The COVID- 19 pandemic has induced a surge in panic buying and consumption of health supplements than ever before due to its contribution towards an improved immune system prepared to fight off the virus. Reports created by MRFR detail the developments of the pharmaceutical industry that can be expected in the market through the forecast period. The Natural Health Supplements Market is anticipated to grow at a 7.8% CAGR in the forecast period.
The use of supplements has garnered approval in the end-user base due to the convenience related to storage and consumption and its longer shelf life compared to the natural sources of the health supplements. Improved buying power is estimated to reinforce further the development that can be estimated from the health supplement market companies in the duration of the forecast.
Segmental Analysis
The segments created in the health supplement market are based on type, application, ingredients, and end-users. The type in the health supplement market is segmented into dietary supplements, bodybuilding supplements, specialty supplements, eye health supplements, and others. Based on the end-user, the health supplement market is segmented into hospitals, clinics, research centers, and others. Based on application, the health supplement market is segmented into rheumatic disorders, cardiology, allergy, and others. The ingredients segment in the health supplement market consists of amino acids, vitamins & minerals, botanicals, enzymes, and others. The regions regarded in the health supplement market are Asia Pacific, Europe, and the Americas.
Detailed Regional Analysis
The regional appraisal of the health supplement market includes regional markets in the Asia Pacific, Europe, and the Americas. The Americas health supplement market controls the global market due to the existence of key market companies in this region, presenting quality products to seize the maximum market portion. Moreover, the government backing for research & development and the obtainability of funds for research is boosting the health supplements market share in the future. The European health supplement market holds the next position in the global market due to the obtainability of cutting-edge products, elevated healthcare expenditure, growing awareness about the advantages of health supplements, and growing government funding for research & development. The Asia Pacific health supplement market is the fastest mounting market due to the enormous patient population, soaring healthcare disbursement, and the presence of speedily developing healthcare technology.
Competitive Analysis
The positive influence of macro market reforms is predicted to ripple favorably throughout the global market in the forecast period. The focus on sustained growth in the market is likely to reveal promising development options in the forecast period. The challenges of business stability and diminished cash flows due to the pandemic are estimated to be rectified gradually in the coming years. The market is estimated to be powered by the developments visible in the global market that are being instated to create a swift return to normalcy. The majority stake contenders are assessed to take an enhanced amount of risk to achieve their overall targets by aligning the resources needed to accomplish this goal. The return in demand stability is estimated to herald a positive development phase in the global market in the forecast period. Foreign portfolio investors are predicted to play a vital role in expanding the business interest of new businesses innovating the market's product range. The progress in the distribution of vaccines is estimated to fasten the market's development as optimistic sentiment returns to the market.
The renowned players in the health supplement market are Alticor Inc. (U.S.), Bayer AG (Germany), Herblife International (U.S.), BASF SE (Germany), Glanbia plc (Republic of Ireland), E. I. du Pont de Nemours and Company (U.S.), Abbott Laboratories (U.S.), The Nature's Bounty Co. (U.S.) and GlaxoSmithKline Limited (U.K).
Industry Updates:
Feb 2021 Health retailer iHerb, which transports vitamins and supplements around the globe, mainly concentrating on the Asia Pacific, has stated that the region shows strong demand for US-made goods and is a key area for the business' development, and now enjoys the maximum penetration rates. Despite a difficult year for business development, the company's expansion from California to across the Pacific could be a vital move for the company.
Feb 2021 The U.S. Congress has re-introduced legislature to induce the regulatory agency to consent to the use of CBD and various other cannabinoids and terpenes within hemp (minus THC)—for usage in dietary supplements. The bill, titled H.R. 841, i.e., the Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act of 2021, is identical to H.R. 8179, presented in the last Congress.