This report presents a strategic analysis of the North America Nutritional Supplements Market and a forecast for its development in the medium and long term. It provides a broad overview of the market dynamics, trends and insights, growth drivers and restraints, segmentation, competitive landscape, healthcare policies and regulatory framework, reimbursement scenario, challenges and future outlook. This is one of the most comprehensive reports about the North America Nutritional Supplements Market, offering unmatched value, accuracy and expert insights.
North America's fastest-growing economy in 2021 was the United States. United States health spending is projected to have grown by 4.2% to $4.3 trillion in 2021, compared with a growth surge of 9.7% in 2020, according to the report from actuaries at the Centres for Medicare and Medicaid Services.
Total health spending in Canada reached a new level in 2021, at more than $308 billion, or $8,019 per Canadian. Health expenditure represented around 12.7% of Canada’s gross domestic product (GDP) in 2021, following a high of 13.7% in 2020. Governments and insurance stakeholders also need to discuss win-win reimbursement schemes that allow the democratization of telemedicine and provide lasting benefits for patients at an effective cost.
The rise in public awareness of issues with general health and developments in the pharmaceutical and healthcare sectors are what is driving the global market for over-the-counter medicines and dietary supplements. The rising tendency of people to choose over-the-counter medicines for minor illnesses also contributes to market expansion. Additionally, the FDA's strict rules regarding the security and effectiveness of OTC medications restrain market expansion.
Global rising health consciousness has significantly aided the market's expansion. People are now more conscious of the effects of an unhealthy lifestyle in the wake of the pandemic. The frequency of non-communicable diseases (NCDs) is rising, and as a result, nutritional supplementation is becoming more widely used to improve the general welfare. The WHO estimates that NCDs cause 41 million deaths annually. Even though there is no proof that these supplements in any way shield against COVID, their demand skyrocketed during the pandemic. General health and well-being have taken centre stage.
The Global Nutritional Supplements Market size is at around US $ 358.8 Bn in 2022, exhibiting a CAGR of 6.3% during the forecast period 2021-2030.
Market Growth Drivers Analysis
It has become increasingly popular to maintain a healthy diet in order to meet nutritional needs. Governments all around the world, particularly in poor countries where malnutrition is extremely common, have been adopting actions to enhance the health of the populace. The improvement of malnutrition conditions in these countries has been largely attributed to nutritional supplements.
Online and retail platforms have facilitated better access to dietary supplements. One of the main market drivers has been the simplicity of availability. Due to improved product visibility, a broader audience across all age groups and socioeconomic strata, and increased market reach, e-commerce platforms are also accelerating industry growth. The epidemic has increased the use of e-commerce platforms, which has accelerated market growth.
Superfoods and plant-based diets are becoming more popular as people strive to live healthier lives. Businesses in the nutritional supplement sector have been concentrating on generating a new line of products and developing goods that aren't simply pills but are also in edible forms like candies and soft chews with tastes that don't taste like medicine. For those who don't like to chew candies or take pills, innovative goods like vitamin supplements from Frunutta are ordinary vitamins that dissolve beneath the tongue. Additionally, the formulation does away with conventional additives like preservatives, coatings, and additional colours. These innovative products could succeed in the marketplace and contribute to its expansion.
Key Players
The prominent players operating in this market include Amway, Abbott Nutrition, Nestle, Herbalife International of America, Inc., Glanbia plc, PepsiCo, Cliff Bar & Company, Science in Sports, TheHut.com Ltd., Cardiff Sports Nutrition Ltd., etc.
1. Executive Summary
1.1 Product Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Government Regulation in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel and Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
6. Methodology and Scope
The Nutritional Supplements Market is segmented as mentioned below:
By Product (Revenue, USD Billion):
By Consumer Group (Revenue, USD Billion):
By Formulation (Revenue, USD Billion):
By Delivery Channel (Revenue, USD Billion):
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