Dublin, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The "Global Nutraceuticals Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Source, Form Distribution Channel, and Region" report has been added to ResearchAndMarkets.com's offering.
Global Nutraceuticals Market was valued at ~US$ 250 billion in 2017. It is estimated to be ~US$ 350 billion in 2022 and is forecasted to reach a market size of ~US$ 500 billion, growing at a CAGR of ~7% owing to the rising demand for nutraceuticals among old age population due to increasing chronic diseases.
Increasing prevalence of metabolic disorders is one of the factors driving the growth of nutraceuticals market. The number of individuals with metabolic disorders is on the rise across various countries worldwide. According to the National Cholesterol Education Program and International Diabetes Federation (IDF), more than 30% of the U.S. population is estimated to have metabolic syndrome. This will drive consumer preference for nutraceuticals thereby fostering market statistics.
A surge in sports activities and participation at the national and international levels will complement the nutraceuticals industry growth. Increasing awareness associated with the benefits of health supplements for various medical concerns will drive the demand for nutraceutical products.
The major challenge faced by the market is the presence of a stringent regulatory framework and complex policies for the commercialization of nutraceutical products. A strict set of guidelines has been outlined in order to ensure that only safe and high-quality nutraceuticals are launched into the market. This compels nutraceutical product developers to provide ample evidence justifying the product's health claims.
The COVID-19 pandemic has positively impacted the nutraceuticals market owing to the increasing demand for healthy nutritional supplements and products. Preventative measures against coronavirus promoted the consumption of nutritious and functional foods with high zinc, sodium, vitamin D, vitamin C, and mineral content, escalating the sales of nutraceutical products.
In addition, the pandemic is also a foundation stone of the start to the end of substandard nutrition, invalid claims, and smart marketing claims phrases that potentially misled the consumers.
The Global Nutraceuticals Market is highly competitive with ~500 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are the manufacturers of nutraceuticals used in various end-user industries.
Regional players constitute ~30% of the total number of competitors, while country-niche players dominate representing ~60% of total competitors. Some of the major players in the market include Amway Corp, BASF SE, Cargill, Incorporated, Danone SA, DuPont, General Mills Inc., Nestle, PepsiCo Inc., DSM, ADM, among others.
Recent Developments Related to Major Players and Organizations
In May 2021, General Mills launched a new snack brand called Good Measure that is designed specifically to not spike the blood sugar of the person snacking. The Good Measure brand currently has two products: creamy nut butter bars and crunchy almond crisps. The bars are available in multiple flavors starting with Blueberry & Almond, Peanut & Dark Chocolate, and Almond & Dark Chocolate
In 2022, DSM Group, a global science-based company, launched its latest integrated Food & Beverage functional structure, which combines three sections of DSM's business based on nutrition, i.e., Hydrocolloids, Food Specialties, and a few portions of nutritional commodities group on demand of emerging customer and current needs of the market
The Global Nutraceuticals Market witnessed positive impact due to COVID-19 as the demand for nutraceuticals kept on increasing during and after the pandemic.
Most nutraceuticals are sold in the form of tablets and capsules as there is an ease of packaging that helps in providing longer shelf life to the product. Pharmacies are the most popular source of distribution channels through which nutraceutical supplements are sold.
However, online channels are also gaining popularity as the prices are much lower. Though the market is competitive with over ~500 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.
Key Topics Covered in the Report
Snapshot of Global Nutraceuticals Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Nutraceuticals Market
Historic Growth of Overall Global Nutraceuticals Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of Global Nutraceuticals Industry
Overview, Product Offerings, Strengths, & Weaknesses of Key Competitors
Covid-19 Impact on the Overall Global Nutraceuticals Market
Future Market Forecast and Growth Rates of the Total Global Nutraceuticals Market and Segments
Analysis of Global Nutraceuticals Market
Major Production/Supply and Consumption/Demand Hubs within Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region
Notable Key Players Mentioned in the Report
General Mills Inc
Supplement Manufacturing Partner Inc
Scope of the Report
Period Captured in the Report
Historical Period: 2017-2021
Forecast Period: 2022E-2028F
Capsules and Tablets
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