Market Research Industry Today
Natural Health Supplements Market Worth will Reach US$ 68 Bn by 2024
In various parts of the world, health supplements are included as a part of a diet that beholds higher nutritional value. The status of these health supplements also plays a key role in their sales. A majority of consumers will prefer that these nutritional ingredients get derived from natural or organic sources. Persistence Market Research’s recently published study explores the global market for natural health supplements, projecting how the demand for natural health supplements will shape up in the years to come. And, the crux forecast of Persistence Market Research’s report goes – “In 2016, global natural health supplements market was estimated to be valued at US$ 36,803.52 Mn; which is assessed to increase at a CAGR of 8.0% to reach US$ 68,140.05 Mn by the end of 2024.”
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Factors measured by analysts for assessment of this forecast include:
- Increasing government funding towards R&D of nutritional supplements
- Growing consumption of unused volumes of natural-based ingredients in health supplement industry
- Rising adoption of self/direct medication practices among consumers
- Use of natural health supplements as preventive measure for lifestyle diseases
- Surging demand for natural health supplements among geriatric population suffering from bone & joint disorders
Escalating global clout of e-commerce platforms and digitalization trends are also observed to be key boosters for the market’s growth. The report also expects manufacturers of health supplements to remain inclined towards formulation of natural health supplements having holistic benefits. Companies such as Herbalife International Inc., Omega Protein Corporation, Archer Daniels Midland Company, Evonik Industries AG, Amway Corporation, The Nature's Bounty Co., Naturex SA, Blackmores Limited, United Naturals Food, Inc., and Nutraceutical International Corporation are recognized as key manufacturers of natural health supplements in the world.
The report also projects higher contribution of Asia-Pacific (APAC) region to the global natural health supplement revenues. In 2017 and beyond, the APAC natural health supplement market will register fastest revenue growth and exhibit a value CAGR of 8.5%. North America will also be a lucrative region for natural health supplement businesses during the forecast period. By 2024-end, over US$ 22 Bn worth of natural health supplements will be consumed across the US and Canada.
Considering the demographics of consumers for natural health supplements, women consumers will remain key targets for manufacturers. Towards the end of 2021, a little over 40% of the world’s natural health supplement revenues are projected to be accounted by women consumers. Product offerings and future developments of natural health supplement manufacturers are, thus, likely to remain direct towards attracting – firstly women, and then senior citizens. Sports & nutrition applications of natural health supplements are also projected to bring in higher revenues, procuring over one-fourth share of global revenues throughout the forecast period. Demand for natural health supplements will also gain traction in bone & joint support and weight management applications.
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While mass merchandize will be observed as the largest sales channel for natural health supplements, revenues accounted by direct sales and natural & health food sales outlets will register impressive growth at 8.2% CAGR. In addition to this, key findings from the report also estimate that during the course of forecast period, more than 80% of natural health supplements produced in the world will be derived from plant and marine sources, with both these segments contributing with nearly-equal shares. Natural health supplements in the form of tablets are presently in great demand, but are expected to lose traction during the forecast period. By end of 2024, demand for natural health supplements in the form of capsules and softgel will have increased, registering value CAGRs of 8% and 8.5% respectively.