The Phytochemical & Plant Extracts Dietary Supplements Market is estimated at USD 1,345 million in 2023. Further, the market is expected to grow from USD 1,411 million in 2024 to USD 2,071 million in 2031 at a CAGR of 5.6%.
Phytochemical & Plant Extracts Dietary Supplements Market Market Overview
Dietary Supplements (DS) are products like vitamins, minerals, herbs, amino acids, enzymes, and others that are added to a diet to complete dietary needs or to make up for a nutrition deficiency. Dietary supplement dosage forms include pills, capsules, powders, drinks, energy bars, and others. Supplement use can also be considered complementary or alternative medicine. It is important to remember that supplements are not required to undergo the same stringent testing as OTC and prescribed medicine and are not regulated as closely by the Food and Drug Administration (FDA).
Phytochemical and plant extract dietary supplements are the most common dietary supplement used by adults and children across the globe. Despite the popularity of supplements, many individuals can obtain all the required vitamins and minerals through a healthy diet alone. Healthy individuals who take vitamin or dietary supplements need to limit the potency to 100% or less of the dietary reference intake for their age, gender, and life stage. Consuming a supplement that contains no more than 100% of the Daily Value (DV) is usually considered safe.
Latest Trends in Phytochemical & Plant Extracts Dietary Supplements Market
Rising Trend Of Veganism & Increasing Popularity Of Plant-Based Supplements:
With the vegan lifestyle becoming increasingly popular, the demand for supplements preventing nutritional deficiencies when adopting a vegan diet and vegan versions of dietary supplements is set to increase in recent times. Veganism is an increasing trend in established markets such as North America and Europe. The emerging economies in Asia & Pacific are also experiencing the rising trend of plant-based diets. With growing awareness regarding health and nutrition, more people are opting for plant-based products, thus, increasing the popularity of plant-based protein supplements.
Driving Factors
Growing Ageing Population & Increasing Prevalence Of Chronic Diseases:
The growing aging population is one of the major factors driving the market growth during the forecast period. People over 50 may need more dietary supplements than younger adults. Over 75% of adults take dietary supplements such as probiotics, curcumin, vitamin D, fish oil, and multivitamin and mineral supplements. The growth in the proportion of the senior population is a global phenomenon. By 2030, globally, 1 in 6 people will be aged 60 years or above and reach 1.4 billion from 1 billion in 2020. By 2050, the world's aging population of 60 years and older will double. People aged 80 years or older are estimated to triple between 2020 and 2050 to reach 426 million.
Chronic diseases kill 41 million people each year, equivalent to 74% of all deaths worldwide. Each year, 17 million people die from an NCD before age 70; 86% of these premature deaths occur in low- and middle-income countries. An unhealthy diet, mixed with a sedentary lifestyle, tobacco usage, lack of physical activity, or excessive alcohol consumption, increases the probability of people developing chronic conditions. A variety of nutrients, vitamins and minerals is needed per day to stay healthy and, most importantly, to preserve a healthy system that prevents chronic diseases.
Market Challenges
High Cost Of Dietary Supplements & High Cost Of Clinical Trials:
The dietary supplement demand is estimated to rise due to consumers placing more emphasis on self-care than ever before. The factors that affect the pricing of dietary supplements include dose form, raw materials, ingredient sources, supplement packaging, testing and certification. The price of a dietary supplement might vary significantly based on the ingredients' origin (synthetic or natural) and seasonality. Sports dietary supplements are considered premium nutrition-rich dietary supplements due to their ingredients and nutritional content. Sports dietary supplements are not cost-effective, due to which demand for sports supplements may be affected.
Technology and science advancements are helping people by providing supplements to help people with different problems. But due to their costly nature, not all people can afford them, especially in underdeveloped regions. Without patent protection, the key players face price pressure from competitors and cannot obtain enough profits from high product prices to pay for the costs of large phase trials. Despite the numerous trials launched, the FDA has not approved any dietary supplement or food to prevent cancer, halt its growth, or prevent its recurrence.
Companies Mentioned
Creative Bioscience
Glanbia Plc
Charles Bowman &Company
Iovate Health Sciences International Inc.,
Amway
Koninklijke DSM N.V.
