Global Wellness Supplements Market Grows Steadily at a CAGR of 6.3%

Introduction

Dietary supplements that foster overall health and well-being are known as wellness supplements. These dietary supplements typically contain vitamins, minerals, botanicals, amino acids, or other naturally occurring substances that provide various health benefits. Wellness supplements are frequently used to supplement a balanced diet and lifestyle to address potential nutritional deficiencies or to provide additional support for particular health concerns. Due to increased consumer health awareness, rising demand for preventative care, and the trend towards self-care and individualized wellness regimens, the market share of global wellness supplements has been expanding significantly.

Market Dynamics

Increased Demand for Healthy Lifestyle Bolster the Market Growth

These wellness supplements market expansion is accelerating due to consumer interest in healthful lifestyles. As people become more aware of their health and seek ways to enhance it, they turn to wellness pills as a simple and convenient way to incorporate a healthy lifestyle into their lives. The COVID-19 outbreak increased the importance of maintaining a healthy immune system and taking precautions. Immunity-supporting supplements are becoming more popular due to the constant search for methods to enhance the immune system. As supplements, vitamins C, D, zinc, and probiotics have become more prevalent. According to the Council for Responsible Nutrition (CRN), 43% of supplement consumers in the United States will purchase immune health products in 2020. Also, many seniors are adopting healthy lifestyle habits, such as taking supplements to enhance their health. According to the World Health Organisation (WHO), by 2050, there will be 2 billion persons over 60.

However, Supplements are not always cost-effective for individuals with limited disposable incomes, limiting their ability to purchase and use these products regularly. This disparity in affordability can be a barrier to entrance for a substantial portion of the population, particularly in underdeveloped countries and economically disadvantaged regions. According to the World Bank, 6.85 billion people, or 8.5% of the global population, will live in extreme poverty in 2022. This is a significant increase from the previous year's estimate of 648 million persons. The COVID-19 pandemic has wreaked havoc on the global economy and is the primary cause of the rise in acute poverty in 2022. Therefore, market expansion is impeded.

Advancement in Personalized Nutrition Creates Tremendous Opportunities

Personalized nutrition employs genetic profiling. Businesses can identify genetic polymorphisms influencing nutritional metabolism, assimilation, and sensitivity to different foods by analyzing a person's genetic makeup. DNAfit and Nutrigenomix offer genetic testing to determine an individual's nutritional and health requirements. Optimal nutrient intake is achieved through supplement recommendations based on observed outcomes. Solutions powered by artificial intelligence analyze enormous databases to generate personalized nutrition recommendations based on preferences, dietary restrictions, and health objectives. Based on extensive research, Zoe, powered by artificial intelligence, predicts individualized glycemic responses to diverse meals. Users receive meal evaluations that facilitate healthier dietary decisions.

Regional Insights

North America will take over the evaluation period. The region's prosperity is driven by a rapidly aging population, increased consumer health consciousness, and high consumer buying power. Since many major companies are based there, especially in the US, wellness supplement usage is vital. Innovative technologies and customized solutions are manufacturers' priorities. Food and beverage packaging manufacturers are trying to reduce weight to save on raw materials and delivery. Corporate websites and offline distribution channels sell the players' products. Manufacturers sell directly to customers through Amazon and other online retailers. Over half of North America's OTC dietary supplement sales come from supermarkets, hypermarkets, and grocery stores.

The Asia Pacific wellness supplement market, is expected to grow profitably throughout the projected period Due to rising disposable income and interest in healthy lifestyles; as rising nations like India, China, Indonesia, and Malaysia become more conscious of the need to improve nutrition, the Asia-Pacific market is likely to rise. Revenue is greatest in China. China, India, and Japan are Asia Pacific's biggest marketplaces. China is the region's largest exporter, India's population avidly buys and takes nutritional supplements, and the COVID-19 pandemic has helped market growth. Immunity-boosting medicines are selling well. Target Wellness Supplements Markets will likely develop in the coming years due to regulatory support for investment promotion, retail market expansion, and government actions.

Key Highlights

• The global wellness supplements market size was valued at USD 257.8 billion in 2022and is projected to reach a value of USD 447 billion by 2031, registering a CAGR of 6.3% during the forecast period (2023-2031). 
• Dietary Supplements, Vitamins, Minerals, Protein, and Herbal are the product types that make up the market. Dietary Supplements have the largest market share and are predicted to increase significantly throughout the forecast period.
• The market is divided into Omega Fatty Acids Fortified Food, Probiotic Fortified Food, Branded Iodinated Salt, Branded Wheat Flour, Energy Drinks, and Sports Drinks based on functional food and drinks. The Omega Fatty Acids Fortified Food market is the largest and is predicted to grow fastest.
• The market is subdivided into Home Care, Hospital, and Chemical by application. Home care was the market leader and is expected to increase considerably throughout the projected period.
• Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.

Competitive Players

Competitive Landscape Global Wellness Supplements Market

The key players in the global Wellness Supplements market are Nestle S.A., Abbott Laboratories, Herbalife Ltd., Amway, Otsuka Holdings Co., Ltd., Archer Daniels Midland Company, NBTY, Inc., Glanbia plc, GNC Holdings Inc., Nu Skin Enterprises, Inc., Grupo Omnilife, Forever Living, Pola, Inc., Shaklee Corporation, and Usana Health Sciences Inc.

Recent Developments

Market News

• In July 2023, Nestlé introduced an innovative technology that reduces the sugar content of essential ingredients.
• In June 2023, The American Diabetes Association® (ADA) and Abbott announced a collaboration to understand better how diabetes technology, such as continuous glucose monitoring (CGM) systems, can assist individuals with diabetes in making informed dietary and activity decisions.

Segmentation

Global Wellness Supplements Market: Segmentation

By Products 

• Dietary Supplements
• Vitamin
• Mineral
• Protein
• Herbal

 By Functional Food and Beverages 

• Omega Fatty Acids Fortified Food
• Probiotic Fortified Food
• Branded Iodinated Salt
• Branded Wheat Flour
• Energy Drinks
• Sports Drinks

 By Application 

• Home Care
• Hospital
• Chemical

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa