The North America OTC Health Products Market size is expected to reach USD 106.6 billion by 2030, expanding at a CAGR of 6.04% during the forecast period, according to a new report by Grand View Research, Inc. Rising consumer awareness and increasing consumer willingness to spend on nutritional supplements, the increasing prevalence of lifestyle diseases including obesity & diabetes, rise in disposable income, and an increase in the number of distribution channels for OTC products are some of the key factors driving growth. Consumers are increasingly realizing the benefits of nutritional supplements, which help them sustain a healthy lifestyle, thereby positively impacting the market growth. According to the National Institute of Health, Americans spend around USD 2.1 billion annually on weight-loss dietary supplements, usually in the form of pills.
The
emergence of e-commerce has led to increased accessibility to dietary
and nutritional supplements. Apart from the online channels, companies such as
General Nutrition Centers, Inc.; Walmart; and Vitamin Shoppe are some of the
major retail outlets. Thus, the easy availability of these products will
provide growth opportunities to key players in this space.
Moreover, shifting consumer preference to CBD due to its healing
properties and limited to no psychoactive effects is expected to drive the
growth potential for CBD-infused products. According to Gallup, Inc. report of
2019, approximately 14% of individuals in the U.S. have used some or the other
form of CBD-infused products. About 58% of adults use it for pain-related
conditions and around 42% for mental health-related conditions.
The
COVID-19 pandemic resulted in a surge in consumer preference for
immunity-boosting supplements. Segments such as sports nutrition, and
women’s & men’s health saw a negative impact due to lockdowns imposed by
governments to curb the pandemic. The effect of COVID-19 declined post the
third quarter of 2020, which helped the market regain traction.
The
market is fragmented with the presence of a large number of companies,
intensifying the overall competitive rivalry. Companies are undertaking
multiple partnerships and mergers & acquisitions to increase their
portfolio & expand their footprint across the country. In addition, companies
are focusing on product differentiation and bundling strategies to capture a
greater market share. For instance, in March 2022, CV Sciences, Inc. launched
PlusCBD Relief Softgels. The company claims that it can deliver seven times
better Cannabidiol Acid (CBDA) and Cannabidiol (CBD) than its raw
formula. This product has clinical significance in the treatment of
inflammatory responses.
Related Press
Release@ North
America OTC Health Products Market Report
North America OTC Health Products Market Report
Highlights
- The dietary
supplements and weight loss products segment accounted for 35.07% of
the share in 2021. This is attributed to an increase in consumer awareness
about the benefits of a healthy diet, growing self-health consciousness,
and a rise in the prevalence of obesity
- The sports
formulation segment accounted for the largest share of 20.49% in 2021 due
to rising awareness about fitness and high commercial availability of
sports nutrition
- Adults
segment is projected to witness the fastest growth during the forecast
period owing to the availability of a wide variety of OTC products for the
adult demographic
- Hypermarkets,
supermarkets, and convenience stores dominated the market in 2021, owing
to the better feasibility of buying from such places and an increase in
the number of strategic initiatives like schemes such as loyalty programs
- The capsules
& tablets segment dominated the market in 2021. This can be attributed
to the wide availability of products in capsule & tablet form in the
market, the rise in innovation to enhance capsules & tablets delivery
forms, and higher shelf-life
- The U.S.
dominated the market in terms of revenue, mainly due to the presence of
key players, an increase in the prevalence of chronic diseases &
obesity, and a rapidly growing geriatric population
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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