Global Wellness Supplements Market Forecast To Reach $417.87 Billion By 2028 With 8.3% Annual Growth
The Business Research Company’s Wellness Supplements Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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The wellness supplements market has seen significant growth, rising from $281.57 billion in 2023 to $303.79 billion in 2024, with a compound annual growth rate (CAGR) of 7.9%. This increase can be credited to heightened health awareness, an aging population, a shift towards preventive healthcare, expanding retail channels, and the growing influence of holistic health practices.
What Is the Projected Market Size of the Global Wellness Supplements Market and Its Growth Rate?
The wellness supplements market is expected to maintain robust growth, anticipated to reach $417.87 billion by 2028, with a compound annual growth rate (CAGR) of 8.3%. This growth during the forecast period is driven by an increasing emphasis on immune health, advancements in digital health and e-commerce, growing personalization and customization trends, and heightened demand for plant-based supplements. Key trends include regulatory compliance and transparency, global expansion and market penetration, collaborations with healthcare professionals, and the rising popularity of clean-label products.
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What are the Key Drivers Fueling Growth in the Template Market?
The growing emphasis on healthy living is expected to drive the market going forward. A healthy lifestyle promotes energy and reduces disease risks through exercise, good nutrition, sufficient sleep, and the use of wellness supplements. This encourages individuals to integrate supplements into their daily routines.
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Who Are the Key Players Driving Growth in the Wellness Supplements Market?
Key players in the market include Archer Daniels Midland Company, Pfizer Inc., Nestle SA, Bayer AG, Abbott Laboratories, Suntory Holdings Ltd., Otsuka Pharmaceutical Co Ltd., Haleon PLC, Amway Corporation, Glanbia PLC, Herbalife Nutrition Ltd., The Bountiful Company, GNC Holdings Inc., USANA Health Sciences Inc., Shaklee Corporation.
What Emerging Trends Are Influencing the Wellness Supplements Market Size?
Product innovations are a significant trend gaining traction in the wellness supplements market. Leading companies in this sector are introducing new products to enhance their market presence.
What Are the Segments of the Global Wellness Supplements Market?
1) By Product Type: Dietary Supplements, Vitamin, Mineral, Protein, Herbal
2) By Functional Food and Beverages: Omega Fatty Acids Fortified Food, Probiotic Fortified Food, Branded Iodinated Salt, Branded Wheat Flour, Energy Drinks, Sports Drinks
3) By Application: Home Care, Hospital, Chemical
Geographic Overview: North America at the Helm of the Wellness Supplements Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Understanding the Definition of the Wellness Supplements Market
A wellness supplement is a product that individuals incorporate into their diet, containing one or more nutritional elements like vitamins and minerals. Unlike pharmaceuticals, wellness supplements are not subject to the same safety and effectiveness testing requirements.
The Wellness Supplements Global Market Report 2024 from The Business Research Company includes the following key information:
•Market size data for both historical and future periods
•Analysis of both macro and microeconomic factors that have impacted the market over the past five years
•Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
•Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Wellness Supplements Market Report: Trends, Opportunities, Strategies, and More
The Wellness Supplements Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into wellness supplements market size, wellness supplements market drivers and trends, wellness supplements market major players, wellness supplements competitors’ revenues, wellness supplements market positioning, and wellness supplements market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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