The rapid surge in the number of lifestyle diseases, consumers are increasingly opting for products that support preventive healthcare.
Market Scope
The Health Supplements Market was valued at USD 7.5 billion in 2018 and is expected to expand from USD 8.1825 billion in 2023 to USD 16.4241 billion by 2032, at a compound annual growth rate (CAGR) of 9.10% between 2023 and 2032.
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 insight. 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.
Segmental Review
The global market has been split into type, applications, ingredients, and end-users.
Types of health supplements available in the market are Eye Health Supplements, Dietary Supplements, and more.
Main applications of health supplements are allergies, rheumatic illnesses, cardiology, and others. Escalating cases of heart disorders have compelled manufacturers to focus more on innovating efficient heart health supplements.
Ingredients considered in the report are Amino Acids, Botanicals, Vitamins & Minerals, and more.
Major end-users profiled in the report are research facilities, clinics, hospitals, and more.
Regional Insight
Asia Pacific/APAC, Europe, North America, along with RoW/rest of the world are the key markets for health supplements worldwide.
MRFR identifies America as the market leader, as a result of the strong presence of several renowned players that offer high quality and performance health supplements. Government aid with respect to large-scale funds for research and development activities and educating the public about different health supplements also fosters the business growth in the region.
With the high availability of good quality products, and the surging knowledge about the various advantages of different health supplements, Europe has secured the second lead in the global market. The health supplements market share in the region is further enhanced by the substantial healthcare expenditure and the rise in government funding for R&D activities.
Asia Pacific is one of the most profitable markets for health supplements and boasts of large-scale production of the same. Dramatic increase in urbanization, surging in disposable income and the rising expenditure on healthy products should ensure expansion of the market size in the region. The accelerated awareness levels among consumers about ketone diets, especially in the highly populous countries like India and China will foster the sales in the following years.
Major Contenders
The Nature’s Bounty Co. (U.S.), E. I. du Pont de Nemours and Company (U.S.), GlaxoSmithKline Limited (U.K), Herblife International (U.S.), Alticor Inc. (U.S.), Bayer AG (Germany), BASF SE (Germany), Abbott Laboratories (U.S.), Glanbia plc (Republic of Ireland), are the significant manufacturers of health supplements.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
© 2024 Crivva - Business Promotion. All rights reserved.