Market Segmentation
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TABLE OF CONTENTS
1. GLOBAL PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions
2. PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2023-2031
2.1. Phytochemical & Plant Extracts Dietary Supplements Market Latest Trends
2.1.1. Rising Trend Of Veganism & Increasing Popularity Of Plant-Based Supplements
2.1.2. Rising Trend Of Veganism & Increasing Popularity Of Plant-Based Supplements
2.1.3. Increasing Demand For Functional Ingredients and Multi-Use Formulations
2.1.4. Innovation In Product Formulations & Growing Demand For Gummies
2.1.5. Increase In Herbal & Botanical Supplements Sales
2.1.6. Entrance Of Herbal Dietary Supplement Manufacturers Into The Food & Snacks Business
2.1.7. Surging Demand For Organic and Clean-Labelled Products
2.1.8. Escalating Consumer Investments In Preventive Healthcare Products
2.1.9. The Covid-19 Pandemic Has Presented Growth Opportunities
2.2. Phytochemical & Plant Extracts Dietary Supplements Market Insights, 2023-2031
2.2.1. Leading Phytochemical & Plant Extracts Dietary Supplements Health Benefit, 2023-2031
2.2.2. Largest Phytochemical & Plant Extracts Dietary Supplements Form, 2023-2031
2.2.3. Dominant Phytochemical & Plant Extracts Dietary Supplements Sales Channel, 2023-2031
2.2.4. Fast-Growing Geographies for Phytochemical & Plant Extracts Dietary Supplements, 2023-2031
2.3. Phytochemical & Plant Extracts Dietary Supplements Demand Drivers to 2031
2.3.1. Growing Ageing Population & Increasing Prevalence Of Chronic Diseases
2.3.2. Increase Of The Self-Directed Consumer
2.3.3. Large-Scale Advertisements & Growing Online Retail Sales Of Dietary Supplements
2.3.4. Changing Consumer Lifestyles & Increasing Awareness About The Benefits Of Supplements
2.3.5. Increasing Consumption Of Dietary Supplements In Emerging Economies
2.3.6. Increased Nutrition Needs Related To Sports & Athletic Activities
2.4. Phytochemical & Plant Extracts Dietary Supplements Challenges to 2031
2.4.1. High Cost Of Dietary Supplements & High Cost Of Clinical Trials
2.4.2. Threat Of Counterfeit Dietary Supplements & Consumer Distrust
2.4.3. Strict Regulatory Compliances & High Consumption Can Have Adverse Health Effects
2.5. Phytochemical & Plant Extracts Dietary Supplements Market-Five Forces Analysis
2. GLOBAL PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
2.1. Global Phytochemical & Plant Extracts Dietary Supplements Market Overview, 2023
2.2. Global Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook, By Health Benefit, 2023-2031
2.2.1. Cognitive Health
2.2.2. Stress management
2.2.3. Sleep management
2.2.4. Gut Health
2.2.5. Heart Health
2.2.6. Bone Health
2.2.7. Immunity
2.2.8. Weight management
2.2.9. Women's Health
2.2.10. Energy booster
2.2.11. Other Phytochemical & Plant Extracts Dietary Supplements
2.3. Global Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook, By Form, 2023-2031
2.3.1. Capsules
2.3.2. Powder
2.3.3. Gummies
2.3.4. Other Form
2.4. Global Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook, By Sales Channel, 2023-2031
2.4.1. Pharma & Speciality Stores
2.4.2. Direct Sales
2.4.3. Mass Merchandise
2.4.4. Online
2.5. Global Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook by Region, 2023-2031
3. NORTH AMERICA PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
3.1. North America Phytochemical & Plant Extracts Dietary Supplements Market Overview, 2023
3.2. North America Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Health Benefit, 2023-2031
3.3. North America Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Form, 2023-2031
3.4. North America Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Sales Channel, 2023-2031
3.5. North America Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook by Country, 2023-2031
3.5.1. United States
3.5.2. Canada
3.5.3. Mexico
4. EUROPE PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
4.1. Europe Phytochemical & Plant Extracts Dietary Supplements Market Overview, 2023
4.2. Europe Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Health Benefit, 2023-2031
4.3. Europe Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Form, 2023-2031
4.4. Europe Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Sales Channel, 2023-2031
4.5. Europe Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook by Country, 2023-2031
4.5.1. Germany
4.5.2. France
4.5.3. UK
4.5.4. Italy
4.5.5. Spain
4.5.6. Rest of Europe
5. ASIA PACIFIC PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
5.1. Asia Pacific Phytochemical & Plant Extracts Dietary Supplements Market Overview, 2023
5.2. Asia Pacific Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Health Benefit, 2023-2031
5.3. Asia Pacific Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Form, 2023-2031
5.4. Asia Pacific Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Sales Channel, 2023-2031
5.5. Asia Pacific Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook by Country, 2023-2031
5.5.1. China
5.5.2. India
5.5.3. Japan
5.5.4. Rest of Asia Pacific
6. SOUTH AND CENTRAL AMERICA PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
6.1. South and Central America Phytochemical & Plant Extracts Dietary Supplements Market Overview, 2023
6.2. South and Central America Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Health Benefit, 2023-2031
6.3. South and Central America Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Form, 2023-2031
6.4. South and Central America Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Sales Channel, 2023-2031
6.5. South and Central America Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook by Country, 2023-2031
6.5.1. Brazil
6.5.2. Argentina
6.5.3. Rest of South and Central America
7. MIDDLE EAST AFRICA PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
7.1. Middle East Africa Phytochemical & Plant Extracts Dietary Supplements Market Overview, 2023
7.2. Middle East Africa Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Health Benefit, 2023-2031
7.3. Middle East Africa Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Form, 2023-2031
7.4. Middle East Africa Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook By Sales Channel, 2023-2031
7.5. Middle East Africa Phytochemical & Plant Extracts Dietary Supplements Market Size and Share Outlook by Country, 2023-2031
7.5.1. Middle East
7.5.2. Africa
8. PHYTOCHEMICAL & PLANT EXTRACTS DIETARY SUPPLEMENTS MARKET STRUCTURE
8.1. Creative Bioscience
8.2. Glanbia Plc
8.3. Charles Bowman &Company
8.4. Iovate Health Sciences International Inc.,
8.5. Amway
8.6. Koninklijke DSM N.V.
9. APPENDIX
9.1. About Us
9.2. Sources
9.3. Research Methodology
9.4. Research Process
9.5. Research Execution
9.6. Contact Information
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