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Why is the Dietary Supplement Market Growing?

July 18, 2022

Growing awareness of personal health and wellness among Millennials is one of the critical drivers of the dietary supplement market. Other factors driving this growth are rising per capita incomes in developed countries and an expanding consumer base in developing countries. In addition, the popularity of plant-based dietary supplements is also contributing to revenue growth. These factors, along with increasing consumer awareness, are expected to boost the development of the dietary supplement market in the coming years.

 

Millennials' interest in building health through a healthy diet

The millennial generation is gaining momentum in the healthy eating trend, with nearly half of that generation planning to change their eating habits within a year. The rising media coverage of healthy foods, such as bloggers and mobile apps, is largely responsible for the millennials' enthusiasm. Unlike previous generations, millennials attribute meaning to healthy foods based on trend-based attributes like lower fat, low calorie, and fewer calories. Retailers are adjusting their menus to meet this trend.

According to a recent YPulse survey of millennials between the ages of 13 and 39, mental health is becoming a higher priority during the pandemic, with 59% of respondents saying that they went above and beyond to ensure their mental well-being. One study found that 30 percent of millennials had already changed their diets before COVID-19. And since sleep is directly related to mental health, Millennials are increasingly interested in supplements to promote good sleep.

Moreover, Millennials are less likely to purchase meat, which means they consume less red and white meat. However, they spend more on processed foods, sweets, and pasta. Millennials are more likely to look to alternative sources for trusted information about foods than their older counterparts. Forty-one percent of millennials rely on friends and family to find out what is healthy and nutritious.

In addition to veganism and vegetarianism, many Millennials also turn to a plant-based diet. They are increasingly rejecting the food industry's dogma and turning away from Big Food's sales pitches. In short, Millennials vote with their dollars. These new trends will likely stay, and more people will be drawn to them. You can't ignore this growing interest in building health through a healthy diet.

The millennial generation is driving new trends in the health market, and they are already leading the way. This generation is a generation of conscious eaters, and restauranteurs and CPG brands need to understand this trend to make them more successful in the future. So, how can you leverage the growing popularity of meal delivery apps to attract Millennials? It's simple! Just follow these three steps.

While most millennials consider protein essential for health, the top barrier to getting enough protein in their diet is often cost. They think there are cheaper ways to build their bodies. However, more than half of these consumers consider convenience when purchasing foods that are high in protein. Many millennials believe that foods high in protein will spoil quickly. This is not an uncommon concern for new product launch companies.

Growing awareness regarding personal health and wellness owing to changing eating habits

 

Growing awareness regarding personal health and wellness is not a new concept. It has been observed that more than half of all Americans engage in some form of physical activity daily. Among the many changes attributed to changing eating habits is the rise of Gen Z. This generation, which comprises 23 percent of the U.S. population, engages in digital behaviors seamlessly and is already highly active in the realm of health and wellness. This young generation focuses on being 'balanced' and looks toward physical activity as an antidote to stress or illness. In addition, the millennial generation has been studying healthy eating and physical activity in school.

Plant-based dietary supplements boost revenue growth.

Consumers have a growing appetite for plant-based dietary supplements, and sales are growing across all distribution channels, including pharmacies and retail stores. Consumer demand increases mainly due to improvements in the retail sector. Plant-based protein products are increasingly available in supermarkets and other large grocery stores, and their penetration is increasing due to new consumer demand for plant-based supplements. This growth is driven by increased interest in sports nutrition products and accessories for cognition, motivation, mood, and more.

Companies producing milk-based supplements are doubling down on their efforts to sell plant-based products, and venture capital investment in this space is boosting the industry. Furthermore, the demand for plant-based protein supplements may also rise shortly as more people switch to a plant-based diet.

Consumer interest in plant-based dietary supplements is expected to increase in the Asia Pacific, and internet sales will likely contribute to the market growth in this region. As the supplement industry is highly fragmented, major manufacturers are working on their branding strategies and investing in automated production lines to increase their market share. Moreover, an aging population, a rising awareness of health issues, and growing health-conscious consumers contribute to the market's growth.

Moreover, the COVID-19 outbreak affected industrial production in many countries. However, demand for food and beverage products did not suffer. In the U.S., high demand for sports nutritional supplements to increase immunity has helped the market. In 2020, sales of plant-based foods in the U.S. will grow by 27%. Moreover, Canada's federal government recently proposed investing in Merit Functional Foods, a plant-based protein company, to tap into increased consumer demand.

Moreover, Asia Pacific is predicted to show faster growth rates than the rest of the world. Consumers are becoming more interested in vegan proteins, and the sports nutrition industry is increasingly mainstream. Additionally, the growing interest in dietary supplements is projected to drive growth in developing markets, especially in Asia Pacific. The ever-increasing health-conscious population is mainly responsible for this growth. This is fueled by an aging population and a growing awareness of healthy eating.

The global plant-based dietary protein supplement market will grow by nearly nine billion dollars in the next five years. The market will continue to expand at a compound annual growth rate of 8.6%. In addition, the increasing vegan population will further drive demand for these supplements. Additionally, rising interest in natural products will increase the market for plant-based protein supplements. Many other factors will fuel the growth of this market.

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