Wellness Supplements Market Size, Share, Trends, Growth 2030

Wellness Supplements Industry Prospective:

The global Wellness Supplements market size was worth around USD 223.4 billion in 2022 and is predicted to grow to around USD 369.1 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030.       

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Wellness Supplements Market: Overview

Supplements for wellness are substances created to boost the nutritional content of a person's diet to enhance their general health. In years to come, it is anticipated that the worldwide market for wellness supplements will grow quickly due to the increasing prevalence of eating disorders and health issues. Among the wellness supplements on the market are dietary supplements, food intolerance products, functional or fortified foods and drinks, and derma-cosmetic skin requirements.

The need for healthy and cosmetic products, along with an ageing population and increased disposable income in emerging economies, would likely support the growth of the wellness supplement industry. Throughout the anticipated period, the market will grow as a result of the steady shift toward natural goods and cutting-edge technology, as well as possible growth in new markets.

Key Insights

• As per the analysis shared by our research analyst, the global Wellness Supplements market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030).
• In terms of revenue, the global Wellness Supplements market size was valued at around USD 223.4 billion in 2022 and is projected to reach USD 369.1 billion, by 2030.
• The growing product launch along with rising awareness is expected to drive the Wellness Supplements market growth over the projected period.
• Based on the product, the Dietary Supplements segment is expected to dominate the market over the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Wellness Supplements Market: Growth Drivers

The increasing ageing population drives market growth

The market for wellness supplements is expanding as a result of consumers' growing global health consciousness. One other important element that is expected to drive the entire industry is the ageing populations of various nations, such as Germany, Portugal, Italy, and Japan. Furthermore, to preserve their general health and quality of life, older people are focusing more on using nutritional supplements that are specially tailored to meet their needs. Ageing brings about several changes in a person, including social, psychological, and physiological changes that have an impact on their dietary preferences.

Furthermore, a growing older population depends on customized eating habits and eating behaviors. Customers are now more conscious of healthy ageing and disease prevention due to growing worries about mobility and bone health. As a result, there is a growing need for supplemental nutrition products that meet the dietary requirements of senior citizens, which is fueling the wellness supplements market growth.

Wellness Supplements Market: Restraints

High-cost of wellness supplements hamper market growth

Science and technology are assisting customers in identifying foods that will support healthy eating habits and weight management. The comparatively high costs associated with wellness supplements may serve as a barrier to the market's expansion. Supplements are sold under the expensive Nutrilite brand by a select few companies, such as Amway.

Customization and research come at substantial expenses when it comes to wellness supplements. As a result, the expensive nature of these supplements may limit market expansion, especially in emerging or price-sensitive nations like South Africa and India.

Wellness Supplements Market: Opportunities

Growing product launch offers a lucrative opportunity

The growing product launch by the market participants is expected to offer a lucrative opportunity for the wellness supplements industry during the forecast period. For instance, in April 2023, Herbalife, a global community and corporation focused on health and wellbeing, announced 106 new product SKUs.

The introduction of these new items demonstrates the company's continued dedication to growing and improving the range of high-quality products it offers to better serve the requirements of customers in several wellness categories and to encourage active, healthy lifestyles globally. These product lines are aimed at the wellness markets of weight control, digestion, and nutritional supplements.

Wellness Supplements Market: Challenges

Skepticism among consumers about nutraceutical goods poses a major challenge to market growth

In the past several years, there has been a surge in demand for nutraceutical goods like wellness supplements. However, most people are skeptical of consuming these products, especially dietary supplements. Moreover, the growing dearth of knowledge and education about wellness supplements among customers in rural and semi-urban areas discourages major companies from making investments.

This demographic makes up the majority of those who consume non-dietary supplements in both developing and non-developing nations. The main obstacle facing the industry is that customers are reluctant to incorporate dietary supplements into their regular diets since they do not know the difference between prescription drugs and supplements.

Wellness Supplements Market: Segmentation

The global Wellness Supplements industry is segmented based on the product and region.

Based on the product, the global Wellness Supplements market is bifurcated into Functional Food and Beverages, Dietary Supplements, Food Intolerance Products, and Demo-cosmetic Skin Essentials. The Dietary Supplements segment is expected to dominate the market over the forecast period. The paradigm change toward preventive health management methods in the face of growing healthcare expenses and the growing burden of lifestyle diseases is driving the market for dietary supplements, at least in part.

Furthermore, it is anticipated that the retail sector's digitalization will accelerate the rise of nutritional supplements. Similarly, market expansion is anticipated throughout the forecast period due to the growing popularity of herbal supplements. Supplements for energy and weight management are predicted to become more and more popular as exercise facilities, health clubs, and gymnasiums proliferate and youth fitness awareness rises. It is anticipated that as sports become more popular as careers, there will be a greater need for sports nutrition, which will support segment expansion.

Besides, functional food and beverages are expected to grow at a significant rate over the forecast period. A practical approach for consumers to include health-promoting components into their everyday routines is through functional food and beverage products. Comparably, health supplements provide portable and convenient alternatives, particularly when they come in ready-to-drink or gummy form. Additionally, innovation in the food and beverage business has led to the creation of cross-category products that combine the health advantages of supplements with the taste and practicality of food and drink. For instance, protein bars, snacks, and drinks that have been fortified with additional beneficial components.

Wellness Supplements Market: Report Scope

Regional Analysis

North America is expected to dominate the market during the forecast period

North America is expected to dominate the wellness supplements industry over the projected timeframe. People in North America are generally aware of current trends in health and wellness, especially in the United States. The advantages of nutritional and wellness supplements are becoming more well-known to consumers, which is driving up the adoption rate. Furthermore, a wide variety of health supplements, such as vitamins, minerals, herbal supplements, sports nutrition products, and more, are available in the North American market. Different formulas are available to meet the needs and preferences of different types of consumers. For instance, in August 2022, You Theory, a well-known brand of nutritional supplements, introduced a new range of liquid supplements after being acquired by Jamieson Wellness Inc. B12B6, K2D3, and ashwagandha are among the constituents in the new medication, which is available in liquid and pill form. The increased demand for nutritional supplements among American consumers is reflected in this new product introduction.

Besides, the Asia Pacific is expected to grow at the highest CAGR during the forecast period. The region's wellness supplement industry is being driven by rising health consciousness, population growth, and rising disposable incomes. Furthermore, because of these emerging nations' sizable ageing populations, the need for supplements has grown recently in countries like China, Japan, and India. The availability of raw materials is expected to present considerable investment potential in the dietary supplements market in the area, particularly for products based on ayurvedic and herbal extracts. Partnerships between established and emerging firms will probably aid in the expansion of the market in the region. For instance, in November 2023, global leaders in nutrition, health, and beauty DSM-Firmenich and Boncha Bio formed a strategic alliance in Asia. The collaboration intends to revolutionize the dietary supplement industry by bringing to market candyceuticals that combine health advantages with sensory appeal.

Wellness Supplements Market: Competitive Analysis

The global Wellness Supplements market is dominated by players like:

• The Clorox Company
• Haleon Group
• Nutriwell Laboratories
• BodyFirst Wellness Nutrition Private Limited
• Archer Daniels Midland Company
• Glanbia plc
• Amway
• NBTY Inc
• Nu Skin Enterprises Inc.
• Herbalife Ltd.
• Abbott Laboratories
• GNC Holdings Inc.
• Otsuka Holdings Co. Ltd.
• Nestle S.A.

The global Wellness Supplements market is segmented as follows:

By Product

• Functional Food and Beverages
• Dietary Supplements
• Food Intolerance Products
• Demo-cosmetic Skin Essentials

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa