Natural Health Supplements Market
Global Market Study on Natural Health Supplements: Marine Segment by Source Expected to Remain Dominant in Terms of Value During 2016-2024
Natural Health Supplements Market Segmented By Tablets, Capsules, Softgels Form from Plant and Marine Source for Men, Women, Kids Demographics
In 2016, the global natural health supplements market was valued at nearly US$ 37 Bn, which is estimated to register a CAGR of 8.0% over the forecast period to reach nearly US$ 70 Bn by the end of 2024.
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- Herbalife International Inc.
- Omega Protein Corporation
- Archer Daniels Midland Company
- Nutraceutical International Corporation
- United Naturals Food, Inc.
- Blackmores Limited
- Naturex SA
- Evonik Industries AG
- The Nature's Bounty Co.
- Amway Corporation
Increased government funding towards research and development of nutritional supplements
Due to a rapid increase in the prevalence of lifestyle diseases, people are now more inclined towards the concept of preventive healthcare and are adopting a healthier lifestyle. As the consumption of various kinds of health supplements promotes health and improves bodily functions, consumers are getting attracted towards such products.
This has led to the increased sales of health supplements directly boosting the market. In addition, the funding of the government towards research on the beneficial effects offered by health supplements is also on a rise. Moreover, there is increased government funding for the ingredients required to manufacture health supplements. All these factors combined are giving an impetus to the development of the global natural health supplements market.
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Self-direct medication behavior among consumers fueling demand for health supplements
The market for natural health supplements has grown tremendously over the recent years globally. The reason for this is the increased health consciousness amongst consumers, and consequently, a shift towards healthy and nutritional food options is being witnessed.
Consumers want healthy options that are non-prescribed. Moreover, there is increasing awareness amongst consumers regarding self-diagnosed channels and personalized regime options being offered by various health manufacturers and retailers through multiple online platforms.
This is increasing the market for health supplements. In addition, natural health supplements are easily available over the counter. These factors are clearly boosting the growth of the global natural health supplements market.
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Increase in incidence of lifestyle diseases leading to preventive health awareness
With increasing urbanization and the adoption of modern lifestyle patterns where there is a dearth of time to manage one’s health, there has been a steady increase in the prevalence of lifestyle diseases such as diabetes, obesity and high blood pressure.
People have begun realizing the importance of preventive health measures and therefore are drifting towards choices that decrease the negative effects of such lifestyle diseases. Natural health supplements act as a healthy alternative to prevent such diseases.
This has led to an explosive growth in the market for natural health supplements globally. Moreover, due to the increasing penetration of the internet, various health magazines and online forums such as Livestrong.com and nutraceuticalworld.com provide vital information to consumers regarding the health benefits associated with the intake of natural health supplements. This has had a positive effect on the global natural health supplements market.
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Health benefits offered by natural health supplements needs validation
As there is no regulation whatsoever on the use of natural health supplements as those for the use of prescribed drugs, the manufacturers of natural health supplements are under no compulsion to prove the safety of their products before they enter the market. This may lead to questions being raised of the efficacy of such preventive health measures. Moreover, there are certain unhealthy consequences being associated with the excessive use of dietary supplements.
However, consumers are not aware of such consequences and moreover, there are no warning signals given by the manufacturers of such natural health supplements to consumers. This is negatively influencing the growth of the global natural health supplements market.
For example, herbs such as comfrey and kava can cause serious liver disorders if taken excessively. Beta carotene if taken excessively may increase the risk of lung cancer, especially among smokers. Similarly, excessive intake of iron supplements may cause nausea and vomiting and may also cause liver damage.
Global Natural Health Supplements Market Attractiveness Analysis by Source
By source, the Marine segment accounted for the highest market share of almost 43% in the global natural health supplements market. This segment is anticipated to register a CAGR of 8.6% over the forecast period and reach a market valuation in excess of US$ 30,300 Mn by the end of 2024.
The Marine segment is estimated to create absolute $ opportunity of more than US$ 14,600 Mn between 2016 and 2024. While plant sources have been an ancient source for the extraction of natural ingredients, the Marine source segment is likely to gain momentum during the forecast period.
Extensive research in the field of natural health supplements coupled with their increased applications are giving a fillip to the global natural health supplements market
Innovation in drug delivery formats through microencapsulation and nano separation techniques are anticipated to fuel the demand in the softgels drug delivery format among manufacturers. Also, natural ingredients from marine sources and others such as fish oil and propolis are gaining significant traction.
Furthermore, considering the varied applications of natural health supplements, weight management and sports nutrition supplements are collectively becoming preferred choices among consumers.
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