The Wellness Supplement Global Market Report 2023, provides comprehensive information on the wellness supplement market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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In accordance with The Business Research Company’s comprehensive Wellness Supplement Global Market Report for 2023, the outlook for this market is marked by remarkable growth. In the span of a year, from 2022 to 2023, the market is poised to expand substantially, surging from $258.51 billion to an impressive $277.32 billion, demonstrating a commendable Compound Annual Growth Rate (CAGR) of 7.3%. Nonetheless, it is imperative to acknowledge the considerable headwinds posed by the Russia-Ukraine conflict, which have cast a shadow over global economic recovery prospects, particularly in the short term.
This geopolitical discord has precipitated a series of far-reaching consequences, including economic sanctions levied against multiple nations, an upsurge in commodity prices, and disruptions across global supply chains. The net result has been an inflationary ripple effect affecting the prices of both goods and services, thereby impacting diverse markets across the globe.
Nevertheless, even in the face of these challenges, the wellness supplements market remains steadfast, maintaining its forward trajectory. Looking ahead, the market size for wellness supplements is projected to reach a substantial $365.17 billion by the year 2027, characterized by a noteworthy CAGR of 7.1%. This forecast underscores the enduring demand for wellness supplements and their role in promoting health and well-being, despite the global uncertainties that loom large on the horizon. The wellness supplement sector stands as a testament to the resilience and significance of industries dedicated to enhancing human health and vitality.
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The wellness supplements market is currently experiencing a notable surge in the realm of product innovations, a pivotal trend that is rapidly gaining prominence. Prominent players within this industry have been actively engaged in the development and introduction of novel products designed to bolster their standing within the market landscape.
A striking case in point is observed in the activities of Zeonutra, an Indian-based company renowned for its production of wellness supplement products. In a significant move, Zeonutra unveiled a groundbreaking addition to their product portfolio in February 2022 – the Slim Plus product. This product stands out not only for its dedication to organic principles but also for its unique blend of vegan nutritional supplements that incorporate a key ingredient known as Slimbiome.
The Slim Plus product is designed to cater to the specific needs of vegan consumers, delivering a wealth of health benefits, including the facilitation of weight reduction through the use of natural, plant-based supplements. This development signifies a remarkable confluence of innovation and wellness, marking a substantial stride towards fostering healthier lifestyles through the power of nutritional supplements. Such initiatives reflect the industry’s commitment to advancing both product quality and consumer well-being in the dynamic wellness supplements market.
The wellness supplement market is segmented:
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
Top keyplayers
- Nestle
- Shaklee Corporation
- Otsuka Pharmaceutical Co. Ltd.
- GNC Holdings Inc.
- Archer Daniels Midland Company
North America was the largest region in the wellness supplement market in 2022.
The table of contents in TBRC’s wellness supplement market report includes:
- Executive Summary
- Wellness Supplements Market Characteristics
- Wellness Supplements Market Trends And Strategies
- Wellness Supplements Market – Macro Economic Scenario
- Wellness Supplements Market Size And Growth
.
- Wellness Supplements Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Wellness Supplements Market
- Wellness Supplements Market Future Outlook and Potential Analysis
- Appendix
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