Global Wellness Supplement Market - Segmented by Product, End User, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global wellness supplement market is expected to register a CAGR of 6.4% during the forecast period of 2018—2023. North America dominates the global market due to an increasing focus on healthy lifestyle.
Increasing Focus on Healthy Lifestyle
In recent years, health and wellness have elevated as important aspects for many consumers, due to various factors, including rising healthcare costs and expanding geriatric population. According to the World Bank, United States healthcare costs will amount to 20% of its GDP by 2025. As Americans are living longer, chronic diseases such as cardiovascular disease, diabetes, etc., are also on the rise, prompting a focus on healthy lifestyle. According to the United States’ Census Bureau, between 2012–2050, the country will experience considerable growth in its older population, which will drive the market.
Additionally, rising awareness about wellness supplements, shifting from reactive to proactive and predictive care, and increasing disposable income in emerging economies are also fueling the growth of wellness supplement market.
High Cost Associated with Wellness Supplements
The high cost associated with the manufacturing of supplements is restraining the market. According to the Council for Responsible Nutrition, it has been estimated that 11% adults took protein supplements in 2016, which is very low as it should be included in the daily diet. Most of the people cannot afford it due to the high cost.
Additionally, strict regulatory policies by various countries is also restraining the market.
North America to Dominate the Market
North America is expected to dominate the wellness supplement market, followed by Europe. Factors such as rising geriatric population, growing awareness, and acceptance of wellness products, increasing disposable income, and presence of major players in the region are propelling the wellness supplement market.
Key Developments in the Market
• February 2018: An agreement was signed between Archer Daniels Midland Company (ADM) and Cargill to launch a joint venture for providing soybean meal and oil for customers in Egypt.
• September 2017: Archer Daniels Midlands Company (ADM) is collaborating with Mayo Clinic for personalized nutrition products.
Major players - Abbott Laboratories, Amway, Archer Daniels Midland Company, Glanbia PLC, GNC Holdings, Inc., Herbalife Ltd, NBTY, Inc., Nestlé S.A., NU Skin Enterprises, Inc., and Otsuka Holdings Co., Ltd, among others.
Reasons to Purchase the Report
• To have an understanding of the current and future wellness supplement market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
• Identify the segment that is expected to dominate the market.
• Identify the regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Increasing Focus on Healthy Lifestyle
In recent years, health and wellness have elevated as important aspects for many consumers, due to various factors, including rising healthcare costs and expanding geriatric population. According to the World Bank, United States healthcare costs will amount to 20% of its GDP by 2025. As Americans are living longer, chronic diseases such as cardiovascular disease, diabetes, etc., are also on the rise, prompting a focus on healthy lifestyle. According to the United States’ Census Bureau, between 2012–2050, the country will experience considerable growth in its older population, which will drive the market.
Additionally, rising awareness about wellness supplements, shifting from reactive to proactive and predictive care, and increasing disposable income in emerging economies are also fueling the growth of wellness supplement market.
High Cost Associated with Wellness Supplements
The high cost associated with the manufacturing of supplements is restraining the market. According to the Council for Responsible Nutrition, it has been estimated that 11% adults took protein supplements in 2016, which is very low as it should be included in the daily diet. Most of the people cannot afford it due to the high cost.
Additionally, strict regulatory policies by various countries is also restraining the market.
North America to Dominate the Market
North America is expected to dominate the wellness supplement market, followed by Europe. Factors such as rising geriatric population, growing awareness, and acceptance of wellness products, increasing disposable income, and presence of major players in the region are propelling the wellness supplement market.
Key Developments in the Market
• February 2018: An agreement was signed between Archer Daniels Midland Company (ADM) and Cargill to launch a joint venture for providing soybean meal and oil for customers in Egypt.
• September 2017: Archer Daniels Midlands Company (ADM) is collaborating with Mayo Clinic for personalized nutrition products.
Major players - Abbott Laboratories, Amway, Archer Daniels Midland Company, Glanbia PLC, GNC Holdings, Inc., Herbalife Ltd, NBTY, Inc., Nestlé S.A., NU Skin Enterprises, Inc., and Otsuka Holdings Co., Ltd, among others.
Reasons to Purchase the Report
• To have an understanding of the current and future wellness supplement market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
• Identify the segment that is expected to dominate the market.
• Identify the regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
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