Health supplement Market is a product that contains health ingredient such as vitamins, minerals, botanicals, amino acids, enzymes, and many other products in the form of tablets, capsules, softgels, gelcaps, liquids, or powders for adding further nutritional value to the body.
Global health supplements market with 7.8% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
Health supplements help in reducing the risk of diseases, however it cannot not be assumed as a substitute of a complete meal, which is necessary for a healthy diet. Health supplements also help for the treatment of rheumatic disorders, cardiology, and allergy. Thus, wide range of applications boost the growth of global health supplements market. Additionally increasing concern towards improving the quality of health is fuelling the growth of heath supplements market across the globe. According to the report published by the Council for Responsible Nutrition, in 2015, around 68% of Americans take dietary supplements and 84% of Americans are confident about the safety, quality, and effectiveness of the supplements.
Key players in the global health supplements market include Abbott Laboratories (USA), Alticor Inc. (USA), BASF SE (Germany), Bayer AG (Germany), E. I. du Pont de Nemours and Company (USA), Glanbia plc (Republic of Ireland), GlaxoSmithKline Limited (UK), Herbalife International (USA), and The Nature’s Bounty Co. (USA).
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Health Supplements market has been segmented on the basis of applications, end users, form, ingredients, types, and lastly region.
On the basis of applications, this market has been segmented into
- rheumatic disorders,
- and others.
Based on end users, the market has been segmented into clinics, hospitals, research centers, and other. The form-based segmentation segments the market into capsules, chewable, liquid syrups, tablets, and others. The ingredients-based segmentation of market comprises of amino acids, botanicals, enzymes, vitamins & minerals, and others.
By types, the market has been segmented into
- bodybuilding supplements,
- dietary supplements,
- eye health supplements,
- specialty supplements,
One of the most important reasons for their rising demand and hence market is that they are helpful for the treatment of rheumatic disorders, allergy, and cardiology. Key factors that are driving this market include changing lifestyles, developing retail & pharmaceutical industries, ensuring adherence to recommended dietary requirements, growing awareness about the functional benefits of health supplements, growing concerns about maintenance of health to avoid later treatment, increasing concern towards health improvement, increasing urbanization, preventing occurrence of diseases, treating illnesses, peer pressure regarding health & fitness due to media, friends & family, and rapid advancements in product offerings.
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The Americas dominate the global health supplements market owing to presence of major market players in this region, which are introducing quality products for capturing maximum market share. Additionally the government support for research & development and availability of funds for research is boosting the health supplements market. This is expected to continue to drive the Americas market over the forecasted period. For instance, countries like the U.S. and Canada are increasing their investments in the healthcare domain.
Europe holds the second position in the global health supplements market owing to availability of advanced products, increasing awareness about the benefits of health supplements, high healthcare spending, and increasing government support for research & development. Furthermore, increased R&D activities and the concentration of major companies in this region have fuelled the growth of this market.
Asia Pacific is the fastest growing health supplements market owing to the presence of rapidly developing healthcare technology, huge patient population, and high healthcare expenditure. Moreover, due to increasing demand for quality products in countries like India and China, this region is likely to emerge as the fastest growing market across the globe.
On the other hand, in the Middle East and Africa, the market has a slow growth owing to lack of available funds and healthcare awareness.
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