Rising number of chronic diseases
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.
Increasing ageing population
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.
Lack of awareness regarding the immune healthy supplement
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.
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.
Get more information on this report: Download Sample PDF
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.
Our-in depth analysis of the global immune health supplements market includes the following segments:
By Sales Channel
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash