Nutraceutical Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Food & Beverage
Report Code - OMR-FB-199
Format: PDF, PPT, and Excel
Nutraceutical Market to Grow Vigorously at a CAGR of 8.9% During Forecast, Increased Spending on Marketing Activities to Expediate Market Growth
The term "nutraceuticals" encompasses a variety of food-based products that offer health benefits beyond those of ordinary food ingestion. Their function in human nutrition has far-reaching implications for consumers, healthcare professionals, regulators, food producers, and distributors, making it one of the most important areas of study.
The COVID-19 epidemic has significantly impacted the global economy. According to reports, the demand for health and immunity-boosting products has skyrocketed. The general recommendation of medical personnel to incorporate immune-supporting functional foods and dietary supplements into daily life is a significant factor in their pervasive use.
Key Takeaways of the Nutraceutical Market
By Product Type
In 2022, the market was dominated by functional beverages. The segment's rapid growth can be attributed to the rising number of health-conscious shoppers replacing sugary beverages with those lower in calories and sugar while still providing useful nutrients.
By Distribution Channel
The supermarket and hypermarket industry will expand considerably shortly. Consumers have increasingly relied on stores as the primary distributors of various food items, including nutritious meals and beverages.
By Region
The market in the Asia Pacific region is anticipated to be driven by rising consumer health concerns and interest in nutraceuticals. The aging population, rising healthcare costs, and altering consumer preferences contributed to the flourishing nutraceutical industry in the Asia Pacific.
Increasing Expansion of Personalized Nutrition to Augment Market Growth
In the coming years, the market for individualized diets is anticipated to expand swiftly. Products with demonstrable health benefits and clear ingredient lists are well-positioned to profit from this industry's growth. Individualized services are essential to the long-term profitability of this industry.
According to a 2017 International Food Information Council (IFIC) survey, nearly two-thirds of Americans contemplate food and beverage healthfulness when making purchases. Sales have increased partly due to consumers' expanding preference for functional foods and beverages.
Technological Advancements Among the R&D Departments to Propel Market
Demand for dark and sugar-free chocolates has increased concurrently with the prevalence of clean- In the aftermath of the COVID-19 pandemic, it is anticipated that the global market for nutraceuticals, which includes dietary components with medicinal or health benefits used to prevent disease and boost the immune system, will continue to expand. During this pandemic, the demand for nutraceutical products skyrocketed due to several factors, including the convenience of their portable storage, the growing interest in multipurpose formulations, the increased level of consumer knowledge, and the growing anxiety among online users regarding their health.
Occasionally, antibiotic-resistant microbes and viruses induce illness. For this reason, it is crucial to develop nutraceuticals that provide a diverse array of beneficial microorganisms for enhanced health and immunity.
Global Nutraceutical Market Prominent Players
• Herbalife Nutrition Ltd (U.S.)
• BASF SE (Germany)
• Abbott (U.S.)
• General Mills (U.S.)
• Archer Daniels Midland Company (U.S.)
• PepsiCo Inc. (U.S)
• Amway (U.S.)
• Nestle S.A. (Switzerland)
• Danone S.A. (France)
• Glanbia Plc (France)
• Royal DSM N.V. (Netherlands)
• Matsun Nutrition (U.S.)
• Natrol Inc. (U.S.)
Report Scope for Nutraceutical Market
Product Type
• Dietary Supplements
o Vitamins
o Botanicals
o Minerals
o Proteins & Amino Acids
o Omega Fatty Acids
o Others
• Functional Foods
o Cereal
o Bakery & Confectionary
o Dairy
o Other
• Functional Beverages
o Energy Drinks
o Sports Drinks
o Functional Juices
o Others
Form
• Capsules
• Tablets
• Liquid
• Powder
• Others
Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Online Retail
• Others
Nutraceutical Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o Argentina
o Brazil
o Rest of Latin America
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