Wellness Supplements Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | Archer Daniels Midland Company, Pfizer Inc., Nestle SA, Bayer AG, Abbott Laboratories

"The wellness supplements market size has grown strongly in recent years. It will grow from $281.57 billion in 2023 to $303.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growing health awareness, aging population demographics, shift towards preventive healthcare, expansion of retail channels, influence of holistic health practices.

The wellness supplements market size is expected to see strong growth in the next few years. It will grow to $417.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to elevated focus on immune health, digital health and e-commerce growth, personalization and customization trends, rising demand for plant-based supplements. Major trends in the forecast period include regulatory compliance and transparency, global expansion and market penetration, collaborations with healthcare professionals, rise of clean label products.

Market Overview -
Wellness supplement refers to a supplement that a person uses to his diet. It includes one or more nutritional components, such as vitamins and minerals. The same safety and effectiveness testing that is required for pharmaceuticals is not required for wellness supplements.

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Driving Growth In The Wellness Supplements Market Through Healthy Lifestyles
An increasing focus on healthy lifestyles is expected to propel the growth of the wellness supplements market going forward. A healthy lifestyle keeps an individual energetic and reduces the risk for disease. Exercising, good nutrition, adequate sleep, and the intake of wellness supplements are the foundations of healthy living, which encourages people to incorporate health-improving supplement items into their daily lives. For instance, according to Economic Times, an India-based, business-focused daily newspaper, the number of health-conscious consumers in India would increase from 108 million in the calendar year 2020 to 176 million in 2026. Therefore, increasing focus on healthy lifestyles is driving the wellness supplements market growth.

Competitive Landscape -
Major companies operating in the wellness supplements market report are Archer Daniels Midland Company, Pfizer Inc., Nestle SA, Bayer AG, Abbott Laboratories, Suntory Holdings Ltd., Otsuka Pharmaceutical Co Ltd., Haleon plc, Amway Corporation, Glanbia plc, Herbalife Nutrition Ltd., The Bountiful Company, GNC Holdings Inc., USANA Health Sciences Inc., Shaklee Corporation, Jamieson Intermediate Holdings Ltd., New Chapter Inc., Pukka Herbs Ltd., Gaia Herbs Inc., MegaFood LLC, Traditional Medicinals Inc., Olly Nutrition, Herb Pharm LLC, Herbaland Naturals Inc., Ritual Foods Pvt Ltd., Fungi Perfecti LLC, Banyan Botanicals Corp, Herbalist & Alchemist Inc., Garden of Life LLC

New Wellness Supplement Offerings
Product innovations are a key trend gaining p+B216opularity in the wellness supplements market. Major companies operating in the wellness supplements market are developing new products to strengthen their position in the market. For instance, in February 2022, Zeonutra, an Indian-based company manufacturing wellness supplement products launched a slim plus product. This product is organic with unique organic vegan nutritional supplements that contain slimbiome. This can be used by vegan consumers and is helpful in the reduction of weight with natural supplements.

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Key Segments -
The wellness supplements market covered in this report is segmented -
1) By Product Type: Dietary Supplements, Vitamin, Mineral, Protein, Herbal
2) By Functional Food and Beverages : Omega Fatty Acids Fortified Food, Probiotic Fortified Food, Branded Iodinated Salt, Branded Wheat Flour, Energy Drinks, Sports Drinks
3) By Application: Home Care, Hospital, Chemical

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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