Wellness Supplements Market

Market Definition:

The global Wellness Supplements Market was valued at USD 272.26 billion in 2023 and is predicted to reach USD 435.19 billion by 2030, with a CAGR of 6.9% from 2024 to 2030. The wellness supplements market refers to the industry involved in the production, distribution, and sale of dietary supplements such as vitamins, minerals, herbal extracts, probiotics, and others.

The health supplements manufacturers provide a wide range of these products, aimed at addressing various health concerns, including immune support, digestion, weight management, joint health, cognitive function, and others, aimed at bolstering the overall health and well-being of consumers. These supplements serve as complements to regular diet and lifestyle, promoting optimal health and preventing deficiencies.

Market Dynamics and Trends

The increasing consumer preference for food and beverages, driven by factors such as taste, convenience, and quick absorption, has prompted manufacturers to diversify the flavor options in their existing beverage supplements. This, in turn, contributes to the overall expansion of the wellness supplements market.  

As consumers seek comprehensive solutions to optimize their health, the demand for nutritious food and beverages continues to rise, driving innovation and growth in the market. For instance, In April 2023, Herbalife, a global manufacturer of dietary supplements, unveiled a new addition to its beverage product line. They introduced a caramel macchiato flavor for their high-protein iced coffee, providing consumers with a low-fat, low-sugar, high-protein, and caffeine-infused option.

Additionally, the increasing awareness of healthy lifestyle among mass population and the desire to maintain physical fitness have prompted individuals to opt for wellness supplements such as vitamin capsules, chewable tablets, and more. This shift in consumer behavior played a significant role in the global expansion of the wellness supplement market.

For instance, in May 2022, the National Institute of Health revealed that 15% of individuals in the United States use dietary supplements for weight reduction. This heightened expenditure on weight-loss supplement pills is contributing to the growth of the healthcare supplements market.

Moreover, as per the Ministry of Food Processing Industries, India's nutraceutical market, set to reach USD 18 billion by 2025 from its present value of USD 4-5 billion, which is significantly contributing to the overall growth of the wellness supplement market. This expansion is primarily fueled by the remarkable 22% annual growth in the dietary supplements sector, projected to rise from USD 3924.44 million in 2020 to USD 10,198.57 million by 2026.

However, the high cost of wellness supplements hinders broad adoption of the product, particularly for budget-conscious consumers which restrains the growth of the market. On the other hand, the emergence of plant-based supplement products represent a significant opportunity for the wellness industry.

As consumer preferences continue to evolve towards sustainable and plant-focused lifestyles, the introduction of these products is poised to capitalize on this growing trend. With increasing awareness of the health benefits associated with plant-based diets and the rising demand for natural, ethically sourced ingredients, the market is expected to expand substantially in the coming years.

As an example, in February 2023, Hebalife International, Inc. introduced Herbal V, a range of plant-based supplements, including two protein drinks and various dietary supplements, to improve digestion and immunity. This introduction underscores the industry's response to the rising demand for plant-based alternatives and provides a promising future for the wellness supplement market.

Market Segmentations and Scope of the Study

The wellness supplement market share is segmented into products, nutricosmetics, and Demographic. On the basis of product, the market is classified into dietary supplement, functional food and beverages, food intolerance, and others.

On the basis nutricosmetic, the market is divided into skin care, hair care, weight management, and other. On the basis of demographic, the market is categorised into millennials, aging population, and fitness enthusiasts. The regional breakdown includes North America, Europe, Asia-Pacific, and Rest of World (RoW).

Geographical Analysis

North America region holds the dominant share of the wellness supplement market at present and is expected to continue dominating the market during the forecast period. The rising health awareness among consumers due to healthcare campaigns, easy access to health information, celebrity influence, and others is a driving force behind the growth of the wellness supplement industry in this particular region.

According to a report published by the National Institutes of Health, in December 2021, the sale of the supplements increased 435 million in the U.S. where multivitamin alone reached the demand 120 million units during the first phase of pandemic. 

Also, the presence of key market players such as GNC Holdings, LLC,  Honest Company and others are adopting strategies to increase their market presence over the region further propel the growth of the market.

