Ottawa, March 15, 2022 (GLOBE NEWSWIRE) -- The global wellness supplements market size was valued at US$ 258.95 billion in 2021. Wellness supplements are vital for maintaining a healthy life. Supplements contain all the minerals in sufficient amount to meet the daily requirement of the human body. Wellness supplement usually contain vitamin D, calcium, vitamin b12 and folic acid. Breast feeding and pregnant women regularly consume these supplements as it contain folic acid in sufficient amount, which is a vital requirement for them. In addition, strict vegetarians further do not get enough zinc, vitamin B12, and iron, which can be further, be supplemented using wellness supplement tablets.
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Furthermore, surge in health consciousness among consumers around the world is one of the key factors rising the demand for wellness supplements. Globally, consumers are progressively realizing the benefits of preventive health over treatments, thereby exhibiting a shift toward healthier lifestyles. Moreover, the rising disposable income of consumers in developing regions is fostering the sales, thereby augmenting the market growth.
Report Highlights
- Based on the dietary supplements segment, the vitamin segment dominated the market, garnering a market share of around 25% in 2020. This is attributed to 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. However, protein segment is expected to be the fastest growing segment during the forecast period.
- Based on the functional food & beverages, the sports infant formula is estimated to be the most opportunistic segment during the forecast period. However, the sports drink segment is the dominating market segment owing to the growing consumer inclination towards sports and fitness.
| Report Scope | Details |
| Market Size in 2028 | USD 345.55 Billion |
| CAGR | 4.2% from 2022 to 2030 |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Nestle S.A., Amway, Otsuka Holdings Co., Ltd., Herbalife Ltd., Abbott Laboratories, Archer Daniels Midland Company, Glanbia plc, GNC Holdings Inc, NBTY, Inc., Nu Skin Enterprises, Inc. |
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Regional Snapshot
North America region dominates the market owing to the rise in the aging population. Furthermore, the rising health consciousness among consumers further boosts the growth of the wellness supplements market in the North American region during the forecast period. However, Asia-Pacific is projected to witness significant growth in the wellness supplements market owing to the changing preference of the consumer towards healthier lifestyles. Moreover, the growing acceptance of wellness products and increase in the consumer disposable income is further anticipated to propel the growth of the wellness supplements market in the region.
Market Dynamics
Drivers: Aging population to drive the market growth
Consumers across the world are becoming more and more health-conscious with time, which is boosting the wellness supplements market. The elderly population of some countries, such as Italy, Japan, Portugal, and Germany, is another key factor that is projected to drive the whole market. In addition, the elderly population is concentrating more towards the adoption of nutritional supplements specifically customized as per their needs in order to maintain their quality of life and goof health. The process of aging results in various variations in an individual, including physiological, psychological, and social, which affects their food choices. In addition, aging population rising relies on tailored dietary consumption patterns and habitual food choices. With rising mobility concerns and bone health, consumers have become more aware regarding the healthy aging and disease prevention. Therefore, augmented demand for supplemental nutrition solutions that align with the nutritional needs of aging consumers is observed which is propelling the current market growth.
Restraints: High cost of dietary supplements
Technology and science are helping consumers to identify foods that will help them manage their overall health and body weight. Wellness supplements involve significantly high costs, which might act as a restraint for the growth of the wellness supplements market. Few players, such as Amway, provides supplements under the brand name Nutrilite, which is notably expensive. Wellness supplements also include the high cost of customization and research. Therefore, these supplements being less economic might restrict the growth of the market, particularly in price-sensitive or developing countries such as South Africa and India.
Opportunities: Shift toward plant-based supplements
The demand for the ingredients of plant based protein is growing at a high pace consumers are switching towards plant-based protein from animal based protein. This is likely to move the consumers towards plant-based botanicals and supplements, by further creating myriad opportunities for the growth of herbal supplements in the wellness supplements market.
Challenges: Consumer skepticism associated with nutraceutical products
Nutraceutical products such as wellness supplements have witnessed a high demand in the previous years, a majority of the population is cynical regarding the consumption of nutraceutical products, in particular regarding the dietary supplement products. Furthermore, the rise in lack of awareness among rural and semi-urban consumers about wellness supplements and the lack of education regarding the same dejects the key players from investing. This population contributes towards a main share of the non-dietary supplement consuming section in the non-developing and developing countries. In addition, consumers are unaware regarding the difference between pharmaceutical drug and dietary supplements and are apprehensive to include the same in their daily dietary lifestyles which is the major challenging factor of the market.
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Segments Covered in the Report
By Dietary Supplements
- Vitamin
- Mineral
- Botanical
- Probiotics
- Fatty Acid
- Protein
- Others
By Functional Food & Beverages
- Functional Bakery and Confectionary
- Functional Dairy
- Energy Drink
- Sports Drink
- Infant Formula and Baby Food
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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