WELLNESS: SUPPLEMENTING THE BOOM IN BUSINESS

The wellness supplement industry is worth a huge $4.2 trillion [1], with a steep increase of 12.8% since 2017. The increased pressure from the media to work harder, play harder and look better on working professionals fueled by relentless ad campaigns from supplement manufacturers is expected to have a further substantial impact on the market. The wellness industry is now responsible for 5.3% of global economic output and industry experts have predicted [2] an acceleration at a CAGR of 9.6% by 2024.

GLOBAL BREAKDOWN

Globally, the leading companies in the industry are US brands such as Amway and GNC Holdings Inc; Japanese brands such as Otsuka Holdings Co., Ltd. and Pola Inc and European brands such as Nestle and Glaxosmithkline plc. The Asia Pacific holds 35.4% of the global market due to major campaigns by such companies throughout China and India. By 2024, North America and Canada are expected to further impact the increase of the industry due to the fears over the detrimental effects linked to pharmaceutical drugs. In Europe, however, the increase of sales of functional foods derived from the exact nutritional ingredients contained within wellness supplements is predicted to have a considerably negative effect on the market by 2024.

CONSUMER INSIGHTS

The intended uses of wellness supplements [3] are to ensure the consumer receives the essential nutrients, to aid peak fitness performance and to raise metabolic rates to help weight loss. There is a huge amount of products that play a major part in the market, from dietary tablets, sports powders to beauty products. According to Grand View Research, since 2018, the sports nutrition sector has represented 12.7% of global wellness supplements market, due to it’s huge popularity among sportsmen, athletes and bodybuilders. A major priority among such males is the maintenance of testosterone [4] to aid physical performance and preserve peak masculinity. Hence sales of products such as Testomax in the the US and Europe directly impacting the market. In response to this demand brands, such as Amway, are continuing to expand into the market by releasing innovative sports nutrition lines. The bodybuilding sector is predicted to be responsible for a CAGR of 10.8% by 2024.

The ever-present pressure on consumers to be at optimal form both physically and aesthetically is expected to drive the global market further by 2024. Major industry players are constantly working to enhance their market presence through strategies such as joint venture mergers and procurements. Moreover, they want to increase the profitability through extensive research leading to the innovation of product lines which feed into the health conscience of the consumers.