Spurred by growing health and wellness awareness among global consumers of all age groups, the popularity of dietary supplements and similar products is growing due to their ability to provide essential nutrients many may not be able to obtain through diet alone. With a considerable rise in healthcare and fitness facilities, fluctuations in dietary habits, and shifting work practices, the global supplement market is surging at an impressive rate. In 2019, the market was valued at approximately $123 billion and current estimates project it will reach a valuation of $230.73 billion by 2027 with a compound annual growth rate of 8.2% over the forecast period. According to a report by Grand View Research, the growing popularity of using nutritional products for medicinal purposes – targeting a range of health issues from infertility to malnutrition – will impact the supplement industry in the years to come.
February 11, 2021