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Food Supplement Ingredients Market Size
- Report ID: GMI3097
- Published Date: Oct 2023
- Report Format: PDF
Food Supplement Ingredients Market Size
Food Supplement Ingredients Market size is expected to register over 7% CAGR during 2023 to 2032, on account of the increasing awareness and focus on overall health and wellness among consumers. With a heightened interest in preventing health issues, there has been a surge in demand for dietary supplements. People are turning to food supplements as a means to bridge nutritional gaps and enhance their well-being.
According to an NIH published survey conducted in Tanzania, multivitamins (64.1%) were the most frequently consumed supplement type, followed by Mineral (34.9%) and Herbal/Botanical (26.7%) supplements. The prevalent reason for dietary supplement use among working adults was to improve overall health (67.1%).
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Food Supplement Ingredients Market Size in 2022: | 700 Million (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7% |
| 2032 Value Projection: | 2 Billion (USD) |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 344 |
| Segments covered: | Product, Form, End-Use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Furthermore, the global population is aging, and with aging comes a greater concern for health and longevity. The 2022 report WHO highlights that the proportion of geriatric population aging over 60 years will nearly double from 12% in 2015 to 22% in 2050. This demographic shift has led to a higher demand for food supplement ingredients, as older individuals seek products that can support their specific health needs. The development of specialized ingredients targeting age-related health concerns, coupled with a notable shift toward plant-based and natural ingredients will shape the industry dynamics over the coming years.
The food supplement ingredients market is subject to stringent regulations, and navigating the ever-changing landscape of health claims, safety requirements, and quality standards remain a major challenge for manufacturers as it demands substantial investments in compliance. Additionally, there is saturation and intense competition as numerous players vie for dominance, exerting pressure on pricing and profit margins. These factors, coupled with the need for continued innovation to meet evolving consumer preferences and health trends, create a complex environment for the players, restraining the industry growth to some extent.
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Food Supplement Ingredients Market Scope
