In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The immune health supplements are primarily consumed to improve the immunity of the individual. The increasing penetration of the bacteria and germs inside the body weakens the immune system. The immune health supplements increases the metabolism rate in the body. This in turn enhances the consumption of the immune health supplements. There are various immune health supplements such as vitamin A, vitamin B2, vitamin B6 and vitamin C. used to boost the immunity of the individual. The immune health supplements helps in neutralizing the toxins throughout the body.
The immune health supplements market is witnessing robust growth on the account of increasing consumer awareness regarding the benefits of the consumption of the supplements. The growing disposable income of the population across the globe is anticipated to increase the spending towards various immune health supplements .This is anticipated to drive the growth of the overall immune health supplements market during the forecast period.
Immune health supplements market is anticipated to record a CAGR of 7.5% over the forecast period. It is expected to attain the total market size of USD 28 billion by 2027. The immune health supplements market is expected to showcase a vibrant growth by the end of the forecast period. The market is segmented on the basis of ingredient, source, and form and sales channel. On the basis of ingredient, it is sub-segmented into vitamins, minerals, herbal/botanical extracts, amino acids, probiotics, omega-3 fatty acids and others. Vitamins is anticipated to be the largest sub-segment during the forecast period. It accountred nearly 40% of the total market share in 2017. The wide application of the vitamins in various supplements is anticipated to be the factor driving the growth of the sub-segment during the forecast period. On the basis of source, it is sub-segemnted into plant-based and animal-based. On the basis of form, it is sub-segmented into soft gels/pills, powder, tablets and liquid.
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On the basis of sales channel, it is sub-segmented into online retailing and store based retailing. Store based retailing sub-segment is expected to hold the largest market share during the forecast period. However, online retailing sub-segment is antipctaed to record the highest CAGR during the forecast period.
The increasing demand for the health supplements to improve the immunity is anticipated to be the major growth driver for the overall immune health market. Additionally, rising prevalence of the chronic diseases across the globe is also major reason for the growth of the overall market during the forecast period. The changing lifestyle disorder across the globe is expected to increase the demand for the immune health supplements. According to Indian Council of Medical Research, the estimated proportion of deaths due to non-communicable diseases (NCDs) has increased to 61.8% in 2016.
The rising ageing population across the globe coupled with the increasing number of chronic diseases is anticipated to witness robust growth during the forecast period. According to the United Nations, the population of over age 80 or over is anticipated to be tripled by 2050. It is expected to rise from 137 million in 2017 to 425 million in 2050 .Additionally the growing healthcare cost is also increasing demand for the immune health supplements.
The lack of awareness regarding the immune health supplements in the various developing countries is anticipated to challenge the market growth of the immune health supplements during the forecast period.
Our-in depth analysis of the global immune health supplements market includes the following segments:
On the basis of regional analysis, global immune health supplements market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is anticipated to account the largest market share for the overall market. It is estimated to hold the total market share of 38% in 2017. The highly developed healthcare infrastructure in the region coupled with high disposable income of the population is anticipated to boost the growth of the overall market in the region. Asia-Pacific region is anticipated to showcase vibrant growth during the forecast period. The growing ageing population in the region coupled with increasing prevalence of the chronic diseases is anticipated to be the major reason for the expansion of the market in the region.
Global immune health supplements market is further classified on the basis of region as follows: