Detail Study on Health Supplements Market is Projected to grow at a CAGR of 7.8% till 2023

Market Research Future published a Half-Cooked research report on “Health Supplements Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The health supplements market is growing mainly due to rising awareness about the functional benefits of health supplements. According to a recent study report published by the Market Research Future, the health supplements market is booming and expected to gain prominence over the forecast period. The market is forecast to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).

Herblife International, BASF SE, E. I. du Pont de Nemours and Company, Glanbia plc, Abbott Laboratories, Advocare International, Chemi Nutra, iosyntrx, Inc., HORN Nutraceuticals, NBTY Inc, Novartis AG, A1 Supplements, Enzymotec USA, Cerebral Success, Vital Basics Inc, OptiMind, NOW Foods, General Nutrition Companies, Pro Health, Omega Protein, Alticor Inc., The Nature's Bounty Co., Bayer AG, GlaxoSmithKline Limited, Onnit labs, Accelerated Intelligence, and others are some of the prominent players at the forefront of competition in the health supplements market and are profiled in MRFR Analysis.

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Health supplement includes health ingredient such as minerals, botanicals, vitamins, amino acids, enzymes, and many other products in the form of capsules, tablets, softgels, gelcaps, liquids, or powders for adding further nutritional value to the body. Health supplements are recommended for the reducing the risk of diseases, however it cannot not be assumed as a substitute of a complete meal, which is necessary for a healthy diet. Health supplements are also beneficial for the treatment of cardiology, rheumatic disorders, and allergy. Consuming health supplement may also aid in maintenance and repair of tissues. Defects in tissue repair and maintenance triggers various diseases such as osteoporosis, and many others. 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.

Due to presence of major market players in this region, and high healthcare expenditure the Americas dominate the global health supplements market. According to the Centres for Disease Control and Prevention in 2015, the total health expenditure in the United States was reported to be USD 3.2 trillion and hospital care accounted for a share of 32.3%.

Notably, increasing concern of individuals towards improving the quality of health, rising research and development expenditure is the primary driver for health supplements market. According to the report published by the Council for Responsible Nutrition, in 2015, around 68% of Americans take dietary supplements and 84% of Americans are confident about the safety, quality, and effectiveness of the supplements.

Other push factors such as, rising prevalence of chronic diseases, and related complications, increasing urbanization and changing lifestyles, advantages associated with botanical drugs over other drugs, improvement in reimbursement policies, ensuring adherence to recommended dietary requirements, treatment of illnesses, developing retail and pharmaceutical industries, preventing occurrence of disease, and rapid advancements in product offerings are also fuelling the growth of the market. Despite these drivers, presence of fake products, side effects associated with supplements, strict FDA regulations, negative publicity and false commitment are expected to hinder the growth of the market during the forecast period.

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Health Supplements Market - Competitive Analysis

The health supplements market is currently dominated by various players. Due to concern of individuals towards improving the quality of health various existing and new marketers are continuously coming up with advanced products to control various health conditions. The global health supplements market is currently dominated by numerous players.

Pfizer is one of them by holding a strong share in the market. The company’s stronghold is largely attributed to its innovative and sustainable products. Pfizer Inc. discovers, develops, manufactures, and sells healthcare products worldwide. It operates in two segments, Pfizer Innovative Health (IH) and Pfizer Essential Health (EH). On May 27, 2015, Pfizer Consumer Healthcare introduced Centrum MultiGummies, a specially designed multivitamin to support energy, immunity and metabolism.

Abbott is another renowned market player in health supplements market. Abbott is a global leader that develops and manufactures pharmaceuticals and medical products. The company offers a wide range of product portfolio under the segments pharmaceuticals, nutritionals, diagnostics, vascular, and others. The major strategy employed by company is to invest in research & development focused on areas of unmet medical need. On Mar 29, 2016, Abbott introduced Ensure, and Enlive products to rebuild lost muscle and regain strength and energy in older adults.

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