OTC consumer health products includes dietary supplements, nutritional supplements, and alternative medicines which are available without a prescription. Dietary supplements provide additional nutrients to support health and well-being which include vitamins, minerals, probiotics, omega-3 fatty acids, proteins, and herbal extracts. These supplements help to prevent the risk of chronic diseases, support immune system, and maintain bone and cardiovascular health. The growing need for maintaining healthy lifestyle and rising disposites income are fuelling the demand for various OTC consumer health products in the global market.
The global OTC Consumer Health Market is estimated to be valued at Us$ 204.06 Mn in 2023 and is expected to exhibit a CAGR Of 6.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends
Changing consumer lifestyle and increasing health concerns among individuals across the globe has significantly propelled the demand for dietary and nutritional supplements over the past few years. According to a survey, over 70% of individuals in developed nations routinely use dietary supplements to fulfill their daily nutritional requirements. The COVID-19 pandemic has further elevated consumer focus on health, immunity and wellness, driving higher consumption of vitamins, minerals and other supplements. Many supplement companies strategically market their products as options to boost immunity and overall health to attract more customers amid the widespread health crisis. This growing demand from safety-conscious consumers is a major factor accelerating growth of the global OTC consumer health market during the forecast period.
Segment Analysis
The global OTC consumer health market is dominated by the vitamins, minerals and supplements sub-segment. These products aid in fulfilling nutritional gaps and deficiencies in consumer diets. The growing focus on preventive healthcare and wellness is driving the demand for dietary supplements globally.
Key Takeaways
The Global OTC Consumer Health Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global OTC consumer health Market is estimated to be valued at US$ 204.06 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
Regional analysis:
North America currently dominates the global market due to rising health awareness and disposable income in the region. Asia Pacific is expected to be the fastest growing market owing to development of retail channels, growing middle class and changing lifestyles in countries like India and China.
Key players:
Key players operating in the OTC consumer health market are CIECH SA, Ciner Resources Corporation, Genesis Energy LP, GHCL Limited, Lianyungang Soda Ash Co. Ltd, NIRMA LIMITED, ÅžiÅŸecam Group, Solvay, Shandong Haihua, Group Co. Ltd, and Tata Chemicals Ltd. These companies are focusing on developing innovative products and using differentiated marketing strategies to strengthen their market position.
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