by A recent analysis conducted by Fairfield Market Research reveals that the global wellness supplements market is experiencing steady growth, driven by an increasing awareness of healthy living among consumers. The market, with a size of approximately US$250 billion in 2022, continues to expand as people worldwide prioritize preventative healthcare and overall well-being.
Market Overview:
The global wellness supplements market is witnessing robust growth due to a growing emphasis on preventing health issues and maintaining holistic health. The rise in health consciousness among consumers has led individuals to actively seek dietary supplements to support their health. Modern lifestyles characterized by high stress levels and nutrient deficiencies further fuel the demand for wellness supplements. Additionally, the growing interest in sports, fitness, and active living has boosted the demand for supplements designed to enhance muscle recovery and overall vitality. To meet the evolving demands of consumers, market vendors are focusing on offering personalized solutions with custom formulations. As a result, the global wellness supplements market is expected to continue its upward trajectory in the coming years.
Key Findings:
- The wellness supplements market reached approximately US$250 billion in 2022.
- Increasing focus on preventative healthcare and rising health awareness are driving market growth.
- Advances in manufacturing processes and formulation techniques are opening new opportunities for the market.
- North America is poised to lead the global wellness supplements market.
- Prominent market players such as Abbott Laboratories, Nestle S.A., Amway, Otsuka Holdings Co., Ltd., and Herbalife Ltd. are spearheading innovation in the industry.
Growth Drivers:
- Consumer Proclivity for a Healthier Lifestyle: The current landscape emphasizes healthier consumer lifestyles, where wellness supplements play a pivotal role. These supplements are viewed as a convenient way to bridge nutritional gaps and supplement ones diet, catering to the unique dietary needs of older individuals. As a result, the global wellness supplements market is on track to achieve substantial growth.
- Consistent Innovation in Formulations: Recent years have witnessed significant advancements in formulation techniques and manufacturing processes, leading to the development of innovative and effective wellness supplements. These innovations have expanded the product range and improved supplement quality and efficacy, attracting more consumers to invest in wellness products and driving market growth.
Growth Challenges:
- Stringent Regulatory Policies and High Price Points: The high cost of wellness supplements and the blurred distinction between these supplements and food categories are hindrances to market growth. Additionally, strict regulations governing the marketing of these supplements can negatively impact the market.
Key Segments:
- Vitamin Wellness Segment Gains Stronger Traction: Among dietary supplements, vitamin wellness supplements are expected to capture a significant market share. Factors like restricted diets, food processing methods, and poor eating habits contribute to vitamin deficiencies, driving demand for vitamin wellness supplements. The protein segment is also anticipated to be the fastest-growing, fueled by increasing interest in fitness and active lifestyles.
- Sports Drinks Penetrate Deeper: In the functional food and beverage category, sports drinks are poised to be the most sought-after segment. Athletes and fitness enthusiasts turn to sports drinks to build and maintain lean muscles. The convenience and wide availability of sports drinks in various forms contribute to their dominance in the wellness supplements market.
Regional Insights:
- North America Retains a Dominant Position: North America is expected to lead the global wellness supplements market, closely followed by Asia Pacific and Europe. The region benefits from a growing aging population and increasing health consciousness, with a strong presence of key industry players.
- Asia Pacific Shows Rapid Growth: The wellness supplements market in Asia Pacific is projected to grow at the highest rate. Rising purchasing power in countries like India and China, coupled with a shift towards healthier lifestyles, is fueling market expansion in the region.
Prominent Market Players:
Some of the prominent players in the global wellness supplements market include Abbott Laboratories, Nestle S.A., Amway, Otsuka Holdings Co., Ltd., Herbalife Ltd., NBTY, Inc., Glanbia plc, GNC Holdings Inc, and Nu Skin Enterprises, Inc. Other international players in the market include Forever Living (U.S.), Grupo Omnilife (Mexico), Shaklee Corporation (U.S.), Pola, Inc. (Japan), and Usana Health Sciences Inc. (U.S.).
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/wellness-supplements-market
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This press release first seen on Brilad
COMTEX_441949478/2840/2023-10-15T23:28:04
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.