The global wellness supplements market size was estimated at US$ 240 billion in 2022 and is expected to hit around US$ 474.31 billion by 2032, poised to grow at a CAGR of 7.10% during the forecast period 2023 to 2032.
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The U.S. wellness supplements market size reached US$ 55.44 billion in 2022 and is predicted expand around US$ 111.63 billion by 2032, representing at a CAGR of 7.30% during the forecast period 2023 to 2032.
North America dominates the wellness supplements market due to the rise in the aging population. In addition, the rising health consciousness and awareness among consumers is likely to further propel the wellness supplements market growth in the region during the forecast period. Also, Asia-Pacific is likely to have significant growth rate in the market of wellness supplements owing to the dynamic attention of the customers towards healthier and fit lifestyles. Furthermore, the growing awareness regarding wellness products and rise in the purchasing power is further anticipated to boost the wellness supplements market growth in the region.
On the other hand Asia Pacific is expected to register a healthy pace of growth during the forecast period. The growth of the region is largely complemented by the shifting focus of the consumer towards healthier lifestyles along with the rising awareness and acceptance regarding wellness products. The rising consumer disposable income is further propelling the uptake of wellness supplements in the region
Wellness supplements are also known as to be the substances that are likely to have additional nutritional value which are essential to add in diet for enhanced health. Further, wellness supplements are vital for supporting a healthy lifestyle. Also, these supplements comprise of all the minerals in significant amount in order to meet the daily requirement for the sustainability of healthy life style. Food supplement gradually comprise of folic acid, calcium, vitamin b12 and vitamin D.
In addition, major factors that are likely to boost the market growth of the wellness supplements during the forecast period are the surge in the attention towards healthy lifestyles and rising elderly population. Moreover, the rising disposable income in the technologically advancing countries is further likely to boost the market growth of the wellness supplements. Furthermore, the growing consumer awareness regarding products of wellness and change in the care to prevent health is further likely to foster the market growth of the wellness supplements in future. On the other side, the shortage of divisions from the categories of traditional food is further expected to foster the growth of the wellness supplements market in the forthcoming time period.
|Market Size||USD 474.31 Billion by 2032|
CAGR of 7.10% from 2023 to 2032
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Dietary Supplements, Functional Food & Beverages, Region|
|Companies Mentioned||Nestle S.A., Abbott Laboratories, Amway, Otsuka Holdings Co., Ltd., Herbalife Ltd., Archer Daniels Midland Company, Glanbia plc, NBTY, Inc., GNC Holdings Inc, Nu Skin Enterprises, Inc.|
The surge in participation of number of athletes in sports at national and international levels is likely to boost the market demand for functional beverages. Furthermore, higher costs on the health related products, growing urbanized population and chronic, growing cardiovascular, and diseased linked with obesity are majorly boosting the growth of the wellness supplements market. Wellness supplements are rich omega fatty acid sources, which aids to control blood circulation and maintain the weight in the human body which is therefore propelling the market growth. In addition, the primary reason driving the wellness supplements is the growing health consciousness among individuals. Consumers from all over the world are increasingly choosing the advantages of preventative health over treatments, which is resulting in a trend of living healthier lives. Furthermore, the industry is further fueled by rising availability and accessibility of the wellness supplements. The market benefits from the rising elder population, as older generation have a weaker immune system which is fuelling the demand for wellness supplements highly among the oldest segment.
The occurrence of the coronavirus disease pandemic caused by the severe acute respiratory syndrome starting in November 2019 led to rise in sales of dietary supplements in early of 2020. In the mid of a global pandemic, consumers wanted additional protections from viral disease and infections based on the awareness regarding the supplement that it offer numerous health benefits and has immune-boosting effects if consumed. In addition, in the U.S. prior to the pandemic, the sales of wellness supplement sales increased by 5% in 2019 compared to the 2018. However, there was a 44% rise in sales in first quarter of the first wave of the pandemic, relative to the same period in 2019. Therefore, Covid19 pandemic has brought multifold growth towards the wellness supplements market.
Vitamin wellness supplements segment has generated a revenue share of more than 30% and dominated the global wellness supplements market in 2022. The rapid growth in the adoption of supplements has offered a huge growth opportunity to the wellness supplements brands that has fostered the growth of the vitamin segment.
The protein segment is expected to be the fastest-growing segment during the forecast period. With growth in number of elderly population, the demand for supplements like additional wellness nutritional is rising, as the consumers are looking for enhanced sources in order to enable the body to obtain complete nourishment. In addition, rise in spending over these products especially among baby boomers predominantly drives the market growth of the proteins wellness supplements.
Sports drink is the dominating market segment. In addition, sports drinks that contain protein helps maintain lean muscles in athletes, and promote building of new muscles in bodybuilders and while products containing electrolytes, minerals, carbohydrates, and other types of nutrients help provide, hydration, energy, and nutrition to the body.
Infant formula is the fastest growing segment, change in lifestyle, rise in middle class population, growth in disposable income in emerging economies such as Indonesia, India, China, and increase in awareness about high nutritional content in the infant formula turns it to be the fastest growing segment of the market.
Key Market Developments
The wellness supplements market is highly fragmented with the presence of several local and global companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
Segments Covered in the Report
By Dietary Supplements
By Functional Food & Beverages
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