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An analysis by Fairfield Market Research finds out that the global wellness supplements market is advancing at a stable pace amid the growing consumer awareness toward healthy lifestyle. The market size was approximately US$250 Bn in 2022.
Market Analysis in Brief
The global wellness supplements market is driven by the increasing emphasis on preventative healthcare and the growing significance of maintaining overall health and well-being. Over recent years, there has been a significant surge in health consciousness among consumers worldwide. This has led to individuals actively seeking ways to support their health through dietary supplements. That said, individuals today live a hectic lifestyle and have high-stress levels, which causes nutrient deficiencies and health issues, hence fuelling the demand for wellness supplements. Furthermore, the rising interest in sports, fitness, and active lifestyles has led to greater demand for wellness supplements for muscle recovery and overall being. Apart from this, modern consumers are also demanding personalised solutions to meet their unique health needs. To fulfil this demand, vendors in the global wellness supplements market are striving to offer customised formulations. Gauging the momentum of these trends, the global wellness supplements market is projected to trace an upward growth trajectory over the forecast period.
Key Report Findings
Growth Drivers
Consumer Proclivity for a Healthier Lifestyle
In the present scenario, there is a growing focus on healthy consumer lifestyles. Along with exercise, good nutrition, and adequate sleep, the intake of wellness supplements is considered integral to healthy living. Wellness supplements are a convenient way to fill nutritional gaps and supplement one’s diet. For older individuals, wellness supplements provide additional nutrition to meet their unique dietary needs. Against this backdrop, the global wellness supplements market is projected to reach sound maturity in the upcoming years.
Consistent Innovation in Formulations for Higher Efficacy
Over recent years, there have been significant advances in formulation techniques and manufacturing processes, leading to the development of innovative and effective wellness supplements. These advancements have extended the product range and enhanced the quality and efficacy of supplements. This in turn is attracting more individuals to purchase wellness products, thereby driving the growth of the global wellness supplements market.
Growth Challenges
Stringent Regulatory Policies, and High Price Point
High costs associated with wellness supplements and the lack of distinction between food categories are key factors limiting the growth of the global wellness supplements market. In addition to this, there are strict regulations apropos to the marketing of these supplements. Therefore, the change in regulatory policies often negatively impacts the wellness supplements market growth.
Overview of Key Segments
Vitamin Wellness Segment Gains Stronger Traction
Based on dietary supplements, the global wellness supplements market is categorised as vitamin supplements, mineral supplements, herbal supplements, and protein supplements. In the projected period, global vitamin wellness supplements are likely to hold a prominent market share. Various factors such as restricted diets, food processing methods, and poor eating habits cause vitamin deficiency among individuals. The motivation to ensure an adequate intake of essential vitamins is increasing the demand for vitamin wellness supplements.
On the other hand, the protein segment is forecasted to emerge as the fastest-growing segment. The growing interest in fitness and active lifestyles among individuals of all age groups is primarily driving the market growth.
Sports Drinks Penetrate Deeper
Based on functional food & beverage, the sports drinks segment is anticipated to be the most sought category. Athletes and fitness enthusiasts are major consumers of sports drinks as it helps in building new muscles and maintaining lean muscles.
Besides, sports drinks are available in numerous forms including bottles, cans, and powder mixes. The convenience factor coupled with a robust distribution network together are enabling the sports drinks segment to dominate in the wellness supplements market.
Regional Segment
North America Retains a Dominant Position
North America is anticipated to reign in the global wellness supplements market, with Asia Pacific, and Europe closely following. The confluence of the rising geriatric population and growing health consciousness is playing a vital role in accelerating the market growth trajectory. The region also boasts a strong presence of key industry participants.
Meanwhile, Asia Pacific’s wellness supplements market is projected to grow at the highest rate. The rise in purchasing power of individuals across major economies such as India, and China is facilitating market expansion across the region. Another key growth catalyst is the consumers' shift towards a healthy lifestyle in the region.
Promising Market Entities
Some of the prominent players in the global wellness supplements market include Abbott Laboratories, Nestle S.A., Amway, Otsuka Holdings Co., Ltd., Herbalife Ltd., NBTY, Inc., Glanbia plc, GNC Holdings Inc, and Nu Skin Enterprises, Inc. Other international players in the market include Forever Living (U.S.), Grupo Omnilife (Mexico), Shaklee Corporation (U.S.), Pola, Inc. (Japan), and Usana Health Sciences Inc. (U.S.).
Regional Classification of the Global Wellness Supplements Market is Described Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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