These established players contribute to the dynamism and competitiveness of the industry, offering a diverse range of products to cater to evolving consumer needs. Their presence highlights the robust demand for wellness supplements in North America and emphasizes the region's pivotal role in driving innovation and growth within the market.

For instance, in August 2022, GNC Holdings, LLC and The Honest Company partnered to introduce four unique women's wellness supplements, including Nightly Sleep Health, Daily Mood Balance, Daily Immune Support, and Postnatal Hair Wellness. These products support women in achieving their health goals which is consequently contributing to the growth of the market.

On the other hand, Asia-Pacific is expected to show a steady rise in the wellness supplement market. The growing adoption of wellness supplements among the expanding elderly population in the Asia-Pacific region is a notable trend that reflects shifting healthcare priorities and lifestyle choices.

As life expectancy rises and awareness of preventive healthcare increases, more seniors are turning to wellness supplements to support their overall well-being and address age-related health concerns.

This demographic shift is fueled by various factors, including changing dietary habits, increased disposable income, and advancements in healthcare infrastructure. Additionally, the desire for improved quality of life and a proactive approach to health maintenance are driving seniors to explore the benefits of supplementation.

According to the National Library of Medicine, the proportion of individuals aged 60 years and above in China is projected to rise from 12.4% (168 million) to 28% (402 million) by 2040 which in turn boosts the market growth.

Furthermore, the rising emphasis on skincare in this region has prompted companies such as Nestle to introduce new skincare items, such as herbal lotions and creams. This in turn is contributing to the growth of the market.

For instance, in November 2022, Nestle India partnered with farmers to obtain ingredients such as turmeric and amla for developing new products. Furthermore, Nestle India is introducing oral supplements to address prevalent skin conditions in India leading the market growth in this region.

Competitive Landscape

Various market players operating in the wellness supplements industry are Nestle, Abbott Laboratories, Mosaic Wellness Private Ltd., Otsuka Holdings Co., Ltd., Bayer AG, Herbalife Ltd., Archer Daniels Midland Company, Glanbia plc, NBTY, Inc., GNC Holdings Inc, and others. These companies are adopting various strategies including product launches, and others to enhance their product and increase their dominance over the global market.

For instance, in September 2023, Otsuka Foods Co., Ltd. introduced Match Vitamin Mikan (Mandarin Orange), expanding its MATCH line of carbonated vitamin beverages. This latest addition boasts double the vitamin C content, catering to the growing demand for wellness-focused drinks.

Additionally, in April 2022, and in May 2023, GNC, a worldwide health and wellness brand, unveiled three fresh preventive nutrition offerings and incorporated Neuro Surge into their Beyond Raw collection to support cognitive health and mental well-being. These products underscore GNC's commitment to addressing the evolving needs of the growing wellness sector and serving consumers looking for effective solutions to enhance cognitive function and overall mental wellness.

Also, in April 2022, Abbott Laboratories introduced Arachitol Gummies, in India a fresh fruit-flavoured product designed to address vitamin D deficiency in both children and adults. With this new offering, individuals, especially kids who lack vitamin D, can now easily enjoy these gummies, which they had previously avoided due to their unappealing taste.

Key Benefits

• The report provides quantitative analysis and estimations of the wellness supplement market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the wellness supplement market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the wellness supplement market is provided in the report. 

• A competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porter's Five Forces model are elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

Wellness Supplements Market Key Segments

By Product 

• Dietary Supplements

• Functional Food and Beverages

• Food Intolerance

• Others

By Nutricosmetics 

• Skin Care

• Hair Care

• Weight Management

• Others

By Demographic 

• Millennials

• Aging Population

• Fitness Enthusiasts

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France    

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 272.26 Billion
Revenue Forecast in 2030	USD 435.19 Billion
Growth Rate	CAGR of 6.9% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Increasing consumer preference for food and beverages Growing awareness of healthy lifestyle among individuals
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Nestle 

• Abbott Laboratories

• Mosaic Wellness Private Ltd.

• Otsuka Holdings Co. Ltd.

• Bayer AG

• Herbalife Ltd.

• Archer Daniels Midland Company

• Glanbia plc

• NBTY Inc.

• GNC Holdings Inc.