January 17th, 2023
The Health Supplement is a product that contains health ingredient such as vitamins, amino acids, minerals, botanicals, enzymes, and many other products in the form of capsules, tablets, soft gels, liquids, gelcaps, or powders for implementing further nutritional value to the body. Today majority of the adults across the globe consume health supplements to improve their health. The global health supplements market is accounted to register a CAGR of 7.80% by 2029.
The report "Global Health Supplements Market, By Type (Dietary Supplements, Body Building Supplements, Eye Health Supplements, Specialty Supplements, and Others), By Ingredients (Vitamins & Minerals, Amino Acids, Botanicals, Enzymes, and Others), By Application (Cardiology, Rheumatic Disorders, Allergy, and Others), By End-user (Adults, Geriatric, Pregnant Women, Children, and Infants), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In January 2020, Herbalife Nutrition launched a new product Beta Heart, which is specially designed to maintain cholesterol levels in the blood. It is a vanilla-flavoured product. Herbalife is a global leader in the field of nutrition supplements and has a wide range of products to help consumers in achieving better health.
· In May 2019, BASF and Glycosyn signed a partnership agreement for the development and commercialization of human milk oligosaccharides (HMOs) for broad use in dietary supplements, functional nutrition, and medical food. The strategic partnership includes an exclusive license of Glycosyn´s patent portfolio for gut health beyond infant nutrition to BASF. The agreement aims to improve gastrointestinal health in adolescents and adults, along with broadening the applications of HMO for further health conditions.
Health supplements are used to reduce the risk of diseases. However, it can not be considered as an alternative to a complete meal, which is essential for a healthy diet. Health supplements also help with the treatment of cardiology, rheumatic disorders, and allergy. Therefore, wide range of applications propels the growth of global health supplements market. Moreover, growing concern towards improving the quality of health is driving the growth of heath supplements market worldwide. According to the data published by the Council for Responsible Nutrition, in 2015, nearby 68% of Americans take dietary supplements and 84% of Americans are confident about the quality, safety, and effectiveness of the supplements.
Furthermore, increasing urbanization, rising awareness about the functional benefits of health supplements, and changing lifestyles are factors influencing the market growth of health supplements. Additionally, rising concerns about the maintenance of health to avoid later treatment, treating illnesses, ensuring adherence to recommended dietary requirements, developing pharmaceutical and retail industries, and rapid advancements in product offerings also influence growth of the target market.
Key Market Insights from the report:
The market report has been segmented on the basis of type, ingredients, application, end-user, and region.
· By type, the dietary supplements segment is driven by the hectic work schedules among working individuals along with fluctuations in diet intervals. These factors have promoted the sale of dietary and nutritional supplements in the form of liquids, powder, and capsules around the world.
· By ingredients, vitamin segment dominated the target market in terms of highest total market share in 2019. Vitamins are the majorly used ingredient for the formation of dietary supplements due to its ability to be easily excreted by kidneys. These products are estimated to find more application among sports athletes and working professionals in the form of multivitamin powders, tablets, and liquids.
· By application, cardiology segment dominated the target market in 2019, owing to the growing prevalence of the disease. Further, advantages associated with plant-extracted drugs over synthetic drugs are factors projected to boost the market during the forecast period.
· By end-user, adults segment dominated the target market in terms of the market share of in 2019. Growing awareness regarding fat reduction and rising focus on enhancing nutrition intake is projected to drive the segment growth over the forecast period.
· By region, North America led the global health supplements market due to availability of major market players in this region, which are launching quality products for capturing the largest market share. Also, the government support for research & development and presence of funds for research is fueling the health supplements market. For instance, the U.S. and Canada countries are growing their investments in the healthcare domain.
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The prominent player operating in the global health supplements market includes Herblife International, BASF SE, The Nature's Bounty Co., Bayer AG, E. I. du Pont de Nemours and Company, Amway, Glanbia plc, Abbott Laboratories, Alticor, Inc., and GlaxoSmithKline Limited.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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