Rise in functional food demand in developing nations, growth in purchasing power, changing lifestyle and food habits, increase in consumption of energy and sports drinks, and surge in demand for nutraceuticals to supplement regular diet drive the growth of the global nutraceuticals market.
Allied Market Research published a research report on the nutraceuticals market. The findings of the report state that the global market for nutraceuticals generated $413.0billion in 2020, and is expected to garner $650.5 billion by 2030, witnessing a CAGR of 3.9% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Shankar Bhandalkar, the Team Lead-Research, Food & Beverage at Allied Market Research, highlighted, “Nutraceuticals made of organic material, especially herbal and medicinal materials are going to gain high traction amongst health-conscious consumers of the developed regions.”
The report provides a detailed analysis of market drivers, restraints, and opportunities to assist market players to strategize and capitalize on new opportunities. Rise in functional food demand in developing nations, growth in purchasing power, changing lifestyle and food habits, increase in consumption of energy and sports drinks, and surge in demand for nutraceuticals to supplement regular diet drive the growth of the global nutraceuticals market. However, challenging processing and manufacturing technology, and low quality and counterfeit products impede the market growth. On the other hand, rise in demand for herbal nutraceutical products and new format of intakes of nutraceuticalsoffer new opportunities for the market growth.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the nutraceuticals market across the globe. The outbreak of Covid-19 positively affected the global nutraceuticals market owing to the increase in demand for healthy nutritional supplements and products. The sales of various nutraceutical products increased during the pandemic as the intake of Vitamin D and C, sodium, zinc, and mineral improved as preventive measures against Covid-19. Natural, organic, and herbal products became more popular during the Covid-19 pandemic.
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The report offers detailed segmentation of the global nutraceuticals market based on type, form, sales channel, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
Based on type, the functional food segment held the largest market share in terms of revenue in 2020, accounting for more than two-fifths of the global nutraceuticals market, owing to rise in spending on health-related products, growing urbanized population, and surge in obesity, cardiovascular, and other chronic diseases. However, the functional beverage segment is estimated to register the highest CAGR of 4.9% during the forecast period, due to increase in number of fitness and sports enthusiasts and inclination of consumers toward a healthy lifestyle.
Based on form, the capsule and tablets segment dominated the global nutraceuticals market share in 2020, contributing tonearly two-fifths of the market, due to their easy availability. However, the liquid segment is expected to grow at the highest CAGR of 4.6% during the forecast period.
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Based on region, the market across Asia-Pacific, followed by North America, leads the market share in 2020, contributingtoaround two-fifths of the global nutraceuticals market. Moreover, this same region is anticipated to witness the highest CAGR of 5.5% during the forecast period, owing to the growth of healthcare facilities, rise in population,and increase in the dietary supplement market.
Leading players of the global nutraceuticals market analyzed in the research includeCargill, Inc., Archer Daniels Midland Company, DuPont de Nemours, Inc., BASF SE, Koninklijke DSM N.V., Danone, General Mills Inc., Nestle S.A., PepsiCo, Inc., and Yakult Honsha Co., Ltd.
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