In 2016, the Global Health Supplements Market was valued at an estimated $115 billion US dollars. By the year 2022, it is projected that this industry will be worth approximately $220.3 billion US dollars, a compound annual growth rate of 8.6 percent between 2017 and 2022. The women’s supplement segment is projected to see the most significant growth during the forecasted period.
The dietary health market comprises products that are manufactured and marketed for meeting the dietary needs of individuals who are not receiving vital nutrition as a result of their diet, or as a result of certain medical conditions. These products assist with a variety of health related needs, such as metabolism and digestion. They contain dietary ingredients that are intended to supplement an individual’s regular diet.
Health supplements can contain a variety of ingredients, including:
- Essential fatty acids
- Herbal extracts
These ingredients are meant to boost various bodily functions. For example, they can enhance digestive and cardiovascular health, strengthen the bones, improve the function of the immune system, manage blood pressure, and assist with weight loss.
Factors Fueling the Growth of the Global Health Supplements Market
In 2016, one of the primary factors that fueled the growth of the health supplements market on a worldwide scale was the increased marketing toward women by supplement manufacturers. The women’s supplements segment of the global dietary supplements market is expected to continue seeing significant growth over the next few years; specifically in the category of pregnancy and prenatal supplements.
Increased awareness of the importance of taking preventative measures related to health, as well as the increasing size of the aging population worldwide are also expected to contribute to the growth of the global health supplements market during the forecasted period. Moreover, the constantly growing influence of media development related to pharmaceuticals and significant advancements in products that are intended to be used as supplements for dietary needs are also factors that are projected to fuel the growth of this market.
While it is predicted that this industry will experience positive growth between 2017 and 2022, there are factors that could prevent the market from growing to its full potential. These factors include negative publicity and false claims made by manufacturers and marketers.
Growth of the Global Dietary Health Supplements Market by Supplement Segmentation
The dietary health supplements market is segmented based on the intended benefits of specific types of supplements. Supplement segmentation includes:
- Additional supplements
- Sports nutrition supplements
- Medicinal supplements
- Women’s health supplements
- Men’s health supplements
- Aging supplements
As mentioned the women’s health segment accounted for the largest market share in the year 2016. It is expected that this segment will continue seeing significant growth between 2017 and 2022. The additional supplement segment is also expected to experience marked growth during the forecasted time period, as is the sports nutrition and aging segment.
More consumer awareness of the importance of vitamins, minerals, proteins, enzymes, essential fatty acids and other components that health supplements contain is projected to boost augmentation in all of these segments during the forecasted time period. Moreover, the increasing amount of health and fitness clubs, as well as health centers, and the highlighted importance of preventative health measures in developing markets are all factors that are expected to lead to increased growth across all of these segments.
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Growth of the Global Health Supplement Market per Geographical Segmentation
Experts predict that several regions will fuel the growth of the global health supplement market between 2017 and 2022. The geographical locations that are expected to contribute the most to the influx of this industry include:
- North America
- Asia Pacific
- The Middle East
In 2016, Asia Pacific held the largest market share for health supplements, accounting for more than 21 percent of shares of the total volume of the supplements industry. In the coming years, significant growth is expected to continue in this region. The growth of this market in Asia Pacific will largely be attributed to heightened consumer awareness in developing nations in this region.
North America and Europe followed Asia Pacific for the largest market share in 2016. During the forecasted time period of 2017 through 2022, these regions are expected to see moderate growth in the health supplements market. In 2016, North America accounted for an estimated 28 percent of the total market value. In the coming years, growth of the market in this region will largely be due to increased consumption of health supplements that offer high nutritional content. In Europe, the aging population and an increased desire to supplement health needs will contribute to the growth of the industry in the coming years.
It is also projected that the Middle East and Africa will see moderate growth during the forecasted period. This will largely be due to increased consumer awareness of the value that health supplements provide. This growth will help to increase the value of the global market for health supplements.
Key Vendors and Competitive Landscape of the Global Health Supplements Market
The global health supplements market is a highly competitive industry. The key vendors in this market are investing more in the research and development of supplemental products that will meet the needs of consumers in order to achieve a competitive edge.
The key vendors in this global health supplements market include Hearbalife Ltd, Amway, Integrated BioPharma Inc, Omega Protein, Naturalife Asia Co Ltd, BASF SE, Koninkiijke DSM NV, The Himalaya Drug Company, Blackmores Ltd, Ricola AG, Omega Protein Corporation, and Bayer AG, among several others.
The projected compound annual growth rate between the years 2017 and 2022 is a key indicator that this market offers excellent promise for investors in the coming years.