Health supplements are a diverse group of products that consumed for the purpose of supplementing the diet as well as enhancing health. Health supplements typically made up of ingredients derived from natural sources. However they are not meant to prevent, cure, treat, or alleviate the symptoms of medical diseases or conditions.
According to the report by Market Research Future (MRFR), the global health supplements market size is expected to surge at a CAGR of 7.8% during the forecast period (2017-2023).
Drivers and Restraints
One primary factor that the growth of the health supplements market could be chalked up to is the increased marketing toward women by supplement manufacturers. Growing awareness regarding the importance of taking preventative measures related to health, coupled with the increasing size of the aging population worldwide is highly instrumental in the growth of the health supplements market. Also, the continuously growing influence of media advertising about pharmaceuticals along with the significant advancements in the products are are having a tremendous influence on the health supplements market.
A key trend permeating the market for health supplements is the growing popularity of organic supplements. Organic diets are outpacing regular food at a steady pace, with millennials accounting for a sizeable portion of the consumers across the world. Hence, a number of companies are now focusing on producing more organic certified supplements to gain a competitive advantage in the health supplements market.
BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), Alticor Inc. (U.S.), The Nature's Bounty Co. (U.S.), Abbott Laboratories (U.S.), Herbalife International (U.S.), GlaxoSmithKline Limited (U.K), Bayer AG (Germany), Glanbia plc (Republic of Ireland), are few of the players in the health supplements market.
The global market for health supplements is segmented on the basis of types, application, ingredients and end user.
By type, the market is segmented into dietary supplements, bodybuilding supplements, eye health supplements, specialty supplements, and others. The market for dietary supplements is growing at a health rate due to rising alertness regarding calorie reduction among athletes and gym professionals, promoting the application movement, especially in sports nutrition industry.
By application, the market is segmented into cardiology, rheumatic disorders, allergy, and others.
Ingredients-wise, the market is segmented into vitamins minerals, amino acids, botanicals, enzymes, and others. Growing consumer awareness about the importance of vitamins minerals, amino acids, botanicals, enzymes, as well as other components present in health supplements is expected to bolster the development of all these segments during the forecasted period.
Based on end-user, the market is segmented into hospitals, clinics, research centers, and other.
The Americas is leading the global health supplements market backed by the strong presence of major players in the region, who are introducing quality products that capture maximum market share. Also, the government support for research development along with the availability of funds for research is fostering the health supplements market as well. Countries such as the United States (U.S) and Canada are increasing their investments in the healthcare sector, thereby, propelling the overall growth of the health supplements market in the region.
It is predicted that Europe is holding the second position in the global health supplements market owing to the availability of advanced products, growing awareness about the benefits of health supplements, high health care spending, and strong government support for research development. Apart from this, increased RD activities coupled with the concentration of major companies is proving to be highly beneficial for the growth of the health supplement market in the region.
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