June 21, 2024
Wellness Supplements Market

The Global Wellness Supplements Market Trends to Grow by Natural Product Upgrades

The wellness supplements market offers a wide range of products for maintaining optimal health and reducing health risks from lifestyle diseases and aging. The market comprises vitamins, minerals, herbal supplements, nutritional and dietary supplements, proteins and amino acids, and other supplements.

The global wellness supplements market is estimated to be valued at US$ 270.10 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.

Wellness Supplements Market Demand provide micronutrients and macronutrients that help fulfill the nutritional gaps in regular diets. They enhance immunity, energy levels, muscle strength, joint health, cardiovascular health, brain health, and overall well-being. The growing awareness about preventive healthcare and the adoption of healthy lifestyles have amplified the demand for supplements from health-conscious individuals. Additionally, challenges such as busy lifestyles, exposure to pollution, and erratic food habits have increased the risk of nutritional deficiencies. This has propelled the need for wellness supplements. The Global wellness supplements market is driven by rising consumer health expenditure, the launch of innovative natural products, increasing internet penetration influencing purchase patterns, and aggressive promotional activities by manufacturers.

Key Takeaways

Key players operating in the wellness supplements market are Abbott, Reckitt Benckiser Group PLC., Hexagonnutrition Ltd., Nestlé, Danone, Baxter, Fresenius Kabi AG, B. Braun SE, Perrigo Company plc, Sun Pharmaceutical Industries Ltd., Centrum (GSK plc.), BASF SE, DSM, Zeon Lifesciences Ltd., Cipla Inc., ADM, Amway Corp., and Glanbia PLC. These players are leveraging advanced technologies and applying innovative techniques to enhance product quality and shelf life.

The growing demand for wellness supplements stems from shifting consumer preferences towards preventive healthcare approaches and proactive self-medication habits. Moreover, the increasing health consciousness among both young and elderly populations worldwide is driving the consumption of supplements.

The global wellness supplements industry players are expanding to untapped markets by establishing manufacturing and distribution facilities. Mergers and acquisitions allow companies to enhance their product portfolios and geographical footprints. Furthermore, favorable government policies support the commercialization of herbal supplements in certain regions.

Market Key Trends

Personalized nutrition based on nutrigenomics is emerging as a key trend in the wellness supplements market. Manufacturers are developing complex formulas tailored to individual needs, health conditions, genetics, lifestyle choices, environment, and well-being goals. Products containing innovative delivery systems such as gummies, chewable tablets, and ready-to-mix powders are also gaining popularity among young consumers. Sustainable and natural ingredients sourced from traceable farms are witnessing increasing demand from ecologically conscious customers. Overall, companies upgrading traditional supplements with cutting-edge natural formulations can leverage lucrative opportunities in this vibrant industry.

Porter’s Analysis

Threat of new entrants: New entrants face high costs to compete with established players with strong brand recognition.

Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes but lack standardized products.

Bargaining power of suppliers: Suppliers face moderate pressure given concentration of raw materials from specific regions.

Threat of new substitutes: Potential threat from new natural substitutes but substitutes require investments in branding and awareness.

Competitive rivalry: Intense competition amongst existing players to gain market share through product differentiation and innovation.

Geographical Regions

North America accounts for the largest share of the wellness supplements market in terms of value owing to higher consumer awareness, discretionary spending and easy access to health products.

The Asia Pacific region is expected to be the fastest growing geographical segment for the wellness supplements market led by rising health consciousness among expanding middle class populations in countries such as India and China coupled with growing penetration of global supplement brands.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it