Nutraceutical Products Market to be Driven by the Growing Awareness about the Importance of Nutrition in the Forecast Period
The new report by Expert Market Research titled, ‘Global Nutraceutical Products Market Size, Report and Forecast 2022-2027’, gives an in-depth analysis of the global nutraceutical products market, assessing the market based on its segments like types, distribution channels, sources, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 306.72 Billion
- Forecast CAGR (2022-2027): 7.10%
- Forecast Market Size (2027): USD 462.89 Billion
The growing awareness and concern about health and nutrition contribute to the steady growth of the market. Also, the pandemic emphasised the need for immunity and preventive care, which is leading to the propelling of the nutraceutical products industry. The worldwide prevalence of chronic diseases owing to the changing lifestyle and the numerous advantages of these products is significantly catalysing the industry growth. In addition, the increasing purchasing power is enabling people to afford these nutraceutical products, thereby augmenting the industry. The rising inclination towards nutraceutical snacks due to their wide range of varieties, improved quality, and long shelf life is further invigorating the market growth. The increasing demands for organic and clean label nutraceutical products over chemical ingredients are also contributing to the development of the industry. Furthermore, the emergence of new industry players due to the growing importance of nutraceutical products is further bolstering the industry.
Industry Definition and Major Segments
Nutraceutical products can provide immunity against chronic diseases and promote general well-being. These products have extra health benefits with nutritional values. It can also be consumed as medicine sold in pharmacies with a claim to have drug properties. They are mainly of four categories – dietary supplements, functional food, medicinal food, and pharmaceuticals.
The nutraceutical products industry, by type can be segmented into
- Dietary Supplements
The food segment is further divided into snacks, confectionery products, bakery products, dairy products, and infant nutrition products, whereas the beverages segment is classified into health drinks, energy drinks, and juices. Meanwhile, the dietary supplements segment is further categorised into tablets, liquid, and powder, among others.
Based on distribution channels, the market is divided into
- Conventional Stores
- Speciality Stores
- Drugstores and Pharmacies
The conventional stores segment can be segmented into grocery stores, mass merchandisers, warehouse clubs, and online retailers, whereas the speciality stores segment is divided into bakery stores, confectionery stores, gourmet stores, health centres, and cosmetic stores.
On the basis of source, the market is classified into
- Proteins and Amino Acids
- Phytochemicals and Plant Extracts
- Fibres and Speciality Carbohydrates
- Omega-3 Fatty Acids
The regional markets of nutraceutical products include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The demand for nutraceuticals has been expanding at a rapid rate. The government schemes, such as production linked incentives in emerging countries, like India, to boost domestic production and exports is also playing a crucial role in the incremental development of the industry. The proximity of raw materials, such as medicinal plants and nature-based science, is also leading to the expansion of the market. The introduction of superior quality products by companies to escalate their market potential is further augmenting the market. For instance, the launch of collagen protein supplement range – Pro360 Vegan Collagen and Pro360 Marine Collagen by GMN Group of Companies, India, supports the body’s collagen production. Moreover, the research activities and the investments made by industry players in food technologies to develop products that meet customer expectations are also expected to propel the nutraceutical products industry in the forecast period.
Key Market Players
The major players in the market are Conagra Brands, Inc., General Mills, Inc., Nestlé S.A., Pfizer Inc., and Freedom Foods Group Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.