Wellness Supplements Market Size To Worth US$ 474.31 Bn By 2032

The global wellness supplements market was valued at US$ 240 billion in 2022 and is expected to grow around US$ 474.31 billion by 2032, poised to grow at a CAGR of 7.10% from 2023 to 2032.

Wellness supplements are vital for maintaining a healthy life. Supplements contain all the minerals in sufficient amount to meet the daily requirement of the human body. Wellness supplement usually contain vitamin D, calcium, vitamin b12 and folic acid. Breast feeding and pregnant women regularly consume these supplements as it contain folic acid in sufficient amount, which is a vital requirement for them. In addition, strict vegetarians further do not get enough zinc, vitamin B12, and iron, which can be further, be supplemented using wellness supplement tablets.

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Furthermore, surge in health consciousness among consumers around the world is one of the key factors rising the demand for wellness supplements. Globally, consumers are progressively realizing the benefits of preventive health over treatments, thereby exhibiting a shift toward healthier lifestyles. Moreover, the rising disposable income of consumers in developing regions is fostering the sales, thereby augmenting the market growth.

Report Highlights

Based on the dietary supplements segment, the vitamin segment dominated the market, garnering a market share of around 25% in 2020. This is attributed to the rapid growth in the adoption of supplements has offered a huge growth opportunity to the wellness supplements brands that has fostered the growth of the vitamin segment. However, protein segment is expected to be the fastest growing segment during the forecast period.
Based on the functional food & beverages, the sports infant formula is estimated to be the most opportunistic segment during the forecast period. However, the sports drink segment is the dominating market segment owing to the growing consumer inclination towards sports and fitness.

Regional Snapshot

North America region dominates the market owing to the rise in the aging population. Furthermore, the rising health consciousness among consumers further boosts the growth of the wellness supplements market in the North American region during the forecast period. However, Asia-Pacific is projected to witness significant growth in the wellness supplements market owing to the changing preference of the consumer towards healthier lifestyles. Moreover, the growing acceptance of wellness products and increase in the consumer disposable income is further anticipated to propel the growth of the wellness supplements market in the region.

Table of Contents

Scope of the Wellness Supplements Market Report

Report Coverage	Details
Market Size	USD 474.31 Billion by 2032
Growth Rate	CAGR of 7.10% from 2023 to 2032
Base Year	2022
Largest Market	North America
Fastest Growing Market	Asia Pacific
Forecast Period	2023 to 2032
Segments Covered	Dietary Supplements, Functional Food & Beverages, Region

Wellness Supplements Market Dynamics

Drivers: Aging population to drive the market growth

Consumers across the world are becoming more and more health-conscious with time, which is boosting the wellness supplements market. The elderly population of some countries, such as Italy, Japan, Portugal, and Germany, is another key factor that is projected to drive the whole market. In addition, the elderly population is concentrating more towards the adoption of nutritional supplements specifically customized as per their needs in order to maintain their quality of life and goof health. The process of aging results in various variations in an individual, including physiological, psychological, and social, which affects their food choices. In addition, aging population rising relies on tailored dietary consumption patterns and habitual food choices. With rising mobility concerns and bone health, consumers have become more aware regarding the healthy aging and disease prevention. Therefore, augmented demand for supplemental nutrition solutions that align with the nutritional needs of aging consumers is observed which is propelling the current market growth.

Restraints: High cost of dietary supplements

Technology and science are helping consumers to identify foods that will help them manage their overall health and body weight. Wellness supplements involve significantly high costs, which might act as a restraint for the growth of the wellness supplements market. Few players, such as Amway, provides supplements under the brand name Nutrilite, which is notably expensive. Wellness supplements also include the high cost of customization and research. Therefore, these supplements being less economic might restrict the growth of the market, particularly in price-sensitive or developing countries such as South Africa and India.

Opportunities: Shift toward plant-based supplements

The demand for the ingredients of plant based protein is growing at a high pace consumers are switching towards plant-based protein from animal based protein. This is likely to move the consumers towards plant-based botanicals and supplements, by further creating myriad opportunities for the growth of herbal supplements in the wellness supplements market.

Challenges: Consumer skepticism associated with nutraceutical products

Nutraceutical products such as wellness supplements have witnessed a high demand in the previous years, a majority of the population is cynical regarding the consumption of nutraceutical products, in particular regarding the dietary supplement products. Furthermore, the rise in lack of awareness among rural and semi-urban consumers about wellness supplements and the lack of education regarding the same dejects the key players from investing. This population contributes towards a main share of the non-dietary supplement consuming section in the non-developing and developing countries. In addition, consumers are unaware regarding the difference between pharmaceutical drug and dietary supplements and are apprehensive to include the same in their daily dietary lifestyles which is the major challenging factor of the market.

Some of the prominent players in the global wellness supplements market include:

Nestle S.A.
Abbott Laboratories
Amway
Otsuka Holdings Co., Ltd.
Herbalife Ltd.
Archer Daniels Midland Company
Glanbia plc
NBTY, Inc.
GNC Holdings Inc
Nu Skin Enterprises, Inc.

Segments Covered in the Report

By Dietary Supplements

Vitamin
Mineral
Botanical
Probiotics
Fatty Acid
Protein
Others

By Functional Food & Beverages

Functional Bakery and Confectionary
Functional Dairy
Energy Drink
Sports Drink
Infant Formula and Baby Food
Others

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa