Market Overview:
Market Research Future (MRFR) expects the Health Supplements Market growth to flourish at a rate of 7.8% during the evaluation period.
Major Drivers and Impediments
Thanks to the rapid surge in the number of lifestyle diseases, consumers are increasingly opting for products that support preventive healthcare and a healthier lifestyle. Consuming health supplements helps improve health and enhance bodily functions, in view of which consumers are growing interested in these products, resulting in booming sales. Additionally, large-scale government funding for research on assessing and exploring new potential benefits of health supplements have bolstered the production rate, which leaves a tremendous impact on the global industry.
Furthermore, consumers are progressively opting for healthy products that are non-prescribed. Increased awareness among people about self-diagnosed channels as well as personalized regime options via various online platforms has broadened the growth scope of the health supplements market. These are over the counter products that are easily available and cost effective, which should also add to the value of the global market.
Vigorous promotional advertising on social media combined with celebrity endorsements are the most preferred marketing techniques adopted by major brands in the market. Health supplements have sparked the interest of millennials as well as the Gen Z populations, who are looking for products to enhance their health and immunity. Sensing the opportunities in the global market, several brands are introducing a variety of health supplements that not only have health benefits but also facilitate weight reduction. This factor is presumed to significantly foster the product sales in the ensuing years.
Market Segmentation:
Health Supplements Market, By Type
Dietary supplement
Body building supplements
Eye health supplements
Specialty supplements
Others
Health Supplements Market, By Application
Cardiology
Rheumatic disorders
Allergy
Others
Health Supplements Market, By Ingredients
Vitamins & minerals
Amino acids
Botanicals
Enzymes
Others
Health Supplements Market, By End-Users
Hospitals
Clinics
Research centers
Other
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Key Players:
- Herblife International (U.S.)
- BASF SE (Germany)
- I. du Pont de Nemours and Company (U.S.)
- Glanbia plc (Republic of Ireland)
- Abbott Laboratories (U.S.)
- Alticor Inc. (U.S.)
- The Nature's Bounty Co. (U.S.)
- Bayer AG (Germany)
- GlaxoSmithKline Limited (U.K)
Regional Analysis:
The regional segmentation of the global health supplements market covers The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). The Americas hold the lion's share in the global market due to the presence of major key players in this region, especially in North America. Apart from big scale production, availability of funds for research, and government support for research & development (R & D) regarding the development of new health supplements which boosts the market. The market in the Americas is expected to grow during the forecast period. The United States of America (USA) and Canada are expected to lead the market. Europe is the second largest position in the global health supplements market, due to the reasons same as the Americas. Due to technological advancement, North America and Western Europe are more advanced than South America and Eastern Europe, respectively. The cream of Europe market comprises of France, Germany, Italy, Spain, and the United Kingdom (UK), followed by rest of Europe.
The Asia Pacific is the fastest growing market due to the high healthcare expenditure, huge patient population, increasing demand for quality products, and presence of rapidly developing healthcare technology. The biggest markets in the Asia Pacific region comprise of Australia, China, India, Japan, and South Korea, followed by rest of the Asia Pacific region. In the MEA region, the market has a slow growth due to lack of available funds, education, lack of healthcare awareness, and political instability.
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