CAPE TOWN, WESTERN CAPE, SOUTH AFRICA, April 24, 2023/EINPresswire.com/ — Globally, market players are launching new Supplement products that have been developed using technological innovation and novel ingredients, in order to meet dynamic consumer requirements. Moreover, the use of innovation is also extending to pharmaceutical retailers, which are introducing user-friendly online platforms to promote the use of Supplements, thereby enhancing health personalisation and accessibility.
Insight Survey’s latest South African Supplements Industry Landscape Report 2023 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 Supplements market was estimated to be worth approximately US$155.2 billion in 2022. Furthermore, as per the graph below, the global Vitamin Supplements market value is forecast to increase by a compound annual growth rate (CAGR) of 7.3%, to reach approximately US$220.8 billion by 2027.
The local Supplements market achieved strong growth of 9.5% year-on-year, at current prices, between 2021 and 2022. Going forward, the market is expected to continue to experience significant growth, with an expected CAGR of 8.5% for the 2023 to 2027 forecast period.
The current and expected growth of the global and local Supplements market can, in part, be attributed to the introduction of new products being developed through innovative technology. This is being done to increase the appeal of these products to consumers searching for novel products that meet their personal health needs.
As an example, in the global market, Colgate and Nourished partnered to launch the new Nutristacks product, which is a range of new Supplement products produced using 3D printing technology. In addition to being produced using leading-edge technology, this range is the first-of-its kind, designed to enhance oral wellbeing.
Additionally, Neutrogena and Nourished launched its new customisable Nourished x Neutrogena Skin360 SKINSTACKS product, which utilises artificial intelligence (AI) to customise the product to specific consumer needs. This includes using consumer selfies to assess factors such as skin smoothness, radiance, and clearness, after which a specific blend of nutrients is recommended and produced in a seven-layer gummy format, using 3D printing technology.
The launch of new and innovative products is also positively impacting the South African Supplements market, with the introduction of several novel products. For example, Terranova, a global Supplement distributor, recently launched its product range into the local market, which includes iron and magnesium Supplements, amongst others. The key differentiator is that the ingredients are fresh freeze dried to retain virtually all of the original biochemical potency, as well as optimising the absorption of nutrients.
This innovation is also extending to the types of ingredients in Supplement products, such as Supplements containing mushrooms, which are becoming increasingly popular amongst local consumers. As an example, Aether Apothecaries offers its ‘7 Reishis Extract’, which is a daily liquid Supplement designed to reduce fatigue and anxiety.
Furthermore, the use of technology and innovation has extended to the introduction of innovative online platforms by local pharmaceutical retailers, boosting Supplement sales by making it more affordable, convenient, and accessible. For example, Clicks launched its new online Supplement Recommender, designed to offer personalised Supplement recommendations based on an online assessment of health, lifestyle, and behavioural factors.
In addition, Dis-Chem is expanding its ‘Pack My Meds’ feature through the introduction of its new WhatsApp chat line, to provide further convenience for its customers. ‘Pack My Meds’ is Dis-Chem’s repeat medicine ordering platform that alerts consumers when repeat medication and Supplements are ready for collection or delivery.
The South African Supplements Industry Landscape Report 2023 (132 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 (2017-2022) and forecasts (2023-2027)?
• 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 132-page report is available for purchase for R35,000.00 (excluding VAT). Alternatively, individual sections can be purchased for R15,000.00 (excluding VAT). For more information, please email [email protected], call our Cape Town office on (021) 045-0202 or Johannesburg office on (010) 140- 5756.
For a full brochure: South African Supplements Industry Landscape Brochure 2023
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
The post Is technology and innovation energising South Africa’s Supplements market? first appeared on Beauty Ring Magazine.