Key Boosters and Restraints
Following the COVID-19 outbreak, the nutraceuticals and health supplements have gathered far more interest than ever before, with more and more people now focused on boosting their immunity and ward off the SARS-CoV-2 infection. Moreover, the reduced consumption of seafood, poultry products and meat across the globe has steered the preference towards plant-based health supplements, which can mean significant market growth in the years ahead. Numerous health supplements with immunity-boosting properties are available and are witnessing higher sales since the novel coronavirus pandemic, thereby fostering the market growth.
While a lockdown has been imposed to curb the spread of the pandemic, people are staying at home and exploring new ways to ensure good health and are therefore opting for healthy products like health supplements. High demand has been observed in the market for zinc, since these help those with prone to respiratory tract infections such as SARS-CoV-2.
Market Research Future (MRFR) anticipates that the health supplements market 2020 can attain a growth rate of 7.8% during the appraisal period (2017-2023). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
The high prevalence of e-commerce portals as a selling platform for manufacturers owing to key benefits such as discounts along with cash-on-delivery features is opening lucrative avenues for the market. Strategic investments, acquisitions, and mergers, and new product launches are some of the top strategies used by players to boost their customer base. To illustrate, in August 2020, Glanbia Nutritionals acquired Foodarom, a Canadian flavor designer and manufacturer. Foodarom will help complement and strengthen Glanbia Nutritionals’ position in the health supplement market.
The health supplements industry can be categorized as types, applications, ingredients, and end-user.
The types of health supplements that are available in the market are eye health supplements, bodybuilding supplements, dietary supplements, specialty supplements, and more.
Some of the key applications covered in the report are allergy, rheumatic disorders, cardiology, and others.
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The ingredients generally present in the health supplements are amino acids, vitamins & minerals, enzymes, botanicals, and others.
Research centers, clinics, hospitals, and others are the prime end-users recognized in the MRFR study.
The eminent players in the worldwide market are GlaxoSmithKline Limited (U.K), Glanbia plc (Republic of Ireland), Abbott Laboratories (U.S.), E. I. du Pont de Nemours and Company (U.S.), Herblife International (U.S.), Bayer AG (Germany), Alticor Inc. (U.S.), BASF SE (Germany), The Nature’s Bounty Co. (U.S.), and more.
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MEA/Middle East and Africa and Europe along with Asia Pacific/APAC and the Americas are the primary markets for health supplements.
The Americas can continue to lead the global market in the coming years, thanks to the strong presence of reputed players that introduce superior quality products and cater to a vast customer base. The government support in the form of substantial funds for research and development and the vast awareness level about the advantages of various health supplements due to new product launches can also benefit the American market in the near future.
Europe is established as the second most lucrative market on account of the wide ranges of advanced products available and the rising awareness with regard to the benefits of health supplements. Significant spending on healthcare and the surge in government aid with respect to research & development is also projected to favor the regional market. The surging health consciousness among people and the subsequent rise in the uptake of proteins for better muscle mass and the focus on attaining maximum nutrition levels among the middle-aged population also add to the market value.
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