Investment Rating - The report maintains a strong rating for the health supplement industry, indicating a positive outlook for growth driven by various factors [4]. Core Insights - The health supplement industry is expected to grow due to three main drivers: the shift from offline to online channels, increased health awareness among consumers due to the COVID-19 pandemic and aging population, and diversification of product categories attracting younger consumers [2][3]. - The dietary supplement segment is the mainstream market, while sports nutrition and children's health consumption are expected to see significant growth. Traditional tonics and weight management face downward challenges [1][3]. Summary by Sections 1. Driving Factors - **Channel Shift**: The transition from offline to online sales channels has accelerated, with e-commerce becoming the primary sales avenue, increasing from 27.3% in 2019 to an expected 43.9% by 2024 [13][14]. - **Demand Increase**: Health awareness has been heightened due to the pandemic, with the aging population further driving demand for health supplements. By 2035, it is projected that over 30% of the population will be aged 60 and above [20][21]. - **Supply Diversification**: The variety of health supplement categories and consumption scenarios is expanding, appealing to younger consumers [28]. 2. Key Market Segments - **Dietary Supplements**: This segment is the largest, expected to account for 55.98% of the market by 2024, with a compound annual growth rate (CAGR) of 12.72% from 2010 to 2024 [36][40]. - **Traditional Tonics**: This market, heavily influenced by Chinese herbal culture, is projected to reach 1,408.44 billion yuan by 2024, but faces challenges due to regulatory scrutiny and market stagnation [54][56]. - **Sports Nutrition**: Although smaller in scale, this segment is growing rapidly, with a CAGR of 10.83% from 2019 to 2024, driven by increased fitness awareness [62]. - **Children's Health**: This segment is also experiencing growth, with a CAGR of 7.82% expected in the same period [37]. 3. Investment Recommendations - Focus on leading companies that are actively expanding in high-growth areas such as sports nutrition, children's health, workplace recovery, and anti-aging products, which are anticipated to be the fastest-growing segments [1][2].