Today majority of the adults around the world consume health supplements to improve their health. Health supplement is a product that contains health ingredient such as vitamins, minerals, botanicals, amino acids, enzymes, and many other products in the form of tablets, capsules, softgels, gelcaps, liquids, or powders for adding further nutritional value to the body.
Health supplements are a diverse group of products that consumed for the purpose of supplementing the diet as well as enhancing health. Health supplements typically made up of ingredients derived from natural sources. However they are not meant to prevent, cure, treat, or alleviate the symptoms of medical diseases or conditions.
According to the report by Market Research Future (MRFR), the global health supplements market is expected to surge at a CAGR of 7.8% during the forecast period (2017-2023).
Drivers and Restraints
Market Research Future (MRFR) has published a research report that foretells boost for the global health supplements market with 7.8% CAGR (Compound Annual Growth Rate) between 2017 and 2023. One of the most important reasons for their rising demand and hence market is that they are helpful for the treatment of rheumatic disorders, allergy, and cardiology. Key factors that are driving this market include changing lifestyles, developing retail & pharmaceutical industries, ensuring adherence to recommended dietary requirements, growing awareness about the functional benefits of health supplements, growing concerns about maintenance of health to avoid later treatment, increasing concern towards health improvement, increasing urbanization, preventing occurrence of diseases, treating illnesses, peer pressure regarding health & fitness due to media, friends & family, and rapid advancements in product offerings.
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Latest Industry Updates
October 2018 – The customized vitamin brand, Persona, has recently launched two dietary supplements along with a mobile app, aimed at consumers who prioritize their health and capitalizing on the growing consciousness regarding health improvement.
1 AUG 2018 – Procter & Gamble has announced its plans to buy Merck‘s consumer health unit for 3.4 bn Euros. Merck manufactures many health products including supplements.
30 JUL 2018 – Johnson & Johnson’s consumer-health arm has finalized the deal to buy children’s cough-syrup maker Zarbee’s Naturals.
Jan 2017 – Galaxy Scientific Nutrition in India launched prebiotic soluble fiber dietary supplements, MyFy.
Industry Trends
A key trend permeating the market for health supplements is the growing popularity of organic supplements. Organic diets are outpacing regular food at a steady pace, with millennials accounting for a sizeable portion of the consumers across the world. Hence, a number of companies are now focusing on producing more organic certified supplements to gain a competitive advantage in the health supplements market.
Key Players
BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), Alticor Inc. (U.S.), The Nature’s Bounty Co. (U.S.), Abbott Laboratories (U.S.), Herbalife International (U.S.), GlaxoSmithKline Limited (U.K), Bayer AG (Germany), Glanbia plc (Republic of Ireland), are few of the players in the health supplements market.
Market Segmentation
The global market for health supplements is segmented on the basis of types, application, ingredients and end user.
By type, the market is segmented into dietary supplements, bodybuilding supplements, eye health supplements, specialty supplements, and others. The market for dietary supplements is growing at a health rate due to rising alertness regarding calorie reduction among athletes and gym professionals, promoting the application movement, especially in sports nutrition industry.
By application, the market is segmented into cardiology, rheumatic disorders, allergy, and others.
Ingredients-wise, the market is segmented into vitamins & minerals, amino acids, botanicals, enzymes, and others. Growing consumer awareness about the importance of vitamins & minerals, amino acids, botanicals, enzymes, as well as other components present in health supplements is expected to bolster the development of all these segments during the forecasted period.
Based on end-user, the market is segmented into hospitals, clinics, research centers, and other.
Regional Analysis
The Americas is leading the global health supplements market backed by the strong presence of major players in the region, who are introducing quality products that capture maximum market share. Also, the government support for research & development along with the availability of funds for research is fostering the health supplements market as well. Countries such as the United States (U.S) and Canada are increasing their investments in the healthcare sector, thereby, propelling the overall growth of the health supplements market in the region.
It is predicted that Europe is holding the second position in the global health supplements market owing to the availability of advanced products, growing awareness about the benefits of health supplements, high health care spending, and strong government support for research & development. Apart from this, increased R&D activities coupled with the concentration of major companies is proving to be highly beneficial for the growth of the health supplement market in the region.
However, it is the region of Asia Pacific that is growing at the fastest rate in the health supplements market, as a result of the presence of rapidly developing healthcare technology, massive patient population, along with high healthcare expenditure. Further, because of the elevating demand for quality products in countries such as India and China, the regional market is flourishing at a significant rate.
The region of the Middle East and Africa observes a lack of funds and relatively less healthcare awareness. Therefore, under the circumstances, the market in the region will experience a lackluster growth in the conjectured period.
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