Wellness Supplements Market Set to Witness Explosive Growth by 2032

The global wellness supplements market size was valued at USD 151.9 billion in 2021 and is projected to reach around USD 390.0 billion in 2030 exhibiting a CAGR of 9.0% in the forecasted period.

The growing consumer awareness concerning personal health and wellbeing, increasing dependence on the supplements to fulfil the nutrient requirement owing to their high accessibility are fueling the market growth. Moreover, rising geriatric population, growing interest in preventive healthcare, and developing interest in attaining wellness over diet are anticipated to augment market growth over the forecast period.

Increasing spending on healthcare products, the rising geriatric population, rising interest in preventive healthcare, and growing interest in attaining wellness through diet are expected to augment market growth over the forecast period. Several health clubs, fitness centers, and gymnasiums coupled with rising awareness about fitness among the youths is projected to grow the demand for energy and weight management. Rising acceptance of sports as a career is estimated to grow the demand for sports nutrition which in turn profits the market for wellness supplements.

The first-time outbreak of the COVID-19 pandemic has largely affected North America and European countries such as the US, the UK, Italy, Spain, France, and Germany. The wellness supplement industry is largely concentrated in these regions which in turn aided from the situation as the market witnessed a surge in demand for immunity-boosting supplements.

In the middle of the global pandemic, consumers required extra protections from viral disease and infections based on the awareness regarding the supplement that it provides several health benefits and has immune-boosting properties if consumed. Furthermore, in the U.S. before the pandemic, the sales of wellness supplement sales augmented by 5% in 2019 compared to the 2018. However, there was a 44% rise in sales in first quarter of the primary wave of the pandemic, comparative to the same period in 2019. Consequently, COVID19 pandemic has brought multifold growth towards the wellness supplements market.

Dietary Supplements Insights

Vitamin wellness supplements segment has generated a revenue share of more than 30% and dominated the global wellness supplements market in 2020. The rapid growth in the adoption of supplements has offered a huge growth opportunity to the wellness supplements brands that has fostered the growth of the vitamin segment.

The protein segment is anticipated to be the fastest-growing segment during the forecasted period. Due to the growth elderly population number, the need and demand for supplements like added wellness nutritional is growing, as the consumers are considering for enhanced sources in order to permit the body to obtain comprehensive nourishment. Moreover, rise in expenditure over these products especially among baby boomers generally drives the market growth of the proteins wellness supplements. Energy and weight management product companies are lately focusing more on integrating nutraceutical ingredients to improve the nutritional value of the products. It has increased the demand for the fibres and specialty carbohydrates that are incomprehensible by humans but help to decrease cholesterol levels, weight management, and control blood sugar level.

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Functional Food & Beverages Insights

Sports drink is the leading market segment. The sports drinks that contain protein helps maintain lean muscles in athletes, and encourage building of new muscles in bodybuilders and while products containing electrolytes, carbohydrates, minerals, and other nutrients aids in energy, hydration, and nutrition to the body.

Infant formula is the fastest booming segment, change in lifestyle, increase in middle class population, growing disposable income in developing nations such as India, Indonesia, China, and increase in awareness about great nutritional content in the infant formula turns to be the fastest increasing segment of the market.

Region Insights

North America leads the wellness supplements market owing to the rise in the aging population. Additionally, the increasing health consciousness and awareness among customers is expected to further propel the wellness supplements market growth in the region during the forecasted period. Moreover, Asia-Pacific is projected to have substantial growth rate in the market of wellness supplements due to the dynamic consideration of the customers towards recovered and fit lifestyles. Additionally, the rising awareness concerning wellness products and upsurge in the buying power is further projected to fuel the wellness supplements market growth in the region.

On the other hand, Asia Pacific is anticipated to register a stable growth pace during the forecasted period. The growth of the region is majorly contributed by the shifting focus of the consumer towards improved lifestyles along with the increasing awareness and approval regarding wellness products. The rising consumer disposable income is further boosting the uptake of wellness supplements in the region.

Key Companies Insights

Key players are aiming on their technological partnerships, collaborations, and merger & acquisitions policies to gain a competitive edge and expand their product portfolio & business footmark. The ongoing COVID-19 pandemic hindered the healthcare systems worldwide and driven market players to update products for unexploited prospects.

Some of the key players operating in the global wellness supplements market include:

· Life Extension

· OPTAVIA LLC

· Beachbody LLC

· Nature's Sunshine Products, Inc.

· Organo Gold

· Thrive Life, LLC

· Phytoscience Trévo

· Oriflame Cosmetics AG

· Melaleuca Inc

· Amway

· Shaklee Corporation

· Arbonne International, LLC

· Forever Living.com

· Juice Plus+

· Abbott

· Herbalife International of America, Inc

· Isagenix Worldwide LLC

· Nikken Inc

· Wellness Resources, Inc

· The Daily Wellness Company

· Otsuka Holdings Co. Ltd

· Glanbia plc

· Nestle

· Nuskin

· USANA Health Sciences

· Other players

Some of the Recent Developments:

· In February 2018, Archer Daniels Midland Company (ADM) signed an agreement with Cargill to initiate a joint venture for offering soybean meal and oil for customers in Egypt.

· In September 2017, Archer Daniels Midlands Company (ADM) collaborated with Mayo Clinic for personalized nutrition products.

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Segments

By Dietary Supplements

· Vitamins

· Minerals

· Botanicals

· Probiotics

· Fatty Acids

· Proteins

· Others

By Functional Food & Beverages

Functional Bakery and Confectionary
Functional Dairy
Energy Drink
Sports Drink
Infant Formula and Baby Food
Others

By Consumer Groups

· Infants

· Children

· Adults

· Pregnant

· Geriatric

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