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Cold And Flu Supplements Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global cold and flu supplements products market was valued at USD 19.3 billion in 2021 and is projected to expand at a CAGR of 8.2% from 2022 to 2030. Growing consumer awareness regarding preventive healthcare, increasing prevalence of cold and flu, and rising market penetration of cold and flu supplements are among the major factors driving the global cold and flu supplements market.
Growing consumer demand for natural ingredients in health-related products is expected to boost the global cold and flu supplements market. There is an increasing demand for natural ingredients such as vitamins, minerals, and herbs as they are considered to be more effective in treating cold and flu symptoms as compared to synthetic ingredients. Furthermore, the availability of natural ingredients in various formulations such as tablets, capsules, and syrups makes them more attractive to consumers.
The increasing number of product launches is expected to boost the global cold and flu supplements market. Key market players are launching new products with innovative ingredients and formulations to cater to the rising demand from consumers. For instance, in March 2021, Herbalife Nutrition launched a new range of cold and flu supplements under its flagship energy and fit series. The products are formulated using natural ingredients such as elderberry, echinacea, and ginger, which are known for their immunity-boosting properties.
Furthermore, the increasing demand for organic products is expected to drive the global cold and flu supplements market. Consumers are increasingly opting for organic products as they are naturally derived and free from any artificial additives. Moreover, the increased awareness regarding the benefits of organic supplements is expected to drive the demand for organic cold and flu supplements. For instance, in April 2021, Nature’s Plus launched a new range of organic cold and flu supplements, which are formulated using natural ingredients such as echinacea, ginger, and vitamin C.
Moreover, the increasing number of online retailers is expected to drive the global cold and flu supplements market. The rising trend of online shopping has enabled consumers to purchase health-related products from the comfort of their homes. Moreover, the rising awareness regarding the benefits of various health supplements is expected to drive the demand for cold and flu supplements. Additionally, the availability of various offers and discounts on these products is expected to drive the market growth.
Product Insights
The vitamins and minerals segment is expected to dominate the cold and flu supplements market as it provides necessary minerals and vitamins to the body that can help individuals fight cold and flu. Vitamins and minerals help in building immunity, which is a key factor driving the demand for vitamins and minerals supplements used in the treatment of cold and flu. According to the report published by the National Institutes of Health, in October 2019, vitamin B6, vitamin C, and zinc have been used to treat cold and flu symptoms.
The herbal and botanical supplements segment is expected to register a CAGR of 7.0% over the forecast period. Increasing health consciousness among consumers is driving the demand for herbal and botanical supplements.According to the report published by the Indian Council of Medical Research, in September 2015, the consumption of echinacea is known to reduce the severity and duration of cold symptoms in adults. Furthermore, the increasing prevalence of cold and flu is expected to propel the demand for herbal and botanical supplements.
Distribution Channel Insights
The pharmacies and drug stores segment is anticipated to account for a major share of the cold and flu supplements market during the forecast period. The segment is mainly driven by the increasing number of pharmacies and drug stores in developing countries. In addition, the availability of a variety of products, ability to purchase over-the-counter products, and convenience are the major factors that are likely to drive the growth of the segment. Moreover, due to the rising number of large-scale pharmacy chains, the segment is expected to witness significant growth in the coming years.
The supermarkets and hypermarkets segment is anticipated to expand at the highest CAGR of 14.1% during the forecast period. Supermarkets and hypermarkets are growing in popularity due to their convenience and wide variety of products. In addition, the availability of cold and flu supplements in supermarkets and hypermarkets is likely to drive the segment growth in the coming years. Furthermore, supermarkets and hypermarkets provide discounts on the purchase of products, which is expected to attract more consumers.
Type Insights
The vitamins and minerals segment held the largest revenue share of 41.8% in the year 2022. The growing awareness of the importance of vitamins and minerals in boosting immunity is driving the growth of this segment. For instance, the presence of Vitamin C and Zinc in cold and flu supplements helps improve the body’s immunity. Furthermore, the increasing demand for organic and vegan-friendly ingredients is propelling the market for this segment.
