Global Wellness Supplement Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Wellness Supplement Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global wellness supplement market report has been segmented on the basis of type and region.
Global Wellness Supplement Market: Overview
Wellness supplements are additional substances introduced into human diet to add further nutritional value for enhanced health. Supplements include minerals, vitamins, fiber, amino acids, and fatty acids.
According to the document released by the Food and Drug Administration (FDA), supplements are not intended to treat, diagnose, cure, or alleviate the effects of diseases. It is intended to supplement a person's diet.
Global Wellness Supplement Market: Dynamics
Rising geriatric population and growing prevalence of chronic diseases across various countries are some major factors expected to drive growth of the global market over the forecast period. In addition, rising awareness regarding benefits of wellness supplements, shifting towards preventive healthcare along with rising healthcare costs are other factors expected to further fuel growth of the target market over the forecast period.
However, high cost of products along with regulatory compliance are some major factors that may hamper growth of the global wellness supplements market. As per the Council for Responsible Nutrition, around 11% of adults took protein supplements in 2016, which was very low. Most of the people cannot afford it owing to the high cost of the product.
Ongoing trend observed in the target market is changing an individual’s food consumption habits. In addition, increasing focus on mergers and acquisitions by prominent players in order to add innovative products to the existing product portfolio, with a view to expand offerings and strengthen market presence. In September 2017, for instance, US-based Archer Daniels Midlands Company (ADM) collaborated with Mayo Clinic, which is a nonprofit academic medical center based in the US – for personalized nutrition products. This trend is expected to propel growth of the target market over the forecast period.
Global Wellness Supplement Market: Segment Analysis
Among the type segments, the dietary supplements segment is expected to register significant growth in terms of revenue over the forecast period.
Global Wellness Supplement Market: Regional Analysis
The market in North America is expected to dominate the global market and is expected to continue its dominance over the forecast period. This is attributed to the rising geriatric population, growing acceptance of wellness products across various countries in this region. Furthermore, growing consciousness regarding the consumption of proteins and maintaining optimum nutrition levels among middle-aged adults in developed countries such as the US and Canada is expected to surge demand for wellness supplements.
Asia Pacific wellness supplement market is expected to register significant growth in terms of revenue over the forecast period, owing to increasing disposable income and increasing focus towards healthy lifestyles. In addition, rising awareness regarding nutritional enrichment/enhancement in emerging countries such as India, China, Indonesia, and Malaysia is expected to fuel growth of the market the Asia Pacific. Moreover, expansion in the retail market, regulatory support to promote investments along with the government initiatives are some factors expected to boost growth of the target market in the region.
Global Wellness Supplement Market Segmentation:
Segmentation by Type:
- Dietary Supplements
- Functional Food and Beverage
- Food Intolerance Products
- Dermo-Cosmetic Skin Essentials
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Nestle S.A.
- Archer Daniels Midland Company
- Abbott Laboratories
- Otsuka Holdings Co. Ltd.
- Glanbia PLC
- Herbalife Ltd.
- Nbty, Inc.
- GNC Holdings Inc.
- NU Skin Enterprises, Inc.
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