Interest in personal health has been steadily increasing, a trend that has continued well into the first half of 2024. Health supplements have become a valuable option for modern consumers, from busy middle-aged to seniors, as a convenient way to support health. In particular, as more consumers seek to supplement specific nutrients, the health supplement market has diversified to meet these growing needs.

Market Growth Amid Shifting Spending Patterns

In the first half of 2024, while the average purchase price per transaction for health supplements in the domestic market decreased slightly, the number of consumers and purchase frequency rose, resulting in a modest increase in market size compared to the previous year. This suggests that, although consumers may be spending less per transaction, their sustained interest in health supplements remains strong. Given this steady demand, it is essential to monitor the recent 12-week trend, which has shown a notable upward trend.

Additionally, consumers are showing a clear tendency to compare products across various sales channels, purchasing only the items they deem necessary. The number of retailers per household reached 3.32, the highest in the past three years. As a result, the market share of major retailers has slightly declined, offering smaller retailers more opportunities to engage consumers. With the rising preference for using multiple channels, consumers are now making informed decisions, selecting products that best meet their needs.

Inflation’s Impact on Consumer Behavior

A critical factor in the purchasing behaviors observed in 2024 is the impact of inflation on consumer sentiment. Rising prices have prompted consumers to reduce their spending, leading to a stronger preference for selective buying. Instead of adding new items to their shopping carts, many consumers are switching categories. This trend suggests an increasing opportunity for smaller retailers to enter the market with products and marketing strategies that cater specifically to consumer needs.

Demand for Core Supplement Categories

Despite this shift, certain categories—such as multivitamins, joint health, and single vitamin and minerals—have continued to show notable growth, with eye health and body fat reduction products also seeing modest increases. However, demand for blood circulation, skin, muscle, and liver health products has declined. In this shifting landscape, the sustained demand for traditional health supplements suggests that these categories should not be overlooked.

The health supplement market is expected to continue expanding in the coming years. To ensure sustained growth, industry players must closely track evolving consumer trends and proactively develop adaptable solutions in response to market dynamics.