Germany Nutritional Supplements Market is Estimated to Witness High Growth Owing to Increasing Health Awareness Among Consumers
Nutritional supplements are products intended to provide nutrients that may otherwise not be consumed in sufficient quantities through a regular diet. These supplements are available in different forms such as tablets, capsules, softgels, and powders and are enriched with various vitamins and minerals. They are widely consumed by people belonging to diverse age groups in Germany to supplement their daily diet and ensure optimal intake of important vitamins and minerals.
The global Germany nutritional supplements market is estimated to be valued at US$ 4.56 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Germany nutritional supplements market is expected to witness high growth owing to increasing health awareness among consumers. Rising disposable incomes have enabled consumers to spend more on health and wellness products like supplements. There has also been a change in lifestyle and eating habits in Germany which has led to increasing cases of malnutrition and deficiencies. This has boosted the demand for supplements. Introduction of innovative products by manufacturers catering to specific health conditions and customized nutrient requirements of consumers will continue to support market growth over the forecast period.
SWOT Analysis
Strength: Germany has a large population and high demand for nutritional supplements. The country has a well-developed healthcare system and people are increasingly health-conscious. Germans widely consume vitamins, minerals and herbal supplements to supplement their diet and lead a healthy lifestyle. Supplement formulation and manufacturing facilities are highly developed in Germany.
Weakness: German regulations for supplements are stringent and require appropriate clinical evidence to substantiate product claims. Compliance adds to production costs. Certain locally made supplements find limited acceptance in international markets due to language and packaging constraints.
Opportunity: Popularity of veganism and plant-based diets is rising in Germany. There is scope to launch more supplements targeting this consumer base. E-commerce penetration is growing rapidly, allowing new opportunities for online sales and direct-to-consumer models. Aging population indicates future demand for supplements supporting bone, joint and cognitive health.
Threats: Rising cost of inputs affects pricing and profitability. Threat from private label brands capturing market share from established players. Economic slowdown can reduce discretionary spending on supplements. New EU regulations may tighten policies further, impacting product lines.
Key Takeaways
Global Germany Nutritional Supplements Market Size is expected to witness steady growth over the forecast period. Per capita spending on supplements is among the highest globally due to high health awareness and demand for preventive healthcare solutions. The global Germany Nutritional Supplements Market is estimated to be valued at US$ 8.3 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis: Germany dominates the European supplements market helped by favourable demographic trends of aging population and rising lifestyle diseases. The country also attracts significant overseas investments and company expansions driven by high technical competence in ingredients sourcing and product formulation. Manufacturing infrastructure is advanced with strong regulatory compliance capabilities.
Key players: Key players operating in the Germany Nutritional Supplements Market are Bayer, BASF, DSM, Nordic Naturals, Amway, Herbalife Nutrition, ADM, Suntory, Nestlé and Pfizer Consumer Healthcare. These companies enjoy strong brand recognition and market leading positions. However, private label brands from mass market chains capture over 35% value share indicating the competitiveness of the sector.
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