Wellness supplements are substances that are intended to add further nutritional value to the diet for enhanced health. The global wellness supplements market is estimated to witness remarkable growth in the foreseeable future owing to the increasing incidence of health and eating disorders. Wellness supplements are available in the form various products including dietary supplements, food intolerance products, fortified or functional food and beverages, and derma-cosmetic skin essentials.
The report meticulously studies the current and historical scenario to project the size of the global wellness supplements market in the near future, in terms of both value and volume. It provides a concise understanding of the dynamics of the market and analyzes the extent to which they impact the growth. It classifies the market considering various criteria including geography and products for a coherent understanding. It calculates the vendor landscape of the market using tools such Porter’s five force analysis and market attractiveness analysis. It profiles the key companies operating in the market along with their business strategies, market shares, latest developments, and contact information.
The increasing health consciousness among people around the world is one of the primary factors stimulating the demand for wellness supplements. Globally, consumers are increasingly realizing the benefits of preventive health over treatments, thereby displaying a shift towards healthier lifestyles. In addition, the growing awareness regarding wellness products is fuelling the market. The rising aging population is also working in favor of the market as aged people have poorer immunity system in general. Moreover, the rising disposable income of consumers in developing regions is triggering their sales in such regions, thereby augmenting the overall market.
On the other hand, the high cost associated with manufacturing wellness supplements is limiting their widespread consumption. Furthermore, the commercialization of these supplements follows stringent regulations, and therefore, the changing regulatory policies are negatively impacting the growth of the market.
The key segments studied in the research report are North America, Europe, Asia Pacific, and Rest of the World. North America will account for a substantial share throughout the review period. The rapidly growing geriatric population, increasing health consciousness among consumers, and high consumer expending power are contributing to the growth of the region. The acceptance of wellness supplements is significant in the region as a large number of key players are headquartered in the region, particularly in the U.S.
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Asia Pacific is expected to register a healthy pace of growth during the forecast period. The growth of the region is largely supplemented by the shifting focus of the populace towards healthier lifestyles along with the increasing awareness and acceptance of wellness products. The rising consumer disposable income is also boosting the uptake of wellness supplements in the region.
The majority of companies operating in the global wellness supplements are targeting niche product segments, indicating no distinct leader of the overall market. As a result, market players are aiming at implementing novel techniques to differentiate their products and gain an edge over competitors, which renders the market highly competitive. Companies are also adopting acquisitions and partnerships as their key growth strategies to improve their product offerings, increase their profitability, and consolidate their presence in this highly fragmented arena.
Some of the prominent participants in the global wellness supplements market are Nestle S.A., Amway, Herbalife Ltd., Abbott Laboratories, Otsuka Holdings Co. Ltd., Glanbia Plc., GNC Holdings Inc., Archer Daniels Midland Company, Forever Living, and Nu Skin Enterprises Inc.
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