Market Dynamics
According to an Allied Market Research report published in 2019, the U.S. dietary supplement market was valued at $43.82 billion in 2017, and is expected to reach $61.41 billion by 2023 with a compound annual growth rate (CAGR) of 5.8% from 2018 to 2023. Within this market, powder dietary supplements are one of the most popular product categories, especially among health-conscious consumers. The increasing demand for high-quality nutrition and convenient supplementation amid the constant growth of the U.S. population has led to the growth of powder dietary supplements market. Consumers are becoming more conscious of the health benefits of natural and organic ingredients and other active ingredients, such as probiotics, omega-3 fatty acids, vitamins and minerals, and curcumin. This has significantly contributed to the growth of the market and is anticipated to remain a dominant driver to the market in the forecast period. Consumers are also preferring plant-based diets over animal proteins due to health concerns. This has triggered the demand for vegan protein powders, such as pea, soy, rice, and hemp, in the market. Further, advancements in technology are providing safety, quality, and convenience regarding dietary supplements, which is expected to drive the market.
The demand for powdered dietary supplements in the U.S. is estimated to remain robust as the aging population is more dependent on supplements to remain healthy. The availability of fortified vitamin- and mineral-enriched powder beverages provides ample opportunities for the product producers. However, the market faces certain challenges, such as the increased focus on health benefits and quality of products, which increase the cost of production, and stringent regulatory environments. The outlook for the U.S. powdered dietary supplements market is expected to remain largely positive over the coming period. The key strategies carried out by the players to gain a competitive edge include new product launches, collaborations, and product innovations. For instance, Amway Corporation recently launched Nutrilite Protein Powder in the U.S. market to enhance its portfolio of products.
