Globally and locally, the Supplements market is being energised by a rising demand for products that improve cognitive and sleep functioning, as consumers increasingly focus on enhancing cognitive and mental well-being. As a result, there has been an influx of innovative Supplement products offering a variety of cognitive benefits, which include both enhancing and boosting performance, as well as consumer mental health, in terms of relieving anxiety, stress and improving sleep, amongst other benefits.
Insight Survey’s latest South African Supplements Industry Landscape Report 2024 carefully uncovers the global and local supplements market, based on the latest intelligence and research. It describes the latest global and local market trends, innovation and technology, drivers, and challenges, to present an objective insight into the South African Supplements market environment and its future.
Globally, the dietary supplements market was estimated to be worth approximately $156.0bn in 2023. Furthermore, as per the graph below, the global dietary supplements market value is forecast to increase by a compound annual growth rate (CAGR) of 7.0%, to reach approximately $306.0bn by 2033.
The South African dietary supplements market continued to achieve strong growth of 7.8% year-on-year, at current prices, between 2022 and 2023. Going forward, the market is expected to continue to experience good growth, with an expected CAGR of 7.9% for the 2024 to 2028 forecast period.
The current and expected growth of the global and local supplements market can, in part, be attributed to the introduction of innovative products designed to cater to increased consumer demand for supplement products that enhance cognitive performance and sleep. These products are formulated using ingredients specifically aimed at consumers seeking these benefits.
As an illustration of new sleep products globally, private-label supplements developer, PharmaLinea, launched its, ‘>Your
In terms of cognition, Texas-based Onnit Supplements recently partnered with Specnova to acquire its exclusive proprietary blend of ashwagandha, NooGandha. This collaboration will result in the introduction of Onnit’s Alpha BRAIN pre-workout formula, infused with NooGandha, specifically designed to enhance cognitive functions, memory, mental speed, mental agility, maintain balanced cortisol levels, and improve focus.
The proliferation of cognitive and sleep Supplements is also boosting the local market, with the launch of a variety of products aimed at meeting demand for boosted cognitive performance. For example, Vital Health Foods recently released a new range of adult gummies, including the Vital Energy & Focus Adult Gummies, which support the nervous system and psychological function. This product contains l-theanine, an amino acid that relaxes the mind while maintaining mental alertness, as well as magnesium, which supports healthy neurotransmitter activity in the brain.
Lion’s Mane, a superfood rich in beneficial plant compounds that can lead to the growth of new brain cells, reduce depression and anxiety, and support the gut, heart, and immune system, is also proving to be a popular brain-boosting Supplement ingredient. With this, Wabi Sabi recently launched a new range of Lion’s Mane Mushroom Supplements that can help improve brain function.
In addition, Wellness Tree South Africa introduced its New Leaf Supplements brand, including the New Leaf Lions Mane 2000mg Supplement, containing Lion’s Mane Extract and Anti-Caking Agent (Magnesium Stearate). Moreover, Wellness Warehouse has also introduced a comprehensive range of natural health Supplements, including the Wellness Acetyl L-Carnitine 550mg. This non-essential amino acid, bound to hydrochloric acid, was indicated to help support and maintain healthy brain function.
The South African Supplements Industry Landscape Report 2024 (134 pages) provides a dynamic synthesis of industry research, examining the local and global supplements industry from a uniquely holistic perspective, with detailed insights into the entire value chain – market sizes and forecasts, industry trends, latest innovation and technology, key drivers and challenges, manufacturer overview, distributor overview, retail, and pricing analysis.
Some key questions the report will help you to answer:
What are the current market dynamics of the global and South African Supplements industry?
What are the latest global and South African Supplements industry trends, innovation and technology, drivers, and challenges?
What are the market size value and volume trends in the South African Supplements industry (2018-2023) and forecasts (2024-2028)?
Which are the key manufacturers, distributors, and retail players in the South African Supplements industry?
What is the latest company news for key players in terms of products, new launches, and marketing initiatives?
What are the prices of popular supplements brands across South African pharmacies and retail outlets?
Please note that the 134-page report is available for purchase for R40,000.00 (excluding VAT). Alternatively, individual sections can be purchased for R17,500.00 (excluding VAT).
For more information, please email az.oc.yevrusthgisni@ofni, call our Cape Town office on (021) 045-0202 or Johannesburg office on (010) 140- 5756.
To view the brochure: South African Supplements Industry Landscape Brochure 2024
About Insight Survey:
Insight Survey is a South African B2B market research company with more than 15 years of heritage, focusing on business-to-business (B2B) and industry research to ensure smarter, more-profitable business decisions are made with reduced investment risk.
We offer market research solutions to help you to successfully improve or expand your business, enter new markets, launch new products or better understand your internal or external environment.
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For more information, go to www.insightsurvey.co.za
Source link : https://www.bizcommunity.com/article/cognitive-and-sleep-supplements-boost-south-africas-supplements-market-458569a
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Publish date : 2024-07-03 13:32:33
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