Health Supplements Market Scope
Market Research Future (MRFR) expects the health supplements market to flourish at a rate of 7.8% during the evaluation period (between 2020 and 2027).
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.
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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. Advancing technological platforms along with the rise in research activities with respect to heart health supplements have bolstered the growth of the cardiology segment in the market.
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.
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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. The United States and Canada, in view of rising spending on healthcare, have taken the lead in the American market. Surging awareness among people about personalized regime options and self-diagnosed channels offered by several health retailers and manufacturers via online platforms would also work in favor of the health supplements market.
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 size in the region is further enhanced by the substantial healthcare expenditure and the rise in government funding for R&D activities. Moreover, surge in R&D efforts and the business giants increasingly focusing on developing innovative health supplements with more benefits will also add to the market attractiveness.
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. Rapid growth in the industrialization rate and the thriving pharma sector with strong focus on infrastructure development can benefit the regional market as well.
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.
Recent News
July 2021
Healthy Directions has launched Vision Essentials ULTRA, an eye health/vision supplement, an addition to the company’s efficacious and popular Whitaker Nutrition. Vision Essentials ULTRA has 40 milligrams of clinically allowed Lutemax 2020, an innovative blend of zeaxanthin, meso-zeaxanthin, and carotenoids lutein that is similar to the exact combination of these compounds available in nature. Lutein along with other carotenoids acts as a macular shield for the eyes against extreme blue light, altering the macular pigment optical density.
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