The Global Health Supplements Market Is Expected To Grow At A CAGR Of 7.8% During The Forecast Period, 2017-2023.

The global health supplement market is growing exponentially owing to the increasing consumer awareness of a good diet for healthy living, and complementary alternative medicine are the major factor driving the health supplement market. The global market for Health supplement is expected to grow at the rate of about 7.4% from 2016 to 2022.

The market is driven by factors such as rising prevalence of chronic diseases, growing geriatric population, rising awareness about benefits of health supplements, doctor recommendations, increasing urbanization and changing lifestyles, treatment of illnesses, disease prevention, growing influence of media, friends, and relatives, development in the retail and pharmaceutical industries, and rapid advancements in product offerings and consumers shift from care to preventive health. However, high prices of these products, negative publicity, false product claims, lack of awareness about consumption of dosage of these supplements and regulatory compliance are expected to hinder overall growth of the market in the near future.

The growing prevalence of lifestyle-related diseases such as stroke, heart disease, obesity, type 2 diabetes, and atherosclerosis among the working individuals are attributed to their lifestyle. This is forcing them to consume supplements to compensate the nutritional gap in their diet. Urbanization and consumerism are resulting in a considerable shift in the lifestyle and diet habits of people, which in turn, is driving the demand for synthetic food products.

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Vitamins are one of the essential nutrients. These dietary supplements are consumed to prevent disorders due to vitamin deficiencies. Old aged people, and fitness enthusiasts are the key consumers for vitamin supplements. The demand for vitamin dietary supplements among the older population will continue to increase owing to the deficiency of vitamins B12 and D are necessary for aging population.

Health supplements consist of essential ingredients such as the vitamins, minerals, proteins, etc. The supplements are available for consumption in the form of pills, capsules, powders, soft gels and liquids, etc.

Global Health supplement market - Regional Analysis

Geographically, the global health supplement market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa.

North America dominated the global medical sensor market owing to the factors such as rising aging population, growing cognizance and acceptance of wellness products, increasing disposable income levels, increasing focus towards healthy lifestyles, expansion of wellness supplement companies in these regions are likely to propel growth of this market. The majority of customers prefer drug stores or pharmacies to purchase dietary supplements because the presence of these stores is high in various regions, especially in the Central and South American countries.

Europe is regarded as the second largest regional market due to factors such as consumers moving towards a healthy lifestyle through physical activity and a nutritious diet coupled with an influx of integrative medicine. The Northern European region is witnessing an increasing prevalence of vitamin D deficiency due to inadequate sunlight.

Asia Pacific is expected to expand at a faster rate due to the rising focus of the people towards avoiding the occurrence of common deficiency diseases is boosting the consumption of dietary supplements in the countries in APAC. Multivitamins, vitamins, minerals, and omega-3 fatty acids supplements are some of the supplements consumed by people in this region. Calcium, fish oil, and glucosamine are some of the other major supplements consumed by people in countries like Australia.

The pharmacies and drugstores will continue to be the largest distribution channel for dietary supplements since chemists, pharmacies, and drug stores in the Middle East and African countries are witnessing high sales of dietary supplements.

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The dietary supplements market is characterized by the presence of both the small and large market players and appears to be fragmented. Manufacturers compete against each other based on factors such as added health benefits, product differentiation, category extension, and innovations in product and application. Many vendors are focusing on expanding their product lines and are gaining more knowledge on product usage by investing heavily in R&D activities. Other prominent vendors in the market include BASF, Danone, NOW Foods, Pfizer, and Pharmavite.

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.). and others are some of the prominent players at the forefront of competition in the global health supplement market and are profiled in MRFR Analysis.

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