The wellness supplements market is driven by the increasing health consciousness among consumers and focus on preventive healthcare. Wellness supplements such as vitamins, minerals, herbal and botanical extracts are used to supplement the diet to provide enhanced immune support and overall well-being. The rising trend of aging population prone to various diseases and nutritional deficiencies has boosted the demand for supplements. They are often prescribed by doctors and healthcare professionals to patients undergoing treatment for chronic diseases like diabetes and cancer to ensure adequate nutrient intake. With growing awareness about personal health and diet, more people are opting for daily supplements in developed markets.
The Global Wellness Supplements Market is estimated to be valued at US$ 270.10 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Wellness Supplements market are Abbott, Reckitt Benckiser Group PLC., Hexagonnutrition Ltd., Nestlé, Danone, Baxter, Fresenius Kabi AG, B. Braun SE, Perrigo Company plc, Sun Pharmaceutical Industries Ltd., Centrum (GSK plc.), BASF SE, DSM, Zeon Lifesciences Ltd., Cipla Inc., ADM, Amway Corp., and Glanbia PLC.
The rising health-consciousness, especially in developing countries, presents significant opportunities for players to expand their product portfolio and regional presence. Evolving lifestyles and growing urbanization have increased the demand for dietary supplements.
Technological advancements in production techniques and extraction methods have enabled the development of innovative delivery formats like gummies, strips, and dissolvable tablets for Wellness Supplements Market Growth. This has made supplementation more appealing and convenient for consumers.
Market drivers:
A growing geriatric population base vulnerable to age-related illnesses and an increasing prevalence of lifestyle diseases are major drivers for the wellness supplements market. With sedentary jobs and hectic schedules, people are unable to meet their daily nutrition needs through diet alone. This has driven the uptake of supplements to complement the diet. Rising disposable incomes in emerging countries allow consumers to spend more on wellness products for preventive healthcare.
Current Challenges in Wellness Supplements Market
The wellness supplements market is facing numerous challenges currently including rising raw material costs, changing consumer preferences towards natural products, stringent regulatory norms and standards, and increasing competition among major players. Raw material costs have increased significantly over the past year for key ingredients used in supplements like vitamins, probiotics, minerals, etc due to supply chain disruptions and inflationary pressures. This has compressed margins for supplement manufacturers. Consumers are also shifting preference towards natural products and away from synthetically derived supplements requiring companies to invest in R&D of herbal and plant-based formulations. Regulatory bodies worldwide have made rules more stringent for new products, formulations and labelling which has increased compliance costs. Additionally, the market sees competitive pressure from existing as well as new entrants promoting private label brands and value offerings.
SWOT Analysis
Strengths: Growing health and wellness trend among consumers, wide product portfolio and recognizable brands of major players, established distribution channels.
Weaknesses: High R&D costs for new products, regulatory compliance issues, dependency on few raw material suppliers.
Opportunities: Expanding into herbal and customized supplements categories, penetration in emerging markets, endorsement and marketing through social influencers.
Threats: Intense price competition, strict regulatory norms, substitute products like functional foods.
Geographical Regions
North America accounted for the largest share of the wellness supplements market in terms of value currently estimated at over 35% globally led by the US. This is attributed to high health awareness, disposable incomes and marketing strategies of key players targeted at lifestyle supplements.
Asia Pacific region is poised to be the fastest growing market during the forecast period progressing at a CAGR of around 9%. Growing middle class population, increasing incomes, westernization of diet and launching of affordable mass-market products are driving demand across countries like India, China, Indonesia and others in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it