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Global Health Supplements Market Size Will Grow at a 7.8% CAGR By 2023
Health Supplements Market Size, Growth and Share Analysis By Type (Dietary Supplements, Eye Health Supplements), Application, Ingredients and End User, Forecast To 2023
Global Health Supplements Market with 7.8% CAGR between 2017 and 2023, research report published by Market Research Future (MRFR). One of the most important reasons for their rising demand and hence market is that they are helpful for the treatment of rheumatic disorders, allergy, and cardiology.
Key factors that are driving this market include changing lifestyles, developing retail & pharmaceutical industries, ensuring adherence to recommended dietary requirements, growing awareness about the functional benefits of health supplements, growing concerns about maintenance of health to avoid later treatment, increasing concern towards health improvement, increasing urbanization, preventing occurrence of diseases, treating illnesses, peer pressure regarding health & fitness due to media, friends & family, and rapid advancements in product offerings.
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The global health supplements market has been segmented on the basis of applications, end users, form, ingredients, types, and lastly region. On the basis of applications, this health supplements market has been segmented into allergy, cardiology, rheumatic disorders, and others. Based on end users, the health supplements market has been segmented into clinics, hospitals, research centers, and other. The form-based health supplements market segmentation into capsules, chewable, liquid syrups, tablets, and others. The ingredients-based segmentation of market comprises of amino acids, botanicals, enzymes, vitamins & minerals, and others. By types, the market has been segmented into bodybuilding supplements, dietary supplements, eye health supplements, specialty supplements, and others.
The regional segmentation of the global health supplements market covers The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). The Americas hold the lion's share in the global market due to the presence of major key players in this region, especially in North America. Apart from big scale production, availability of funds for research, and government support for research & development (R & D) regarding the development of new health supplements which boosts the market. The market in the Americas is expected to grow during the forecast period.
The United States of America (USA) and Canada are expected to lead the market. Europe is the second largest position in the global health supplements market, due to the reasons same as the Americas. Due to technological advancement, North America and Western Europe are more advanced than South America and Eastern Europe, respectively. The cream of Europe market comprises of France, Germany, Italy, Spain, and the United Kingdom (UK), followed by rest of Europe.
The Asia Pacific is the fastest growing market due to the high healthcare expenditure, huge patient population, increasing demand for quality products, and presence of rapidly developing healthcare technology. The biggest markets in the Asia Pacific region comprise of Australia, China, India, Japan, and South Korea, followed by rest of the Asia Pacific region. In the MEA region, the market has a slow growth due to lack of available funds, education, lack of healthcare awareness, and political instability.
The key players in the global health supplements market include Abbott Laboratories (USA), Alticor Inc. (USA), BASF SE (Germany), Bayer AG (Germany), E. I. du Pont de Nemours and Company (USA), Glanbia plc (Republic of Ireland), GlaxoSmithKline Limited (UK), Herbalife International (USA), and The Nature's Bounty Co. (USA).
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