Wellness Supplements Market

Market Overview

The global wellness supplements market size was valued at USD 257.8 billion in 2022 and is projected to reach a value of USD 447 billion by 2031, registering a CAGR of 6.3% during the forecast period (2023-2031).

Wellness supplements are nutritional supplements that promote holistic health and well-being. Typically, these supplements contain vitamins, minerals, botanicals, amino acids, or other natural constituents that provide various health benefits. Wellness supplements are frequently used to supplement a balanced diet and lifestyle, intending to fill potential nutritional deficiencies or provide additional support for particular health concerns.

The global market share has been expanding significantly, owing to various factors such as increased consumer health consciousness, rising demand for preventative healthcare, and the growing trend of self-care and individualized wellness regimens.

Highlights

• Dietary Supplements hold the major share based on product type
• Omega Fatty Acids Fortified Food occupies the major share based on functional food and beverages.
• Home care topped the market based on application.
• North America is the highest contributor to the market.

Market Dynamics

Global Market Drivers

Increased Demand for a Healthy Lifestyle

The wellness supplements market growth is accelerating primarily due to increased interest in healthy lifestyles. As individuals grow more health-conscious and seek methods to improve their overall well-being, they turn to wellness supplements as a practical and accessible choice to supplement their healthy lifestyles. The COVID-19 epidemic heightened the need for immune health and preventative measures. Consumers actively seek ways to enhance their immune systems, raising interest in immune-supporting supplements. For example, supplements, including vitamins C, D, zinc, and probiotics, have gained popularity. According to the Council for Responsible Nutrition (CRN), 43% of supplement consumers in the United States will purchase immune health supplements in 2020. Furthermore, seniors are increasingly adopting healthy lifestyle behaviors, such as using wellness supplements to enhance their health. The World Health Organization (WHO) predicts that the worldwide population of 60 and over will reach 2 billion by 2050.

Global Market Restraints

High Cost

Supplements are not always cost-effective to people with limited disposable incomes, restricting their capacity to buy and utilize these goods regularly. This affordability gap can be a barrier to entrance for a large population segment, particularly in underdeveloped nations or economically challenged regions. According to the World Bank, 685 million people, or 8.5% of the world population, will live in severe poverty in 2022. This is a huge rise over the previous year's projection of 648 million people. The COVID-19 epidemic has disastrously influenced the world economy and is mostly to blame for the growth in extreme poverty in 2022. Consequently, the market expansion is hampered.

Global Market Opportunities

Advancement in Personalized Nutrition

In customized nutrition, genetic testing has emerged as a significant tool. Companies can find genetic variants that may alter nutritional metabolism, absorption, and reaction to certain dietary components by studying an individual's genetic composition. Nutrigenomics firms such as DNAfit and Nutrigenomix provide genetic testing services that reveal a person's genetic susceptibility to certain health issues and dietary requirements. Personalized supplement suggestions are supplied based on the results to maximize nutritional consumption. Furthermore, AI-powered platforms analyze massive datasets to produce tailored nutrition recommendations considering individual tastes, dietary limitations, and health objectives. Zoe, an AI-powered software, predicts customized glycemic reactions to different foods using data from large-scale research. Users obtain unique meal ratings that show how their bodies will react to various foods, helping them to make better nutritional decisions. 

Regional Analysis

North America Dominates the Global Market

The global wellness supplements market is analyzed in North America, Asia-Pacific, Europe, the Middle East and Africa, and Latin America.

North America holds the largest market share and is expected to expand at a CAGR of 6.15% during the forecast period. North America will account for a sizable percentage throughout the evaluation period. The fast-growing aging population, rising consumer health consciousness, and strong consumer spending power contribute to the region's success. The region's adoption of wellness supplements is crucial since many prominent firms are located there, notably in the United States. Manufacturers are concentrating on combining innovative technology and bespoke solutions to suit customer needs. Food and beverage packaging makers are attempting to minimize the weight to save money on raw materials and shipping expenses. The players sell their items to customers via corporate websites and physical distribution methods. Manufacturers collaborate with internet merchants like Amazon to supply items directly to customers. Supermarkets, hypermarkets, and grocery shops account for more than half of North America's regional sales of OTC dietary supplements.

