The North America Wellness Supplements Market was worth USD 69.62 billion in 2016 and estimated to be growing at a CAGR of 5.99%, to reach USD 93.12 billion by 2021.
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Wellness supplements are substances that you eat or drink and contain vitamins, minerals, herbs or other plants, amino acids or parts of these substances with the intention of providing the human body with nutrition to supplement a balanced diet. They can come in various forms including pills, capsules, tablets or in liquid form.
They only serve as a supplement for the diet and should not be considered as a substitute.
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Inspite of their health benefits, they also pose a significant threat to your heath if consumed in excessive quantities.
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Like conventional medicines, dietary supplements also cause side effects in some cases or may trigger allergic reactions. Some common examples include, use of calcium and vitamin D supplements for stronger bones and use of folic acid supplements by pregnant women to prevent birth defects.
Factors driving the growth of the wellness supplements market in this region include rising geriatric population, include growing incidence of chronic diseases and increasing focus of consumers towards healthy lifestyles. The high demand for dermo-cosmetic products in the region is another driver for the market.
The high number of diabetics and lactose intolerant patients also form a niche market that drives the industry. Inspite of being a financially rich region, the excessive costs of the products still put most high-end wellness products beyond the reach of the normal man.
This along with the numerous protocols regarding manufacture of wellness supplements is expected to restrain the market.
The North America 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 North America market is split in USA and Canada.
The North American market is expected to dominate in the coming years as well, it is currently the largest revenue generator of the segment and holds over a third of the market share. The CAGR of the region is low as compared to other regions but this can be attributed to the fact that the region is mostly developed.
The major market players in the wellness supplements market are Nestle S.A. (Switzerland), Abbott Laboratories (U.S.), Amway (U.S.), Otsuka Holdings Co., Ltd.
(Japan), Herbalife Ltd. (U.S.), Archer Daniels Midland Company (U.S.), Glanbia plc (Ireland), NBTY, Inc. (U.S.), GNC Holdings Inc. (U.S.), and Nu Skin Enterprises, Inc.
(U.S.). Other players in the market include Grupo Omnilife (Mexico), Forever Living (U.S.), Pola, Inc. (Japan), Shaklee Corporation (U.S.), and Usana Health Sciences Inc.
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