The global Health Supplements Market size is expected to grow at a robust CAGR of 7.8% over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global health supplements market is mainly driven by the growing awareness among men as well as women in developing countries, where health supplements and dietary supplements in general are a relatively novel concept. The widespread awareness among customers in highly developed countries such as the U.S., Canada, Germany, France, and the UK has been the cornerstone for the global health supplements market over the last few years. Growing demand from geriatric consumers in developed countries is likely to remain an important driver for the global health supplements market over the forecast period.
Health Supplements Market Drivers and Restraints
The rapid growth in the demand for health supplements in developed economies such as the U.S. and Canada has been a major driver for the health supplements market. Growing awareness about the benefits of health supplements and the growing prevalence of nutrient deficiency diseases have led to a growing demand for health supplements in these regions. The demand for vitamin supplements as well as protein supplements has also been a major part of the growing prospects of the health supplements market in Western countries, as these products are popular among the old as well as the young, leading to a large demographic spread to target and capture.
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This has led to a proliferation in the number of health supplement manufacturers in North America and Western Europe, creating a healthy, competitive environment. This is likely to remain a key driver for the global health supplements market over the forecast period, as the growing number of companies in the U.S., Canada, and Western Europe has led to increasing product diversification, in terms of flavor as well as formulation. This is likely to lead to increasing demand from a diverse array of demographics, acting as a strong driver for the health supplements market.
Lack of awareness in emerging countries and the peddling of misinformation by several health supplement manufacturers are the leading restraints on the global health supplements market. The increase in the number of cases of misinformation and misleading promotion in the health supplements market has led to a growing populist demand for stricter testing and certification of health supplements. This is likely to be a key trend in the global health supplements market, as the increasing restrictions could significantly restrict the industry’s scope for advertisement and promotion.
In developing economies, the demand for health supplements is growing steadily. Developing countries such as India and China have emerged as major markets for health supplement manufacturers due to the large market size. Local manufacturers are also likely to make hay, with the local health supplement industry likely to grow, driven by the more intimate knowledge local dealers have of local tastes and traditions.
Health Supplements Market Competitive Analysis:
Leading players in the global health supplements market include GSK Ltd., Bayer AG, The Nature’s Bounty Co., Alticor Inc., Abbott Laboratories, Glanbia plc, E. I. du Pont de Nemours and Company, BASF SE, and Herbalife International.
Research into the validity of claims made by health supplement manufacturers is likely to be a key theme for the global health supplement over the coming years. In January 2020, a new study conducted by researchers at the University of Utah Health and other medical centers found that zinc and folic acid supplements sold as an enhancer for reproductive health fail to improve pregnancy, sperm count, and sperm potency. Such studies could eat into the reputation of the health supplements industry.
Health Supplements Market Segmentation:
The global health supplements market is segmented based on types, application, ingredients, end user, and region.
Based on type, the global health supplements market is segmented into dietary supplements, body building supplements, eye health supplements, specialty supplements, and others.
Based on application, the market is segmented into cardiology, rheumatic disorders, allergy, and others.
Based on the ingredients, the global health supplements market is segmented into vitamins & minerals, amino acids, botanicals, enzymes, and others.
Based on the end user, the global health supplements market is segmented into hospitals, clinics, research centers, and other.
Health Supplements Market Regional Analysis:
North America holds a dominant 48% share in the global health supplements market, followed by Europe. However, the highest CAGR over the forecast period is likely to belong to Asia Pacific, due to the rapid growth of the health supplements market in the Asia Pacific region over the last few years.
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