Asia-Pacific holds the second place globally and is expected to grow at a CAGR of 6.28%. The Asia Pacific, wellness supplement market is predicted to develop significantly in terms of profits over the forecast period, owing to higher disposable income and growing interest in healthy lifestyles. Furthermore, development in the Asia-Pacific market is expected to accelerate as awareness of the need for strengthening/improving nutrition grows in growing nations such as India, China, Indonesia, and Malaysia. China has the highest revenue share. The Asia Pacific region's major markets have been recognized as Japan, China, and India. China has been the region's major exporter, India's populace has been eagerly acquiring and taking nutritional supplements, and the COVID-19 epidemic has partly fueled market expansion. Among the supplement varieties, sales of immunity-boosting pills have increased dramatically. In addition, regulatory support for investment promotion, retail market expansion, and government activities are expected to drive the growth of target Markets in this field in the coming years. 

Europe is expected to grow at a CAGR of 5.94%. The European wellness supplement industry is also expected to grow significantly during the forecast period. Obesity has increased dramatically across Europe. According to Eurostat data, 53% of the European population was overweight in 2019, and 36% was obese. Obesity and overweight persons are more prevalent in the older population. The population aged 65-74 years accounted for 66% of the total. Obesity has been a key contributor to the rise of noncommunicable illnesses such as diabetes, hypertension, and cardiovascular disease. The elements above have also significantly contributed to the expansion of the European market. Europe has experienced an increase in demand for multivitamins and immune-boosting supplements. The shift in attitude toward health and fitness, as well as a more holistic approach to achieving fitness and health objectives through functional foods and nutritional supplements, gained popularity during COVID, and the trend is expected to continue. This is a significant driving force in the expansion of the European market.

The Middle East and Africa region has had a slight growth in consumer healthcare product sales in recent years, which is projected to continue. Healthcare spending has risen in many nations over the last decade, and the Middle East and North Africa are following suit, owing to improved health knowledge about health and lifestyle modifications. The rise in consumer healthcare items indicates that individuals are becoming more concerned about their health by supplying their bodies with proper nutrients.

Segmental Analysis

The global wellness supplements market is segmented based on product type, functional food and beverages, application, and region.

The market is segmented by product type into Dietary Supplements, Vitamins, Minerals, Protein, and Herbal.

Dietary Supplements hold the major share in the market and are expected to grow at a significant share during the forecast period.

Dietary Supplements

Dietary supplements occupy the market due to their vast health benefits and pervasive use. Vitamins, minerals, amino acids, enzymes, and botanical extracts are examples of dietary supplements intended to supplement the diet. They are available in various forms, such as capsules, tablets, granules, and liquids, making them convenient and easy to consume.

Vitamins

Vitamins are organic compounds essential to the body's correct functioning. They perform crucial functions in the metabolism, the immune system, and numerous biochemical processes. Common vitamin supplements include vitamin C, vitamin D, B-complex vitamins, and vitamin E.

Based on functional food and beverages, the market is further segmented into Omega Fatty Acids Fortified Food, Probiotic Fortified Food, Branded Iodinated Salt, Branded Wheat Flour, Energy Drinks, and Sports Drinks.

Omega Fatty Acids Fortified Food occupies the major share and is expected to have the highest CAGR.

Omega Fatty Acids Fortified Food

Increasing awareness of the health advantages of omega-3 fatty acid-enriched foods has increased their popularity. Essential for cardiovascular health, cognitive function, and inflammation reduction. Consumers are actively pursuing fortified milk, eggs, and spreads to readily incorporate these health-promoting fatty acids into their diets and promote overall wellness.

Probiotic Fortified Food

As consumers become more aware of the significance of a healthy intestinal microbiome, demand for probiotic-enriched foods such as yogurt and fermented foods has increased. Probiotics aid digestion, strengthen the immune system and promote digestive health, all contributing to the expanding market for functional food options.

The market is further bifurcated into Home Care, Hospital, and Chemical by Application.

Home care topped the market and is anticipated to grow significantly during the forecast period.

Home Care

The home care segment consists of wellness supplements that are intended for individual consumption in the home. These dietary supplements are widely available over-the-counter (OTC) at various retail stores, pharmacies, and online retailers. The target market for home care wellness supplements is consumers seeking to better their overall health and well-being, support specific health objectives, and fill potential nutritional gaps in their diets.

Hospital

The hospital segment includes wellness supplements utilized in hospitals, clinics, and other healthcare facilities. In this context, healthcare professionals may prescribe or recommend supplements to patients as part of their treatment plans or recovery regimens. Often, hospital-based wellness supplements treat specific health conditions or aid in patients' recovery.

Recent Developments

• July 2023- Nestlé introduced an innovative technology that reduces the sugar content of essential ingredients.
• 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.