As per the research reports by MRFR, the global health supplements market is likely to record a healthy CAGR of over 7.18% during the review timeframe from 2017 – 2023.
Health supplements can aid in lowering the threat of disease, but they should not be mistaken for a complete meal that is mandatory for a balanced diet. The global market for health supplements has witnessed massive growth over recent times owing to the rising awareness of the need to enhance one’s health, growing health consciousness among customers, growing consumer awareness of self-diagnosed channels and customized regime possibilities, and wide availability of natural health supplements. However, the growth of the health supplements market is likely to be restricted by unfavorable publicity and fake commitment, and a lack of understanding regarding the dose of supplements.
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Competitive Analysis
The global market for health supplements has an intensely competitive landscape. The presence of a wide number of players is a key driver contributing to this dilemma. The players in the market are focusing on product developments to enhance their market footprint. The list of leading players in the global market for health supplements includes companies such as GlaxoSmithKline Limited (U.K), The Nature’s Bounty Co. (U.S.), Abbott Laboratories (U.S.), E.I. du Pont de Nemours and Company (U.S.), Herblife International (U.S.), Bayer AG (Germany), Glanbia plc (Republic of Ireland), BASF SE (Germany), and Alticor Inc. (U.S.) among several others.
Segment Analysis
The global market for health supplements has been divided into several segments based on types, end-users, ingredients, and region.
Based on application, the global market for health supplements is segmented into allergies, rheumatic illnesses, cardiology, and others.
The health supplements market is divided into research facilities, clinics, hospitals, and others based on end-users.
Regional Analysis
The global market for health supplements is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the MRFR reports, the North American region dominates the global market for health supplements. The regional market’s growth is being driven by the presence of big market participants in this area, government assistance for research and development, availability of research funding, and growing awareness among people.
The European regional market for health supplements is likely to secure the second position globally. The growth of the regional market is being driven by the rising R&D efforts and the concentration of big corporations, increased government funding for research and development, high healthcare expenditures, rising knowledge of the advantages of health supplements, and availability of improved goods.
The Asia-Pacific regional market for health supplements is likely to register the highest growth rate over the foreseeable future. The regional market’s growth is attributed to the rising demand for high-quality goods, high healthcare expenditure, a large patient population, and expanding healthcare technologies.
The health supplements market for the Middle East & African region is projected to record the slowest growth over the forecasted era due to the lack of accessible cash and healthcare knowledge.
Recent Developments
- January 2022- Bragg Live Food Products Inc. has introduced the latest supplement called Bragg True Energy Apple Cider Vinegar. The supplement comprises apple cider vinegar with six essential B vitamins to support energy at a cellular level. This offers users their daily dose of energy without the side effects of caffeine. Each dose comprises 750 mg of acetic acid equal to one tablespoon of liquid apple cider vinegar. Acetic acid lowers the absorption of carbohydrates, causing the reduction of blood sugar spikes.
- January 2022- ANJAC Health & Beauty (ANJAC), an industrial group focusing on the designing, production, and filling of cosmetics, food supplements, drugs, and medical devices, announces the latest milestone via the acquisition of a Canadian-based company, APOLLO Healthcare Corp., focusing on the development and production of OTC, personal care, and wellness products. The deal reinforces ANJAC’s international expansion and reinforces the group’s Health and Beauty offerings to profit international brands and laboratories.
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