Wellness Supplements Market Estimated to be growing at a CAGR of 6.45% by 2023 | Top Most Leaders are Nestle S.A., Abbott Laboratories, Amway, Otsuka Holdings, Herbalife Ltd., Archer Daniels Midland Company, Glanbia plc, GNC Holdings, Grupo Omnilife

Wellness Supplements Market Overview:

Wellness supplements are additional substances introduced into the human diet to add additional nutritional value for enhanced health. Supplements usually include vitamins, minerals, fibre, fatty acids and amino acids. According to the FDA, supplements are defined as products which are not pharmaceutical drugs, food additives or conventional food and which are intended to supplement a person’s diet.

The intended use of wellness supplements is to make sure that a person gets enough essential nutrients. They cannot be used to treat any disease or as any preventive measure for any disease. Supplements may also cause harm in many ways when they are over-consumed, mainly in the case of minerals and fat-soluble vitamins which can accumulate in the body. Their quick absorption in a short period of time can also cause harm to the body.

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The rise of the wellness supplements market is mainly driven by factors such as growing geriatric population, growing prevalence of chronic diseases, increasing awareness about the benefits of wellness supplements and increasing healthcare costs. The decreasing mortality rates have raised the percentage of ageing population. In spite of the numerous pros, the market is hampered by the huge pricing of this product that makes them out of the reach of most parts of the society. Regulatory compliance is another reason for the market does not grow freely.

Wellness Supplements Market Forecast Report (2018-2023):

Wellness Supplements Market worth was USD 207.59 billion in 2018 and estimated to be growing at a CAGR of 6.45%, to reach USD 283.75 billion by 2023.

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Wellness Supplements Market Segmentation:

The Global Wellness Supplements market is classified based on products into Dietary Supplements such as Vitamin, Protein, Mineral and Herbal, Fortified Food & Beverages such as Omega Fatty Acid, Branded Iodinated Salt, Probiotic Food, Branded Wheat Flour, Sports Drinks and Fortified Juices Energy Drinks, , Food Intolerance Products such as Gluten-free, Lactose-free and Diabetic food and Dermo-Cosmetic Skin Essentials such as Anti-Aging, Anti-Acne Supplements and Anti-Cellulite.

Based on geography, the global market is classified under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. The Wellness Supplements Market is led by North America in 2018 with the region accounting for 38% of the overall market share. North America was followed further in line by Europe and Asia-Pacific. Asia-Pacific is expected to increase rapidly in the coming years as is evident from the high CAGR value for the region. Another market that shows promise in the upcoming years is Latin America.

Key developments:

1. February 2018: An agreement was signed between the Archer Daniels Midland Company (ADM) and the Cargill to launch a joint venture for providing soybean meal and oil for customers in Egypt.
2. September 2017: The Archer Daniels Midlands Company (ADM) is collaborating with Mayo Clinic for personalized nutrition products.
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Major Players:

The major market players in the wellness supplements market are Nestle S.A. (Switzerland), Abbott Laboratories (U.S.), Amway (U.S.), Otsuka Holdings Co., Ltd. (Japan), Herbalife Ltd. (U.S.), Archer Daniels Midland Company (U.S.), Glanbia plc (Ireland), NBTY, Inc. (U.S.), GNC Holdings Inc. (U.S.), and Nu Skin Enterprises, Inc. (U.S.). Other players in the market include Grupo Omnilife (Mexico), Forever Living (U.S.), Pola, Inc. (Japan), Shaklee Corporation (U.S.), and Usana Health Sciences Inc. (U.S.).

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