by The wellness supplements market comprises products that provide essential vitamins, minerals, proteins, herbs, botanicals, amino acids, and enzymes. Wellness supplements help enhance health, delay the aging process, increase life expectancy, and reduce the risk of chronic ailments.
The Global Wellness Supplements Market is estimated to be valued at US$ 270.10 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Wellness Supplements Market are Abbott, Reckitt Benckiser Group PLC., Hexagonnutrition Ltd., Nestlé, Danone, Baxter, Fresenius Kabi AG, B. Braun SE, Perrigo Company plc, Sun Pharmaceutical Industries Ltd., Centrum (GSK plc.), BASF SE, DSM, Zeon Lifesciences Ltd., Cipla Inc., ADM, Amway Corp., and Glanbia PLC
The rising prevalence of lifestyle diseases and changing consumer preferences towards wellness products are fueling the growth of the wellness supplements market. Consumers are adopting wellness supplements to enhance their quality of life and boost immunity.
The increasing health consciousness among consumers globally is driving Wellness Supplements Market Size expansion. Key players are focusing on geographic expansion and collaborating with regional distributors to meet the growing demand from countries worldwide. With rising disposable incomes, the wellness supplements market is expected to witness robust growth across developing regions over the forecast period.
Market Key Trends
The trend of customization is gaining prominence in the wellness supplements market. Manufacturers are offering customized supplement packs designed as per an individual’s health profile, lifestyle, diet, fitness goals, and medical history. Evolving consumer needs coupled with advances in digital health technologies are facilitating the customization of supplements. Personalized nutrition is expected to revolutionize the Wellness Supplements Market industry.
Porter’s Analysis
Threat of new entrants: Low barrier as supplements are not patented and easy to make but established players have strong brand value and distribution reach.
Bargaining power of buyers: Buyers have high bargaining power due to huge number of players and availability of substitute products.
Bargaining power of suppliers: Suppliers of raw materials have low bargaining power due to presence of large number of suppliers for basic ingredients.
Threat of new substitutes: High threat due to development of new products suiting fitness goals and health benefits like protein powders, herbal supplements, etc.
Competitive rivalry: Intense competition from major players focusing on new ingredients, delivery formats and regional expansion.
Geographical Regions:
Currently, the North American region holds the largest market share in terms of value for wellness supplements attributed to increasing consumer spending on preventive healthcare and fast adoption of premium wellness products in countries like United States and Canada.
Fastest Growing Region:
The Asia Pacific region is projected to witness the fastest CAGR during the forecast period from 2024 to 2031. Factors such as rising middle class population, increasing disposable incomes, and westernization influencing lifestyles especially in highly populated countries of India and China will drive higher demand and consumption of wellness supplements in the region over next few years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
