The Bone & Joint Health Supplements Market is estimated to be valued at USD 11.7 billion in 2022. It is projected to reach USD 17.6 billion by 2027, recording a CAGR of 8.5% during the forecast period.
The global bone & joint health supplements market has been influenced by some of the macroeconomic and microeconomic factors witnessed in some key countries. This would prove strong enough to drive the market significantly in terms of value sales during the forecast period. Growing demand for nutritional supplements like vitamin D, omega-3 fatty acids, calcium and collagen and several innovations in this sector fueling the demand for bone & joint health supplements market.
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Opportunities: Consumer awareness about micronutrient deficiencies
Consumers are becoming increasingly aware of the risks and prevalence of nutritional deficiencies. Also, their knowledge about how nutritional deficiencies can be optimized through supplementation will drive increased intake of bone & joint health supplements further driving the market growth. The link between diet and health is significant, and people are opting for healthier supplement alternatives. The rising middle-class income in parts of Asia, Latin America, and Africa has enabled consumers to spend more on nutritional, dietary, and food supplements.
The growth in the world’s older population in parts of Europe and other regions is likely to be more aware of nutritional deficiencies, thereby driving the demand for dietary supplements. In 2013, according to the Business Development Bank of Canada, “health concerns are rising, and health awareness is growing among Canadian consumers and will continue to accelerate as the population ages, with 25% of the population over the age of 65 by 2031.
Increasing aging population in the Asia Pacific region in countries such as Japan, China and India which are witnessing the higher growth in future for bone & joint health supplements. Hence, in terms of growth, it is expected that the Asia Pacific region would be growing at the highest rate, driven by the increasing awareness of bone & joint health with increasing aging population.
The key players in this market include Bayer AG(Germany), Procter & Gamble (US), Amway (US), Basf SE (Germany) and Archer Daniels Midland (US).