Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Cold And Flu Supplements market.
Trusted Business Insights presents an updated and Latest Study on Cold And Flu Supplements Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Cold And Flu Supplements market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Cold And Flu Supplements Market
The global cold and flu supplements market size was valued at USD 12.74 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2027. Changing lifestyle, along with enhanced access to supplements through offline as well as online stores, has been generating demand for cold and flu supplements across the world. Furthermore, improving consumers knowledge about the medicinal properties of several natural ingredients is driving the demand for cold and flu supplements and over-the-counter (OTC) medicines. Moreover, increasing purchasing power of the consumers across the world is projected to raise the spending on several immune health products, including cold and flu supplements.
According to the World Health Organization (WHO), around 290,000 to 650,000 people die per year due to the flu. Therefore, demand for cold and flu supplements has been increasing among the consumers in order to boost immunity and prevent the occurrences of such diseases. Cold and flu supplements are primarily consumed to enhance the immunity system of the individual. In addition, the market is expected to grow at a healthy rate owing to rising consumer awareness about the benefits of the consumption of cold and flu supplements.
Products or supplements labeled with natural and immunity-boosting claims have a wide opportunity among the consumers as they highlight the consumers requirements. These cold and flu supplements are available in different forms, among them, tablets and capsules are the most popular forms. Brand extensions and product innovations have been leading the growth of the cold and flu supplements industry. Furthermore, the outbreak of coronavirus in 2020 has drastically increased the sales of the preventive products, such as vitamins and minerals, across the globe. Especially, the demand for vitamin C has been witnessing a remarkable increase.
The governments of several nations have been providing free flu immunization each year to the growing aging population. These initiatives might hamper the growth of the industry in the upcoming years. On the other hand, rising investment by the manufacturers in product development will boost the sales of cold and flu supplements in the near future. Furthermore, rising awareness among consumers about seasonal diseases and their increasing spending on health will fuel the growth of the cold and flu supplements market.
Product Insights: Cold And Flu Supplements Market
The vitamins and minerals segment lead the industry for cold and flu supplements with more than 35.0% share of the total revenue in 2019. Vitamin C and Zinc are the most common products of this segment. However, vitamin C does not reduce the severity or the number of occurrences of the disease. On the other hand, a number of studies have proved that the consumption of vitamin C as a minimum of 200 milligrams daily can prevent colds among the consumers having pneumonia. As a result, some of the consumers take vitamin C daily, whereas others take it once they get the disease. Similarly, some studies have found that the consumption of zinc can shorten the duration of the disease.
Cold and flu herbal extract products are expected to outperform other segments in the upcoming years. Over the past few years, products containing ginger, Echinacea, garlic, elderberry, turmeric, and ginkgo have been witnessing remarkable demand across the globe. These herbals help in boosting immunity and fighting with viruses. Ginger is medically proved and is considered to be a useful treatment for sore throats as it contains bioactive compounds, which have anti-inflammatory properties. Similarly, garlic decreases the threat of becoming sick and the duration of the illness, including cold and flu. Therefore, during the season of cold and flu, consumers spending on herbal extracts increases significantly. Furthermore, supplements having immunity boost label on them have been gaining more traction among the consumers.
Regional Insights: Cold And Flu Supplements Market
Asia Pacific lead the market for cold and flu supplements in 2019 with more than 30.0% share of the global revenue. Increased number of middle-class groups in China and India, along with government initiatives, has enhanced the health consciousness among the consumers. As a result, spending on immunity-boosting or precaution from sickness has increased significantly in the region. Consumers of this region prefer natural and herbal products over modern medicines owing to their fewer side effects and low toxicity. In addition, government initiatives, along with a large aging population, have been boosting the demand for preventive medicine, such as cold and flu supplements, in China and Japan, thus fueling the regional market growth.
Europe is expected to witness the fastest growth over the forecast period 2021-2027. Growing adoption of natural supplements in countries, including Germany and France, has been creating opportunities for the cold and flu supplements industry in the region. Moreover, increased purchasing power, along with rising health concerns among consumers, is projected to contribute to the market growth in this region.
Key Companies & Market Share Insights: Cold And Flu Supplements Market
Easy access of pharmaceutical ingredients and a strong customer base in emerging economies, including China and India, is expected to compel the industry participants to establish their alliances in these countries in the near future. The players have been increasingly investing in research & development to develop innovative and advanced products in order to gain a competitive advantage over their competitors. Furthermore, the growing interest of the consumers in herbal products will encourage manufacturers to expand their product portfolio in the near future. Wide expansion of e-commerce has strengthened the distribution networks of the competitors and is expected to play a key role in expanding the buyer reach over the next few years. Some of the prominent players in the cold and flu supplements market include:
Key companies Profiled: Cold And Flu Supplements Market Report
- WAKUNAGA OF AMERICA CO., LTD.
- Neurobiologix, Inc.
- The Vitamin Shoppe
- KLAIRE LABS
- Nordic Naturals
- Himalaya Global Holdings Ltd.
- Natures Way Products, LLC (Dr. Willmar Schwabe GmbH & Co. KG)
- Flora Inc.
- Pfizer Inc.
- GlaxoSmithKline plc
- NOW Foods
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global cold and flu supplements market report based on product and region:
Product Outlook (Revenue, USD Million, 2016 – 2027)
- Natural Molecules
- Herbal Extracts
- Vitamins & Minerals
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