Global Wellness Supplements Market: Overview
Wellness supplements are substances that are intended to add further nutritional value to the diet for enhanced health. The global wellness supplements market is estimated to witness remarkable growth in the foreseeable future owing to the increasing incidence of health and eating disorders. Wellness supplements are available in the form various products including dietary supplements, food intolerance products, fortified or functional food and beverages, and derma-cosmetic skin essentials.
The report meticulously studies the current and historical scenario to project the size of the global wellness supplements market in the near future, in terms of both value and volume. It provides a concise understanding of the dynamics of the market and analyzes the extent to which they impact the growth. It classifies the market considering various criteria including geography and products for a coherent understanding. It calculates the vendor landscape of the market using tools such Porter’s five force analysis and market attractiveness analysis. It profiles the key companies operating in the market along with their business strategies, market shares, latest developments, and contact information.
Global Wellness Supplements Market: Drivers and Restraints
The increasing health consciousness among people around the world is one of the primary factors stimulating the demand for wellness supplements. Globally, consumers are increasingly realizing the benefits of preventive health over treatments, thereby displaying a shift towards healthier lifestyles. In addition, the growing awareness regarding wellness products is fuelling the market. The rising aging population is also working in favor of the market as aged people have poorer immunity system in general. Moreover, the rising disposable income of consumers in developing regions is triggering their sales in such regions, thereby augmenting the overall market.
On the other hand, the high cost associated with manufacturing wellness supplements is limiting their widespread consumption. Furthermore, the commercialization of these supplements follows stringent regulations, and therefore, the changing regulatory policies are negatively impacting the growth of the market.
Global Wellness Supplements Market: Geographical Segmentation
The key segments studied in the research report are North America, Europe, Asia Pacific, and Rest of the World. North America will account for a substantial share throughout the review period. The rapidly growing geriatric population, increasing health consciousness among consumers, and high consumer expending power are contributing to the growth of the region. The acceptance of wellness supplements is significant in the region as a large number of key players are headquartered in the region, particularly in the U.S.
Asia Pacific is expected to register a healthy pace of growth during the forecast period. The growth of the region is largely supplemented by the shifting focus of the populace towards healthier lifestyles along with the increasing awareness and acceptance of wellness products. The rising consumer disposable income is also boosting the uptake of wellness supplements in the region
Global Wellness Supplements Market: Competitive Landscape
The majority of companies operating in the global wellness supplements are targeting niche product segments, indicating no distinct leader of the overall market. As a result, market players are aiming at implementing novel techniques to differentiate their products and gain an edge over competitors, which renders the market highly competitive. Companies are also adopting acquisitions and partnerships as their key growth strategies to improve their product offerings, increase their profitability, and consolidate their presence in this highly fragmented arena.
Some of the prominent participants in the global wellness supplements market are Nestle S.A., Amway, Herbalife Ltd., Abbott Laboratories, Otsuka Holdings Co. Ltd., Glanbia Plc., GNC Holdings Inc., Archer Daniels Midland Company, Forever Living, and Nu Skin Enterprises Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.