Nutraceuticals Market to Hit USD 658.11 Billion by 2028 | With 9.3% of CAGR
Key companies covered in nutraceuticals market are Herbalife Nutrition Ltd. (California, United States), Archer Daniels Midland Company (Illinois, United States), General Mills (Minnesota, United States), epsiCo Inc. (New York, United States), BASF SE (Mannheim, Germany), Abbott (Illinois, United States), Amway (Michigan, United States), Glanbia Plc. (Ireland), Danone S.A. (Paris, France), Nestle S.A. (Vevey, Switzerland) and others.
Pune, India, July 20, 2023 (GLOBE NEWSWIRE) — The global nutraceuticals market is expected to gain momentum by reaching USD 658.11 billion by 2028 while exhibiting a CAGR of 9.3% between 2021 and 2028. Fortune Business Insights in its report, titled, “Nutraceuticals Market, 2021-2028.”, mentions that the market stood at USD 320.00 billion in 2020. Factors such as the increasing personalization in nutritional diet and the increasing investment in R&D activities are expected to propel the demand for the product in the forthcoming years.
For instance, in July 2019, General Mills announced its collaboration with GoodBelly to produce and distribute lactose-free yogurts and a probiotic-based cereal to cater to the growing demand from consumers. Therefore, the increasing focus on the personalization of nutrition has propelled companies to introduce healthy food products worldwide.
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List of Companies Profiled in the Global Nutraceuticals Market:
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (Illinois, United States)
- General Mills (Minnesota, United States)
- PepsiCo Inc. (New York, United States)
- BASF SE (Mannheim, Germany)
- Abbott (Illinois, United States)
- Amway (Michigan, United States)
- Glanbia Plc. (Ireland)
- Danone S.A. (Paris, France)
- Nestle S.A. (Vevey, Switzerland)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 9.3% |
| 2028 Value Projection | USD 658.11 Billion |
| Nutraceuticals Market Size in 2020 | USD 320.00 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 178 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Nutraceuticals Market Growth Drivers | Increasing Investment in Product Development to Favor Growth |
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Massive Spike in Demand for Healthy Food Products amid COVID-19
The COVID-19 pandemic has brought upon a turbulent time for several economies worldwide. However, it has also been an eye-opener for people globally to adopt a healthy and nutritious diet with a core focus on building strong immunity. The demand for vitamins and minerals has surged significantly and people are consuming immunity-boosting products to ensure protection from chronic and infectious diseases. This is expected to bode well for the growth of the market in the forthcoming years.
DRIVING FACTORS
Increasing Investment in Product Development to Favor Growth
In January 2020, Archer Daniels Midland Company announced the acquisition of Yerbalatina Phytoactives, a leading manufacturer of natural plant-based extracts and ingredients. The company with its investment aims to strengthen its position in the market. Similarly, several companies are focusing on investing in R&D activities to develop and introduce health-benefiting food products to cater to the growing demand for nutritious products worldwide. Moreover, the development of natural food products devoid of any harmful substances will boost the global nutraceuticals market growth in the forthcoming years.
REGIONAL INSIGHTS
Asia-Pacific to Remain at Forefront; Demand for Functional Foods to Increase in North America
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the market during the forecast period. The dominance is attributable to the presence of a large population and the improving living standards in countries such as India, Japan, and South Korea, among others that will boost the demand for nutraceuticals in the region. Moreover, the region stood at USD 124.70 billion in 2020.
The market in North America is expected to hold the second position in the market backed by the increasing demand for plant-based nutritional products and the growing demand for functional food in countries such as the U.S. between 2021 and 2028.
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Market Segmentation:
Based on product type, the market is trifurcated into dietary supplements, functional foods, and functional beverages.
On the basis of product type, the dietary supplements segment held a global nutraceuticals market share of about 19.12% in terms of revenue in 2020 and is likely to experience considerable growth. This is due to several companies focusing on expanding their dietary supplement production facilities to cater to the growing consumer demand.
Based on the distribution channel, the market is categorized into hypermarkets/supermarkets, convenience stores, online retail, and others. Lastly, on the basis of region, the market is segregated into Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.
Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
COMPETITIVE LANDSCAPE:
Merger and Acquisition between Major Companies to Brighten their Market Prospects
The global market comprises small, medium, and large companies that are striving to maintain a stronghold. Large companies are focusing to expand their nutraceuticals portfolio by acquiring other small companies. Moreover, other key players are adopting strategies such as facility expansion, partnership, and collaboration to gain a competitive edge over their rivals which will favor market growth in the forthcoming years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview on the Parent Market
- Supply Chain Analysis
- Industry SWOT Analysis
- Recent Industry Developments – Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Nutraceuticals Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Dietary Supplements
- Functional Foods
- Functional Beverages
- By Distribution Channel (Value)
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retail
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
To Be Continued…!
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Key Industry Development:
September 2020 – Nuliv Science introduced a new compound, Senactiv that helps to promote muscle energy and regeneration. The company further reports that the new sports product is manufactured taking into consideration the surging demand for dietary supplements among consumers.
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