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.
New York, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nutraceuticals Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027" - https://www.reportlinker.com/p06316619/?utm_source=GNW
Global Nutraceuticals market is expected to grow at a CAGR of 9.07% and reach USD446.35 billion in 2027. This can be attributed to the growing prevalence of various health issues such as obesity, diabetes, cardiovascular diseases, malnutrition among others. Nutraceuticals can be used for effective management and treatment of these problems. This in turn is expected to positively influence the market growth during the forecast period. Additionally, growing healthcare awareness among the population worldwide and need for maintaining a healthy lifestyle is further expected to support the market growth in the coming years. Healthcare awareness has highlighted the importance of preventive health care among the consumers thereby has significantly increased the demand for nutraceuticals.
Benefits of Nutraceuticals
The growing awareness among the population related to the benefits associated with nutraceuticals is expected to drive the market growth during the forecast period.Consumption of nutraceuticals and nutraceutical supplements not only help in managing several diseases but also helps in preventing the occurrence of various types of diseases.
Functional foods and nutraceuticals are rich in omega fatty acid and help in maintaining and managing weight.Additionally, they also help in controlling blood circulation in the body.
Similarly, dietary supplements help in providing all the nutrients, vitamins & minerals to the body which the normal diet is unable to provide. This in turn has increased the consumption of different nutraceuticals not only in the general population but also by the sports and athletes’ community.
Growing Demand for Personalized Nutrition
The growing awareness and adoption of personalized nutrition has significantly increased the demand for different nutraceuticals, thereby supporting the market growth.As a result of this many nutraceuticals companies have started offering personalized nutrition services.
For instance, in April 2020, Indian nutraceutical start-up company Bhookha Haathi launched Artificial Intelligence (AI) based personalized nutrition service. This AI based system provides a set of lifestyles, diet and nutraceuticals recommendations.
Sudden Outbreak and Spread of Pandemic COVID-19 to Drive Global Nutraceuticals Market
The sudden outbreak and spread of pandemic COVID-19 across the globe has driven the growth of global nutraceuticals market. As of 26th June 2022, COVID-19 has spread across 224 countries and has affected around 549.03 million people worldwide. The COVID crisis has highlighted the need for maintain a healthy lifestyle and having strong immunity, thereby increasing the demand for nutraceuticals significantly. During the pandemic crisis in 2020, the consumption of several multi-vitamins comprising of vitamin C, vitamin D, zinc, sodium, among others significantly increased. Along with this, the demand for several functional foods also increased. Nutraceuticals are in huge demand post pandemic also on account of the inclination of population worldwide towards health and wellbeing.
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.
Based on form, the nutraceuticals market can be fragmented into tablets, capsules, powder, liquid, and others.By Source, the market can be classified into animal, plant, and microbial.
Based on distribution channel, the market can be segmented into specialty stores, online, pharmacies, and hypermarkets/supermarkets.Regionally, North America dominated the nutraceuticals market among Europe, Asia Pacific, South America, and Middle East & Africa regions.
The United States dominated the North America market in 2021 and stood at USD76.19 billion on account of the growing importance of preventive health care among consumers. Consumers have been preferring multivitamins that provide the essential nutrients to the human body. Multivitamins are becoming an integral part of the lifestyle among consumers in the United States.
Major companies in the market are 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, and others. Major players operating in the market are following strategies such as mergers and acquisitions, new therapy, among others, to stay competitive and have an edge over other players in the market.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Forecast Period: 2023F–2027F
In this report, global nutraceuticals market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Nutraceuticals Market, By Product Type:
o Dietary Supplements
o Functional Foods
o Functional Beverages
• Nutraceuticals Market, By Form:
• Nutraceuticals Market, By Source:
• Nutraceuticals Market, By Distribution Channel:
o Specialty Stores
• Nutraceuticals Market, By Region:
o North America
o Asia Pacific
o South America
o Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in Global Nutraceuticals market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06316619/?utm_source=GNW
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