Wellness Supplements Global Market Report 2024

The wellness supplements market size has grown strongly in recent years. It will grow from $281.57 billion in 2023 to $303.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growing health awareness, aging population demographics, a shift towards preventive healthcare, expansion of retail channels, and the influence of holistic health practices.

The wellness supplements market size is expected to see strong growth in the next few years. It will grow to $417.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated growth in the forecast period is driven by an increased emphasis on immune health, the growth of digital health and e-commerce, trends towards personalization and customization, and a rising demand for plant-based supplements. Major trends expected in this period include a focus on regulatory compliance and transparency, global expansion and market penetration, collaborations with healthcare professionals, and the rise of clean label products.

The wellness supplements market is expected to experience growth due to an increasing focus on healthy lifestyles. Healthy living, characterized by energy and reduced disease risk, is promoted through activities such as exercise, good nutrition, adequate sleep, and the use of wellness supplements. This trend has led to a growing consumer base seeking health-improving supplement products as part of their daily routines. For example, according to the Economic Times, the number of health-conscious consumers in India is projected to increase from 108 million in 2020 to 176 million in 2026. This shift towards healthier lifestyles is driving the growth of the wellness supplements market.

The increasing geriatric population is indeed expected to drive the growth of the wellness supplements market. As individuals age, they often require specific nutritional support and wellness products to address age-related health concerns and maintain overall well-being. Wellness supplements play a crucial role in meeting these needs by providing targeted nutritional support and promoting vitality and health in the elderly population. The data from the report by the Administration for Community Living (ACL), indicating a significant increase in the population aged 65 and older, with projections showing further growth to 94.7 million by 2060, underscores the substantial demographic shift towards an aging population. This demographic trend indicates a growing market for wellness supplements tailored to the needs of the elderly. As the elderly population continues to expand and constitute a larger proportion of the total population, the demand for wellness supplements is expected to increase, driving the growth of the market.

Innovations in products are a significant trend that is gaining traction in the wellness supplements market. Major companies in this market are focusing on developing new products to enhance their market presence. For example, Zeonutra, an Indian-based company that manufactures wellness supplement products, launched a new product called Slim Plus in February 2022. This product is organic and features unique vegan nutritional supplements containing slimbiome, making it suitable for vegan consumers. It is designed to aid in weight reduction through natural supplements.

The wellness supplements market's major companies are concentrating on developing supplements and vitamins to enhance customers' health and well-being, in response to the increasing demand for such products. For example, in April 2023, Cura360, a US-based company dedicated to making healthcare and wellness products and services more accessible and affordable, introduced its line of Wellness Supplements and Vitamins Products. This launch emphasizes holistic well-being through partnerships with well-known manufacturers, a volume discount program, and a commitment to accessibility and affordability. These initiatives address the rising demand for wellness products driven by factors such as increasing awareness, a growing elderly population, and a heightened focus on healthy lifestyles.

In March 2021, INW Group, a US-based manufacturer of dietary supplements, sports nutrition, and personal care products, acquired Capstone Nutrition for an undisclosed sum. This acquisition solidifies INW's position as a prominent full-service provider in the fragmented and high-demand health and wellness market segment. Capstone Nutrition, based in the US, specializes in developing and manufacturing high-quality health and wellness supplements.

Major companies operating in the wellness supplements market report are 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, Jamieson Intermediate Holdings Ltd., New Chapter Inc., Pukka Herbs Ltd., Gaia Herbs Inc., MegaFood LLC, Traditional Medicinals Inc., Olly Nutrition, Herb Pharm LLC, Herbaland Naturals Inc., Ritual Foods Pvt. Ltd., Fungi Perfecti LLC, Banyan Botanicals Corp., Herbalist & Alchemist Inc., Garden of Life LLC.

North America was the largest region in the wellness supplements market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wellness supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wellness supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Wellness supplements encompass several types, including dietary supplements, vitamins, minerals, proteins, and herbal supplements. Dietary supplements are products used to supplement nutrients in the diet or reduce the risk of health issues such as osteoporosis or arthritis. Functional foods and beverages consist of omega fatty acid fortified foods, probiotic fortified foods, branded iodinated salt, branded wheat flour, energy drinks, and sports drinks. These products find applications in home care, hospitals, and the chemical industry.

The wellness supplements market research report is one of a series of new reports that provides wellness supplements market statistics, including wellness supplements industry global market size, regional shares, competitors with a wellness supplements market share, detailed wellness supplements market segments, market trends and opportunities, and any further data you may need to thrive in the wellness supplements industry. This wellness supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wellness supplement market consists of sales of tablets, capsules, gummies, and powders. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.