Growing health-conscious population worldwide is expected to drive the growth of global nutraceuticals market through 2027.
According to TechSci Research report, “Nutraceuticals Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027” Global Nutraceuticals market is expected to grow at a CAGR of 9.07% and reach USD446.35 billion in 2027 on account of the growing demand for functional foods and dietary supplements worldwide. Additionally, growing awareness related to the benefits and use of nutraceuticals among the population has increased the consumer inclination towards nutraceuticals, thereby supporting the market growth during the forecast period. Furthermore, growing malnutrition and nutritional deficiencies among the population further increases the demand for nutraceuticals. Besides, increase in participation of athletes in sports at national and international levels is expected to boost the demand for functional beverages. Also, rapid urbanization and increasing per capita healthcare expenditure across different countries is further expected to support the market growth.
However, stringent regulatory scenario for product approval, launch and marketing can slow down the market growth during the forecast period. Also, the nutraceuticals market is hindered by difficulties that manufacturers face during the manufacturing process such as difficulties in extraction of the ingredients required to make nutraceuticals or minimal extraction. This in turn adds up to the overall cost, thereby hampering the market growth.
Browse over 161 market data Figures spread through 110 Pages and an in-depth TOC on “GLOBAL NUTRACEUTICALS MARKET“
The global nutraceuticals market is segmented based on product type, form, source, distribution channel, region, and company. In terms of product type, the market can be categorized into dietary supplements, functional foods, and functional beverages. The dietary supplements segment dominated the market in 2021, with an overall market share of 46.30%. This can be attributed to the growing awareness related to dietary supplements and their benefits in overall health and bodily maintenance. Additionally, the COVID-19 pandemic crisis has significantly increased the demand for different dietary supplements especially vitamins such as vitamin C, vitamin D, zinc, among others. In terms of distribution channel, the market can be fragmented into specialty stores, online, pharmacies, and hypermarkets/supermarkets. The online segment is expected to register the highest growth of around 9.93% during the forecast period on account of changing consumer behavior of making purchases online. Additionally, the growing internet penetration rate and internet users have significantly made a large pool of population to shift towards online channels for making purchases. Similarly, the pandemic crisis has boosted the growth of online channels since there is no need to go anywhere and consumers can get no-contact, door-step delivery of the items they purchase through this channel. Also, a wide range of products are available online which can be compared with each other and then purchased.
Key market players in the nutraceuticals market include:
- Archer-Daniels-Midland Company
- BASF SE
- Nestle S.A.
- Danone S.A.
- General Mills, Inc.
- Koninklijke DSM N.V.
- Herbalife Nutrition Ltd.
- Abbott Laboratories, Inc.
- Pfizer Inc.
- GlaxoSmithKline plc
Global Nutraceuticals market includes a lot of well-established players having presence in several countries along with several domestic players holding prominent positions in certain regions and countries. The market is highly fragmented with a lot of players manufacturing their own kind of nutraceutical product in different parts of the globe. The companies operating in the market are following strategies such as collaborations, mergers & acquisitions, new product launches, among others in order to have an edge over the other market players. The companies are investing on research & development activities also and making innovations in terms of packaging and forms of the product to stay competitive.
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“The Asia Pacific region will register the fastest CAGR during the forecast period. This can be attributed to the growing trend of food fortification through nutraceuticals in the region especially in countries like China, India, among others. Additionally, changing spending pattern on healthcare products in the region is further expected to support the market growth. Furthermore, rapid urbanization, changing lifestyle patterns, among the population especially in the developing countries is expected to create lucrative opportunities for the market growth through 2027.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Nutraceuticals Market- Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Product Type (Dietary Supplements, Functional Foods, Functional Beverages), By Form (Tablets, Capsules, Powder, Liquid, Others), By Source (Animal, Plant, Microbial), By Distribution Channel (Specialty Stores, Online, Pharmacies, Hypermarkets/Supermarkets), By Region”, has evaluated the future growth potential of global nutraceuticals and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global nutraceuticals market.