The rise of the wellness supplements industry is mainly driven by factors such as rising geriatric population, growing prevalence of chronic diseases, rising awareness about benefits of wellness supplements and rising healthcare costs.
According to a new research report, the Global Wellness Supplements Market was worth USD 183.2 billion in 2016 and estimated to be growing at a CAGR of 6.45%, to reach USD 250.41 billion by 2021.
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Wellness supplements are additional substances introduced into the human diet to add further nutritional value for enhanced health. Supplements generally include vitamins, minerals, fiber, fatty acids and amino acids.
According to the FDA, supplements are defined as products which are not pharmaceutical drugs, food additives or conventional food and which is intended to supplement a person’s diet.
The intended use of wellness supplements is to ensure that a person gets enough essential nutrients. They cannot be used to treat any disease or as a preventive measure for any disease.
Supplements may also cause harm in several ways when they are over-consumed, particularly in the case of minerals and fat-soluble vitamins which can accumulate in the body. Their rapid absorption in a short period of time can also cause harm to the body.
The rise of the wellness supplements market is mainly driven by factors such as rising geriatric population, growing prevalence of chronic diseases, rising awareness about benefits of wellness supplements and rising healthcare costs. The decreasing mortality rates have increased the percentage of aging population.
In spite of the numerous pros, the market is hampered by the high pricing of this product that makes them out of the reach of most parts of the society. Regulatory compliance is another reason that the market does not grow freely.
The Global Wellness Supplements market is broadly classified based on products into Dietary Supplements such as Vitamin, Mineral, Protein and Herbal, Fortified Food & Beverages such as Omega Fatty Acid, Probiotic Food, Branded Iodinated Salt, Branded Wheat Flour, Energy Drinks, Sports Drinks and Fortified Juices, Food Intolerance Products such as Gluten-free, Lactose-free and Diabetic food and Dermo-Cosmetic Skin Essentials such as Anti-Aging, Anti-Cellulite and Anti-Acne Supplements. Based on geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
The Wellness Supplements Market is dominated by North America in 2016 with the region accounting for 38% of the overall market share. North America was followed next in line by Europe and Asia-Pacific.
Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region. Another market that shows promise in the coming years is Latin America.
Major players included in Wellness Supplements Market:
- Abbott Laboratories
- Otsuka Holdings Co.
- Herbalife Ltd.
- Archer Daniels Midland Company
- Glanbia plc
- GNC Holdings
- Nu Skin Enterprises
- Grupo Omnilife
- Forever Living
- Usana Health Sciences
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