Hangover Rehydration Supplements Market Worth $3.0 Billion By 2025
The global hangover rehydration supplements market size is anticipated to reach USD 3.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 15.0% over the forecast period. Increasing product visibility at pharmacy stores is a main factor driving demand for hangover rehydration supplements. In addition, growing awareness related to harmful effects of alcoholic drinks among people will boost demand for detox products in the coming years. Increasing consumption of alcoholic drinks in India, China, and Japan is expected to provide growth opportunity for the market from 2019 to 2025.
The solutions segment dominated the market, accounting for more than 65.0% share of the global revenue in 2018. The segment is expected to maintain its lead throughout the forecast period owing to increasing product visibility at pharmacy stores. The tablets/capsules segment held a major share in the market. Higher product visibility, coupled with increasing launch of tablets/capsules in U.S., India, and U.K., is anticipated to drive the segment over the forecast period.
The offline segment accounted for the largest share of more than 85.0% in 2018. The segment is expected to maintain its lead throughout the forecast period. Increasing availability of hangover rehydration products at various retail channels is driving the sale of these products through offline channel. However, sale of hangover rehydration supplement through online channel is expected to witness significant growth from 2019 to 2025. Small players including More Labs and Cheery Health are increasing their focus on online channel to increase their sale.
Asia Pacific dominated the market, accounting for more than 45.0% share of global revenue in 2018. The region is expected to maintain its lead throughout the forecast period. South Korea and Japan together held more than 55.0% share of the Asia Pacific market owing to high product visibility and product awareness among consumers. Europe is expected expand at the fastest CAGR of 15.5% over the forecast period. U.K. and Germany are the prominent markets in Europe due to availability of products such as Alka Seltzer, Berocca, and Blowfish, coupled with growing awareness among the consumers.
Further key findings from the report suggest:
- By product, the solutions segment accounted for more than 65.0% share of the global revenue in 2018
- The offline distribution channel segment was valued at USD 990.0 million in 2018
- Asia Pacific held more than 45.0% share of the global revenue due to increasing product visibility in China and India, coupled with growing awareness related to health benefits of hangover supplements among people
- North America is expected to witness significant growth over the forecast period owing to increasing product visibility at retail stores and growing awareness among consumers
- The global hangover rehydration supplements market is highly competitive in nature due to presence of a large number of vendors in the market. Abbott Laboratories and Bayer AG held a significant share in the global market and are the leading vendors in North America and Europe.