World Market for Consumer Health

October 2023

In 2023, the global marketplace for consumer health continued to be impacted by inflation and vacillating consumer demand, which limited innovation and acquisition strategies throughout the year. Nevertheless, strong growth can be found across the industry, from sports nutrition’s expansion to lifestyle positionings to the continuing demand for cough and cold remedies in the face of continuing respiratory illness to the rise of multifunctional supplements as a reaction to persistent high prices.

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This report comes in PPT.

Key Findings

The industry is still balancing the effects of inflationary pressure, limiting avenues for investment

Though tempered from the highs of mid-2022, inflationary risk and worry influenced consumer health growth in 2023, as companies continued to adjust pricing in many markets and limited investment and acqusition strategies, constraining innovation over the course of the year and preventing a refocus on what a truly post-COVID marketplace would be. This overhang is expected to go into 2024, but there are promising areas that the industry can build upon to stimulate growth.

Women’s health leads near-term growth strategies

Women’s health is an area upon which the industry can refocus, with opportunities in this space across OTC drugs, vitamins and dietary supplements, sports nutrition and weight management. Already in 2023, companies in these spaces have introduced tailored women’s health applications across a wide variety of need states and throughout women’s lifespans, while others have had significant success expanding the Rx-to-OTC switch pipeline to address glaring gaps in needs.

Multifunctional supplements are a reaction to concerns about pricing and efficacy

2023 has seen an expansion of multifunctional combination dietary supplements that aim to provide benefits across a range of health needs. This is driven by consumers who are looking to pare back spending and are increasingly thinking about their health in a more holistic manner; as a result, these consumers are searching for products that are efficacious and can efficiently meet their needs in a pill or two.

Weight loss drugs are a true risk to existing weight management brands but offer some hope

The introduction of GLP-1 agonists such as Ozempic and Wegovy has been one of the leading global stories in 2023 and its impact on sales of weight management and wellbeing has already been felt. Moving forward, there is considerable risk that this class of drugs will severely diminish the growth profile of this and other consumer health categories, though there remains some opportunities for companies to adapt and attract consumers cycling on and off these drugs.

Pain management is integrating new positionings, ingredients and strategies to propel growth

Pain management has been a mainstay of consumer health for decades, but innovation by and large has tapered in recent years. Post-COVID, the industry has acknowledged the category’s limitations around the multifaceted nature of demand and has embarked on a sudden proliferation of innovations in pain management across markets that include brand extensions, expansions into dietary supplements and multifunctionality, and opportunities for education and outreach.

Sports nutrition to sustain growth by expanding geographically, integrating health benefits

Sports nutrition remains the gold standard for growth in consumer health in 2023, and its future remains bright based on strategies that have begun recently. These include strategically building geographically around fast-growing emerging economies and integrating health benefits that consumers increasingly demand in addition to the core considerations of muscle-building, strength, endurance and recovery.

Six trends shaping consumer health
Consumer health, still weathering inflation, sees promising pockets of growth in 2023
Fighting pricing pressures, industries including consumer health battle moderate growth
Sturdiness in demand pushes OTCs considerably ahead of vitamins and dietary supplements
Vitamins and dietary supplements continue to lead five-year growth across many markets
Consumer health performance differs markedly between regions
OTCs rebound as vitamins and dietary supplements see mixed results
Evaluating the impact of inflation: Category growth in 2022 and 2023
Evaluating the impact of inflation: Company responses in times of crisis
Asia forecast to dominate consumer health sales growth over forecast period
Global OTC growth slows in constant value terms, still remarkably robust in current value
The mid-2020s will see the unwinding of the unpredictable growth of the COVID years
Vitamins and dietary supplements increasingly relying on Asia Pacific for post-COVID growth
As active nutrition takes hold, sports nutrition explodes while weight management stagnates
E-commerce’s stickiness post-COVID threatens the dominance of store-based channels
Consumer health in 2028: Innovation will have to lead the way out of sameness
Global market leaders continue to cede ground slowly to smaller competitors
Acquisitions so far in 2023 presage another year of slow M&A activity
Varying performance expected among consumer health’s leaders in 2023
Many of the top-growing companies in consumer health cluster in Asia Pacific
Market fragmentation: OTC products
Market fragmentation: Vitamins and dietary supplements
Market fragmentation: Sports nutrition
Market fragmentation: Weight management and wellbeing
Examining the trends driving growth in consumer health
Segmenting women’s health will dramatically open opportunities for growth
Multifunctionality a response to consumer feedback about pill fatigue, efficacy and pricing
Weight loss drugs are a true risk to existing weight management brands but offer some hope
Pain management undergoes a facelift, with new positionings, ingredients and strategies
Beauty-from-within supplements, dominant in Asia, expanding steadily globally
Sports nutrition to sustain growth by expanding geographically, integrating health benefits
Global snapshot of OTC drugs
Global snapshot of vitamins and dietary supplements
Global snapshot of sports nutrition
Global snapshot of weight management and wellbeing
Regional snapshot: Asia Pacific
Regional snapshot: North America
Regional snapshot: Latin America
Regional snapshot: Western Europe
Regional snapshot: Eastern Europe
Regional snapshot: Middle East and Africa
Regional snapshot: Australasia

Consumer Health

It is the aggregation of OTC, Vitamins and Dietary Supplements (VDS), Sports Nutrition, and Weight Management and Wellbeing

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