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The Booming Wellness Supplements Market Is Driven By Rising Health Consciousness
The wellness supplements market includes a wide range of products such as vitamins, minerals, herbal supplements, functional food and beverages, and sports supplements. These products provide additional health benefits beyond basic nutrition and help fulfill the nutritional needs that cannot be met entirely by a normal diet. The rising prevalence of lifestyle diseases and increasing health consciousness among people regarding a healthy diet is boosting the demand for wellness supplements globally.
The Global wellness supplements market is estimated to be valued at US$ 270.10 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the wellness supplements market are Abbott, Reckitt Benckiser Group PLC., Hexagonnutrition Ltd., Nestlé, Danone, Baxter, Fresenius Kabi AG, B. Braun SE, Perrigo Company plc, Sun Pharmaceutical Industries Ltd., Centrum (GSK plc.), BASF SE, DSM, Zeon Lifesciences Ltd., Cipla Inc., ADM, Amway Corp., and Glanbia PLC. The growing health awareness and rising disposable income in developing regions has increased the demand for wellness supplements. The leading players are focusing on expanding their presence in developing regions through mergers and acquisitions to gain a larger market share.
The increasing prevalence of lifestyle diseases and health issues due to changing dietary patterns and busy lifestyles has boosted the demand for Wellness Supplements Market Growth globally. Moreover, increasing awareness regarding the role of diet in maintaining optimal health and prevention of diseases is further propelling the market growth. Further, rising disposable income allows consumers to spend more on wellness and fitness, which is catalyzing the demand for dietary supplements.
Market drivers
The rising geriatric population globally is one of the major drivers of the wellness supplements market. Elderly people are more prone to nutritional deficiencies and require additional supplements to fulfill their daily nutrient requirements. With the growing aging population, the demand for wellness supplements is expected to increase significantly over the forecast period. Moreover, the increasing popularity of the clean label and organic wellness trends is fueling the growth of the organic and plant-based supplements segment.
The current geopolitical tensions and conflicts around the world are deeply impacting the growth of the wellness supplements market. With rising security concerns and economic uncertainties due to the ongoing Russia-Ukraine conflict, consumers in Europe are becoming increasingly risk-averse in their spending. This is negatively affecting the demand for nutritional and dietary supplements which are considered non-essential products. Rising inflation pressures stemming from high energy and commodity prices are further reducing consumers' disposable incomes and purchasing powers in both Europe and other parts of the world like Asia and Africa which import commodities from these regions. All these factors are collectively dampening the spending power of customers on wellness products.
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