The herbs and botanicals segment is anticipated to expand at the highest CAGR of 9.7% over the forecast period. The increasing popularity of herbal medicines and the growing awareness of the benefits of herbs and botanicals in treating colds and flu are driving the market for this segment. For instance, in June 2021, Gaia Herbs launched a herbal supplement called Gaia Herbs Elderberry Supreme, which is formulated with natural ingredients such as Elderberry and Echinacea to support healthy immune function.
Regional Insights
North America dominated the market and accounted for the largest revenue share of over 37.3% in 2022. This is mainly attributed to the presence of well-established manufacturers, such as Pfizer, Inc., and GlaxoSmithKline plc, in the region. Furthermore, increasing consumer awareness regarding the benefits of these products and the rising prevalence of cold and flu in the region are further driving the growth of the market in North America. For instance, in April 2021, Nature’s Way launched a new cold care line of products in the U.S.
Europe is expected to witness the second-fastest growth in the coming years. Increasing consumer preference for natural and herbal remedies for cold and flu, rising disposable income, and the growing awareness regarding the benefits of taking supplements are expected to drive the growth of the market in Europe. Furthermore, the presence of key players, such as Bayer AG, Nestlé S.A., and Abbot Laboratories, is further expected to fuel the growth of the market in the region.
Financial Projections
In this part of the cold and flu supplements products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your cold and flu supplements products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a cold and flu supplements products business come from the sale of products, subscriptions, and shipping. Here you will find a list with a description of each of them and other possible sources of profit such as advertising, wholesaling, and digital marketing.
Projecting Expenses
In this section, all the regular expenses related to keeping the cold and flu supplements products business running will be described. The list of operating expenses includes product costs, inventory costs, wages, marketing expenses, insurance policies, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the cold and flu supplements market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Pfizer Inc. launched the Cold Buster, a dietary supplement designed to provide relief from cold and flu symptoms.
– In August 2022, GlaxoSmithKline PLC launched Boost-O-Matic, a dietary supplement designed to provide energy and immunity during cold and flu season.
– In October 2022, Johnson & Johnson launched the Cold & Flu Fighter, a dietary supplement aimed at providing relief from the symptoms of cold and flu.
Some of the prominent players in the cold and flu supplements market include:
– Pfizer Inc.
– GlaxoSmithKline PLC
– Johnson & Johnson
– Bayer AG
– Sanofi
– Merck & Co., Inc.
– Novartis AG
– Sun Pharmaceutical Industries Ltd.
– Mylan NV
– AbbVie Inc.
Global Cold And Flu Supplements Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global cold and flu supplements products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Vitamins & Supplements
– Herbal Supplements
– Homeopathic Remedies
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Drug Stores
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation plays a crucial role in the cold and flu supplements market. With the emergence of new technologies, such as nanotechnology, the industry is witnessing a shift in the production and use of cold and flu supplements. Nanotechnology has enabled the development of more effective supplements with improved delivery systems, increased bioavailability, and increased efficiency. This has enabled manufacturers to offer innovative products with better efficacy and safety profiles, thereby, driving the growth of the cold and flu supplements market.
[Q]: Who are the Key Players in the Cold and Flu Supplements Market?
[A]: Some of the key players in the cold and flu supplements market include Now Foods, Nature’s Way, GNC, Nutraceutical International Corporation, and Herbalife Nutrition.
[Q]: Which Region Offers the Largest Opportunity for Sales of Cold and Flu Supplements?
[A]: North America is expected to be the largest market for cold and flu supplements, due to the presence of a large number of cold and flu supplement manufacturers, increasing prevalence of cold and flu, and growing awareness about the health benefits of cold and flu supplements.
[Q]: What are the factors driving the Cold and Flu Supplements market?
[A]: Factors such as the increasing prevalence of cold and flu, growing demand for natural supplements, and rising awareness about the health benefits of cold and flu supplements are expected to drive the growth of the cold and flu supplements market during the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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