for the capsule form of dietary supplement. Capsules are inserted within the capsules, which can be used for combination products for the dual release of the single ingredient.
  • Flintstones Chewable Vitamins: They are launched in 1960 to point out the gummies in a novel delivery form.
  • Pectin as a gelling agent: For the vegetarian consumers, gelatin is replaced with pectin, which is modified corn starch. However, texture and mouthfeel are different for the pectin.
  • Chocolate gem technology: Is is used to provide a variety of bio-actives from vitamins C and D, to melatonin, probiotics, and turmeric.
  • Liliware's edible cups: It is the world's first edible drinking cup made from seaweed, organic sweeteners, fruits, and vegetables.
  • Vitacup: It offers the blend of a coffee with essential vitamin blends such as Vitamin D, B1, B5, to support the adrenal health, healthy digestion, brain function, and bone health.

Pricing Trends

The price of the dietary supplements varies according to the category of supplement, way of manufacture, dosage form, and type of manufacturers. For example, a bottle of 250 calcium tablets from big box store costs almost USD 9 while it costs more than three times from the established brand for the same doses. The cost of tablets is less than capsules. The price of some of the dietary supplements are as follows:

Dietary Supplement price.png

Regulatory Trends

The United States Food and Drug Administration is the concerned authority for the regulation of the dietary supplements market. It provides rules and regulations for the labeling, marketing and safety. Although the dietary supplements companies don't require premarket review and approval from the FDA before the products are marketed, the manufactures must comply with the good manufacturing practices to ensure the purity and composition of the products. If any of the products found unsafe or unfit for human consumption then, FDA enforces to remove the product from the market or recall the product. Along with this, the FDA monitors the information on the product's label to ensure the claims stated in label are truthful. Some of other legal bodies concenred with dietary supplement market are:

  • National Institute of Health: It supports the research on the dietary supplements.
  • Federal Trade Commission: It focuses on the the health and safety claims being made while adversititng for the dietary supplements.
  • US Department of Agriculture: It geenrally provides information on a variety of the dietary supplements including other food and nutrition topics.

Market Size and Forecast

The market size of the dietary supplement in the United States was valued at USD 31 billion in 2018.[25] It is expected to grow at the CAGR of 7.95% during the forecast period of 2019-2024. [26]

By product category

  • Vitamins hold the largest segment with the market value of USD 7.42 billion in 2018. It is growing at the CAGR of 8.37% during the time period of 2019-2024.[27]
  • Minerals accounts over a quarter of sales and are the most in-demand.[28] The market value of minerals was about USD 3.74 billion in 2018.[29]

By dosage form

  • Tablet segment accounts for almost 28.3% and expected to grow at the CAGR of 8.44% from 2017-2023.[30] Its market segment was valued at USD 8.773 billion in 2018 while the market value for the functional beverages ( supplements in liquid form) was USD 18.6 billion in 2018.[31]

By Application

In the United States, Majority (40%) of the adults use dietary supplements for general wellness followed by improving immune function; improving energy; balancing mind, body, & soul, and improving memory.[32]

Dietary supplement market share.png

Market Outlook

The dietary supplement market in the United States is expected to grow at the CAGR of 7.95% during the forecasted time period of 2019-2024. It will reach almost 57 billion dollars in 2024.[33]

Dietary supplement market size.png

Distribution Chain Analysis

In the dietary supplements market, supplement manufacturers such as Nestle are the key market players. Along with this, the supplement suppliers and distribution channel also play a vital role. As the distribution channel is considered, the online system of sale fo vitamins and supplements is growing at the fastest rate in comparison to others.

Distribution players.png

Key Market Players

  • Natures Product Inc: It is a global manufacturer and packager of nutritional supplements in solid, powders, gummies and soft gels dosage form.
  • Glanbia: It is a global nutrition group established with the purpose to deliver better nutrition for every life stages. Its products are sold in over 130 countries.
  • Balchem Corporation: It is engaged in the manufacture, marketing, and development of ingredients such as minerals salts, mineral complexes, for the production of nutritional and pharmaceutical products.
  • Bactolac Pharmaceutical Inc: It is a specialized company in the manufacture of dietary supplements such as vitamins, herbal supplements, nutritional powders, etc.
  • Nestle Health Science: It provides the product and services for the patients with specific dietary needs related to the diseases and specific changes in different life stages such as pregnancy, childbirth, etc.
  • Archer Daniels Midland: It is a global food processing corporation offering a range of oilseeds and cereals grain into the supplements products.
  • Herbalife International: It a global nutrition organization providing the range of nutritional solution for weight management and energy and fitness.
  • Danisco: It offers a range of ingredients to meet the needs of global food and beverage, and dietary supplement demands.

