The global nutritional supplements market size is expected to reach $620.8 billion by 2030, per a report by Grand View Research, Inc. The market is expected to increase at a CAGR of 6.3% from 2022 to 2030.
Immunity-boosting supplements and health foods were found to be in high demand around the world. According to Nutrition Business Journal, there was a surge in the purchase of immune supplements, with 17 out of 20 vitamin products being immunity-related.
With consumers' newfound interest in fitness and well-being, many products are now catering to the needs of fitness enthusiasts and professional athletes. An increasing number of fitness facilities have experienced a growth in the consumption of products like protein and energy-boosting supplements.
There is also increased interest in functional foods, with people opting for naturally sourced foods that contain nutritional supplementation. Plant-based products have gained traction, with people choosing a vegan diet as part of a holistic approach to health.
Key Report Findings
- By product, the functional foods and beverages segment held the largest revenue share in 2021. The sports nutrition segment is expected to emerge as the fastest-growing segment over the forecast period.
- Based on formulation, powders had the largest market share in 2021 and are expected to witness significant growth in the coming years.
- The brick-and-mortar sales channel held the largest revenue share in 2021. E-commerce sales are expected to register the fastest growth rate over the forecast period, thanks to the ease of distribution.
- The Asia Pacific region held the largest revenue share in 2021, owing to its large export capacity.
Foods rich in supplements like minerals, vitamins, omega-3 and fiber are in demand, with the functional foods and beverages product segment holding the largest revenue share (over 55%) in 2021.
Adult consumers make up the largest revenue share in 2021, due to increased concerns related to health, chronic diseases and overall importance of well-supplemented diet for complete health and well-being. The children segment is expected to grow over the forecast period, as companies become more aware of nutrition requirements for younger aged audiences.