The global consumer health industry continues to be sluggish in 2024, reflecting persistent consumer pullback due to still widespread concerns about pricing and inflation. Both OTC and vitamins and dietary supplements are seeing headwinds as a result, though emerging markets are helping to prop up near-term growth. Looking forward, we expect a return to historic rates of growth as consumers come back to the category and as nascent trends stifled by inflation have room to flourish.
This report comes in PPT.
In 2024, OTC and vitamins and dietary supplements remain the two largest sectors of consumer health, with both commanding around USD140 billion in sales. Both are expected to see softer forecast growth than over the historic period, but vitamins and dietary supplements are expected to rebound over the forecast period behind stronger growth in emerging markets.
Sports nutrition continues to ride a wave of consumer interest with upwardly mobile consumers in emerging markets as well as non-core consumer groups in lynchpin markets like the US. On the other hand, weight management and wellbeing continues to lag due to cannibalisation from sports nutrition, dietary supplements and, increasingly, prescription weight loss drugs.
Mergers and acquisitions in 2023 and the first half of 2024 in North America and Western Europe slowed markedly, leaving Asia as the one region with dynamic changes to the competitive landscape. Unlike in prior years, consolidation in that region only involved regional players, with the global multinationals focused instead on internal restructuring.
The forecast for 2025-2029 expects higher growth than the period immediately preceding 2024 that was marked by COVID-19 and the resulting global inflationary shock, as consumers resume purchasing behaviour inhibited by these recent events. However, the industry will be hard-pressed to recreate the growth of the 2010s, without stronger rates of innovation.
E-commerce is expected to continue to sustain strong growth, as delivery and subscription options ease the process for product discovery, selection, and purchase. The global expansion of services that have seen interest in regions like Asia, especially livestreaming and social selling, will also drive interest in popular categories in dietary supplements and sports nutrition.
It is the aggregation of OTC, Vitamins and Dietary Supplements (VDS), Sports Nutrition, and Weight Management and Wellbeing
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