Strategic Conclusion

Dietary supplement market in the United States is growing at the CAGR of 7.95% because of the increasing chronic diseases and demand for the supplements. However, its safety and effectiveness might risk market growth. So, the market players must be focused on the innovation and research activities to assess the effectiveness and safety of products.

References

  1. https://www.marketresearchfuture.com/reports/u-s-dietary-supplements-market-5644
  2. https://www.statista.com/statistics/235801/retail-sales-of-vitamins-and-nutritional-supplements-in-the-us/
  3. https://www.statista.com/statistics/828481/total-dietary-supplements-market-size-in-the-us/
  4. https://www.statista.com/statistics/566080/value-of-the-us-vitamin-and-supplement-market-by-category/
  5. https://www.marketresearchfuture.com/reports/u-s-dietary-supplements-market-5644
  6. https://www.marketresearchfuture.com/reports/u-s-dietary-supplements-market-5644
  7. https://nccih.nih.gov/health/supplements/wiseuse.htm
  8. https://www.bbc.com/news/health-45497304
  9. https://www.cancer.gov/about-cancer/understanding/statistics
  10. http://www.diabetes.org/diabetes-basics/statistics/
  11. https://www.marketwatch.com/press-release/dietary-supplements-market-size-will-reach-3494-billion-usd-by-2026-2019-03-11
  12. https://www.ncbi.nlm.nih.gov/books/NBK218768/
  13. https://www.marketwatch.com/press-release/us-dietary-supplements-market-2018-to-grow-at-a-cagr-of-795-along-with-eminent-players-till-2023---asserts-mrfr-2018-08-23
  14. https://www.statista.com/statistics/244922/us-fitness-centers-und-health-clubs/
  15. https://www.statista.com/statistics/236123/us-fitness-center--health-club-memberships/
  16. https://journals.humankinetics.com/view/journals/ijsnem/14/4/article-p481.xml?tab=contentSummary
  17. https://www.marketwatch.com/press-release/us-dietary-supplements-market-2018-to-grow-at-a-cagr-of-795-along-with-eminent-players-till-2023---asserts-mrfr-2018-08-23
  18. https://www.statista.com/statistics/548088/us-category-penetration-of-vitamins-by-type/
  19. https://www.statista.com/statistics/235801/retail-sales-of-vitamins-and-nutritional-supplements-in-the-us/
  20. https://www.statista.com/topics/1321/functional-foods-market/?
  21. https://www.statista.com/statistics/779589/healthy-on-the-go-snacks/
  22. https://ods.od.nih.gov/HealthInformation/DS_WhatYouNeedToKnow.aspx
  23. https://www.ncbi.nlm.nih.gov/books/NBK218768/
  24. https://www.rakutenintelligence.com/blog/2016/online-vitamin-sales-growing-faster-rest-e-commerce
  25. https://www.statista.com/statistics/235801/retail-sales-of-vitamins-and-nutritional-supplements-in-the-us/
  26. https://www.statista.com/statistics/828481/total-dietary-supplements-market-size-in-the-us/
  27. https://www.marketresearchfuture.com/reports/u-s-dietary-supplements-market-5644
  28. https://www.statista.com/statistics/235801/retail-sales-of-vitamins-and-nutritional-supplements-in-the-us/
  29. https://www.statista.com/statistics/566080/value-of-the-us-vitamin-and-supplement-market-by-category/
  30. https://www.marketresearchfuture.com/reports/u-s-dietary-supplements-market-5644
  31. https://www.statista.com/topics/1321/functional-foods-market/?
  32. https://nccih.nih.gov/health/supplements/wiseuse.htm
  33. https://www.statista.com/statistics/828481/total-dietary-supplements-market-size-in-the-us/

Appendix

  • DHT= Dihydrotestosterone
  • FDA= Food and Drug Administration
  • USD= United States Dollars


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