Newark, Feb. 27, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global bone & joint health supplements market is expected to grow from USD 3.2 billion in 2021 to USD 6.1 billion by 2030, at a CAGR of 7.5% during the forecast period 2022-2030.
The increasing focus of market players in developing bone and joint health supplements with various compositions has drawn consumers' attention toward the supplements. Collagen-containing product types are being introduced at an increasing rate, helping the industry. The market is anticipated to be driven by novel joint and bone health approaches using novel collagen and botanical formulations. Asians are becoming much more aware of the need for collagen for bone health, which presents a chance for the players to increase their market share in the region.
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In addition, the COVID-19 epidemic changed the direction of the trend toward online shopping. The rise in the use of internet platforms is considerably impacting the expansion of the industry. For instance, the COVID-19 outbreak significantly increased online sales of nutritional supplements, especially in the US, according to Amazon, spurring industry expansion. Over the forecast period, all these factors are anticipated to drive the market. By 2030, the WHO projects that 1.4 billion individuals worldwide will be older than 60. The need for bone and joint health supplements is growing as the number of people with rheumatoid arthritis rises significantly, primarily due to longer life expectancies.
Competitive Strategy
To enhance their market position in the global bone & joint health supplements market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In 2022, BASF and Azelis entered into a contract to distribute its products in Europe. Azelis would supply BASF's health and colorant ingredients, such as vitamins, omega-3 fatty acids, plant sterols, carotenoids, and human milk oligosaccharides (HMOs) peptides, throughout Greece, as per the agreement.
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Market Growth & Trends
One key reason driving the market expansion is the increasing use of supplements for bone and joint health by pharmaceutical and nutraceutical businesses to treat various bone ailments. Consumers' adoption of healthy lifestyles has also been influenced by rising disposable income, raising demand for the product. The primary factors propelling the bone and joint health supplements market swiftly are the rise in the aging population, rising diseases related to bone and health caused by unhealthy lifestyles, an increase in incidences of lifestyle diseases caused by hectic schedules, and changing lifestyle patterns. Additionally, the market is driven by the rise in the incidence of different nutritional deficiencies, increased access to supplements, and expanded distribution channels.
Key Findings
● In 2021, the glucosamine segment dominated the market with the largest market share of 32% and market revenue of 1.02 billion.
The type segment is divided into calcium, collagen, glucosamine, chondroitin, magnesium, vitamins, and others. The glucosamine segment dominated the market, with a market share of around 32% and market revenue of 1.02 billion. Its ability to reduce osteoarthritis syndrome among the aging population propels the segment's growth.
● In 2021, the dietary supplements segment dominated the market, accounting for around 38% and a market revenue of 1.2 billion.
The application segment is divided into food & beverages, pharmaceuticals, dietary supplements, and others. In 2021, the dietary supplements segment dominated the market, accounting for around 38% and a market revenue of 1.2 billion. The rising awareness of living a healthy lifestyle drives the segment's bone & joint health supplements market growth.
Regional Segment Analysis of the Bone & Joint Health Supplements Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest global bone & joint health supplements market, with a market share of around 33.01% and 1.05 billion of the market revenue in 2021. North American region consumed the most substances for bone and joint health, which might be attributed to growing knowledge of health issues. Consumers in the region prioritize spending on preventative care above curing illnesses.
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Key players operating in the global bone & joint health supplements market are:
● Herbalife International of America, Inc.
● GNC Holdings, Inc.
● Nature’s Bounty Co.
● Bayer AG
● BY-HEALTH Co., Ltd.
● Amway (US)
● Basf SE
● Reckitt Benckiser (UK)
● Vita Life Sciences Ltd.
● Glanbia Plc
● Now Foods
● Pfizer
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global bone & joint health supplements market based on the below-mentioned segments:
Global Bone & Joint Health Supplements by Type:
● Calcium
● Collagen
● Glucosamine
● Chondroitin
● Magnesium
● Vitamins
● Others
Global Bone & Joint Health Supplements by Application:
● Food & Beverages
● Pharmaceuticals
● Dietary Supplements
● Others
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About the report:
The global bone & joint health supplements market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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