The global softgels dietary supplements market is projected to grow at a staggering 7% value CAGR, reaching US$ 15.8 Billion, following an assessment period ranging from 2022-2032. As per a newly published report on this industry by Fact.MR, a valuation of US$ 8.03 Billion has been anticipated during FY 2022.
From 2017-2021, demand for softgels dietary supplements flourished at a growth rate of 6.5%, concluding at US$ 7.5 Billion. The extensive application of dietary supplements by athletes and sportsmen is leading to the augmented sales of softgels dietary supplements. The growing emphasis on clean-label ingredients and rising awareness about health benefits associated with the intake of these supplements is further likely to fuel market growth.
Over the past two to three years, the unprecedented occurrence of covid-19 hurt the health and encouraged a complete shift towards consumption of a healthy diet and additional supplements to fulfill vitamin deficiency. Besides this, stringent regulations are likely to boost the products labeled with clean label tags. These tags ensure adulterant-free ingredients that may hamper human health.
Adoption of Clean Label Ingredients is Likely to Offer Huge Traction to the Sales of Softgels Dietary Supplements
According to the Food Insider Journal, around 75% of consumers are willing to pay extra for clean-label ingredients. Clean label is a consumer-driven movement demanding a return to real food and transparency through authenticity. Dietary supplements, this means that they should contain natural, familiar, and simple ingredients that are easy to recognize, understand, and pronounce.
Several products with a clean label tag have been launched in the past few years. These products have gained traction as they cater to changing consumer preferences. For instance, In Aug 2021, Lonza launched its latest dosage form innovation, with supplements manufacturers now able to choose from a range of vibrant, clean label colorants when selecting its Capsugel Vcaps Plus plant-based capsules.
Key Takeaways from the Market Study
- Global softgels dietary supplements market to expand nearly 2x from 2022-2032
- Vitamin & minerals based softgels dietary supplements to be the most sought-after component, flourishing at a 6.5% CAGR
- By application, softgels dietary supplements for general well-being is likely to register a CAGR of 6.6%
- The U.S to emerge as one of the most opportunistic markets, witnessing a significant growth rate throughout the forecast period 2022-2032
- China, Japan & South Korea to flourish at CAGRs of 25%, 22.5%, and 21.4% respectively
Key Segments Covered in the Softgels Dietary Supplements Industry Report
- By Ingredient :
- Amino Acid
- Vitamin-& Mineral-based
- By Application :
- Bone and Joint Health
- General Well-being
- Heart Health
- Immune Health and Digestive Health
- Sports Nutrition
- Weight Loss
- By End User :
- Geriatric Population
- Pregnant Women
- By Sales Channel :
- Modern Trade
- Drug Stores & Pharmacies
- Health & Beauty Stores
- Online Retail
- Other Sales Channels
- By Region :
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Prominent service providers are taking advantage of the rapidly digitizing landscape to introduce new services equipped with cutting-edge innovative technology. Some notable developments are as follows:
- In February 2022, Amway India launched nutrition supplements in trendy, tasty, convenient, and simplified formats like flavorful gummies and mouth-dissolving jelly strips under its flagship brand Nutrilite.
This new range of products is designed to suit modern lifestyles, especially of the busy young millennials, this range of on-the-go nutrition supplements is all set to further strengthen Amway’s nutrition portfolio.
- In October 2021, Nestlé Health Science has completed its acquisition of the core brands of The Bountiful Company, including Nature’s Bounty, Solgar, Osteo Bi-Flex, Puritan’s Pride, Ester-C, and Sundown. The $5.75 billion deal had been announced on April 30.
- In September 2021, Prorganiqan India-based supplements manufacturer announced the launch of 24-in-1 mega superfoods dietary supplements. These will be packed with various essential greens, veggies, fruits, and herbs, and will deliver improvement in general health and well-being.
- In October 2021, Herbalife introduced a relaxation tea as well as new immunity essentials, formulated with lemon balm, to fight stress.