It is estimated that the Dietary Supplement Market is currently worth USD 155.2 billion and will have a CAGR of 7.3 percent that reaches USD 220.8 billion by 2027.
Ageing populations in eastern and western countries will propel the market, as most consumers of the products are over 55 years old. Supplements are purchased in the belief that they will provide memory enhancement, joint strengthening, and a vitality boost of glucosamine, ginkgo, and ginseng.
There is growth for botanical supplements because as well as having functional benefits, they make customers feel ‘closer to nature.
The Asia Pacific region is expected to have the highest CAGR within the market, due to the rising influence of westernisation, the growing millennial population, and increasing awareness. Veganism has become increasingly popular in the region, and demands for plant-based foods are high in India, China, Australia and Indonesia. A health-conscious population creates a pathway for herbal supplements.
