Cold & Flu Supplements Market Growth & Trends
The global cold and flu supplements market size is expected to reach USD 23.11 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.6% over the forecast period. Rising health consciousness among the consumers has been driving the demand for cold and flu supplements across the world. Over the past few years, consumers have become better informed about seasonal diseases and their preventions. As a result, consumers are increasingly spending on preventive healthcare in order to limit the occurrences of cold and flu. This trend has widened the scope of cold and flu supplements across the globe.
Increasing producers’ focus on product innovation, along with shifting consumers’ preference towards natural products, has increased the opportunity for cold and flu supplements. Furthermore, rising purchasing power of the consumers is allowing them to spend more on products that help in preventing diseases and boosting immunity. This trend is expected to fuel the demand for cold and flu supplements in the upcoming years.
The vitamins and minerals product segment held the largest market share in 2019. Vitamin C, Vitamin D, and Zinc are the most consumed products among vitamins and minerals. These products help in preventing the illness and shortening its duration. Therefore, a large number of consumers have been consuming vitamins and minerals to avoid seasonal flu. The herbal extract products are projected to gain the most traction among the consumers in the upcoming years.
Asia Pacific led the market in 2019 with over 30.0% share of the global revenue. Increased spending on immunity boosting among the rising number of middle class groups in China and India has fueled the demand for the product in the region. Europe is anticipated to witness the fastest growth over the forecast period. Growing demand for natural products in the region is expected to create wide opportunities for the market.
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Cold & Flu Supplements Market Report
Cold & Flu Supplements Market Report Highlights
- In terms of product, the vitamins and minerals segment dominated the market with over 35.0% share of the global revenue owing to their increased consumption among the consumers
- Herbal extract-based cold and flu supplements are expected to expand at the fastest CAGR of 6.9% from 2020 to 2027
- Asia Pacific dominated the market in 2019 with more than 30.0% share of the global revenue. Rising spending on preventive healthcare among millennials in emerging economies, including China and India, is expected to have a positive impact on the regional industry growth
- Europe is expected to register the fastest CAGR of 7.1% from 2020 to 2027 owing to growing demand for natural supplements in Germany, France, and U.K.