Overview and Scope
Wellness supplement refers to a supplement that a person uses to his diet. It includes one or more nutritional components, such as vitamins and minerals. The same safety and effectiveness testing that is required for pharmaceuticals is not required for wellness supplements.
Sizing and Forecast
The wellness supplements market size has grown strongly in recent years. It will grow from $281.57 billion in 2023 to $303.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growing health awareness, aging population demographics, shift towards preventive healthcare, expansion of retail channels, influence of holistic health practices.
The wellness supplements market size is expected to see strong growth in the next few years. It will grow to $417.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to elevated focus on immune health, digital health and e-commerce growth, personalization and customization trends, rising demand for plant-based supplements. Major trends in the forecast period include regulatory compliance and transparency, global expansion and market penetration, collaborations with healthcare professionals, rise of clean label products.
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Segmentation & Regional Insights
The wellness supplements market covered in this report is segmented –
1) By Product Type: Dietary Supplements, Vitamin, Mineral, Protein, Herbal
2) By Functional Food and Beverages : Omega Fatty Acids Fortified Food, Probiotic Fortified Food, Branded Iodinated Salt, Branded Wheat Flour, Energy Drinks, Sports Drinks
3) By Application: Home Care, Hospital, Chemical
North America was the largest region in the wellness supplements market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wellness supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increasing focus on healthy lifestyles is expected to propel the growth of the wellness supplements market going forward. A healthy lifestyle keeps an individual energetic and reduces the risk for disease. Exercising, good nutrition, adequate sleep, and the intake of wellness supplements are the foundations of healthy living, which encourages people to incorporate health-improving supplement items into their daily lives. For instance, according to Economic Times, an India-based, business-focused daily newspaper, the number of health-conscious consumers in India would increase from 108 million in the calendar year 2020 to 176 million in 2026. Therefore, increasing focus on healthy lifestyles is driving the wellness supplements market growth.
Key Industry Players
Major companies operating in the wellness supplements market report are Archer Daniels Midland Company, Pfizer Inc., Nestle SA, Bayer AG, Abbott Laboratories, Suntory Holdings Ltd., Otsuka Pharmaceutical Co Ltd., Haleon plc, Amway Corporation, Glanbia plc, Herbalife Nutrition Ltd., The Bountiful Company, GNC Holdings Inc., USANA Health Sciences Inc., Shaklee Corporation, Jamieson Intermediate Holdings Ltd., New Chapter Inc., Pukka Herbs Ltd., Gaia Herbs Inc., MegaFood LLC, Traditional Medicinals Inc., Olly Nutrition, Herb Pharm LLC, Herbaland Naturals Inc., Ritual Foods Pvt Ltd., Fungi Perfecti LLC, Banyan Botanicals Corp, Herbalist & Alchemist Inc., Garden of Life LLC
The wellness supplements market report table of contents includes:
1. Executive Summary
2. Wellness Supplements Market Report Structure
3. Wellness Supplements Market Trends And Strategies
4. Wellness Supplements Market – Macro Economic Scenario
5. Wellness Supplements Market Size And Growth
…..
32. Global Wellness Supplements Market Competitive Benchmarking
33. Global Wellness Supplements Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wellness Supplements Market
35. Wellness Supplements Market Future Outlook and Potential Analysis
36. Appendix
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