New York, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global nutraceuticals market is projected to garner a revenue of $516.5 billion and grow at a CAGR of 7.60% throughout the analysis timeframe from 2021 to 2028.
As per our analysts, with the growing demand for functional foods among individuals to increase the nutritional content of food items, the nutraceuticals market is expected to see exponential growth during the forecast timeframe. Moreover, the increasing consumer awareness about dietary supplements in the market is predicted to create huge growth opportunities over the analysis period. However, the high investment cost of nutraceuticals may impede the growth of the market over the estimated timeframe.
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Segments of the Nutraceuticals Market
The report has divided the market into segments based on product, distribution channel, and region.
Product: Functional Food Sub-Segment to be Most Profitable
The functional foods sub-segment is predicted to generate a revenue of $225.4 billion throughout the analysis timeframe. This is majorly due to the growing trends of technologies such as bio-encapsulation, nanoencapsulation, and many more. Furthermore, the increasing adoption of strategic collaboration by leading key players in the market to offer the best type of functional food products to consumers is expected to upsurge the growth of the market sub-segment over the estimated period.
Distribution Channel: Supermarket & Hypermarket Sub-Segment to be Most Productive
The supermarket & hypermarket sub-segment is projected to garner a revenue of $233.5 billion over the forecast timeframe. This is mainly due to the increasing number of individuals preferring supermarkets & hypermarkets due to the freedom of selection. Moreover, the buyers can get good quality products at affordable prices at supermarkets which are expected to augment the growth of the market sub-segment during the analysis timeframe.
Region: Asia-Pacific Region to Hold the Largest Share of the Market
The Asia-Pacific region of the nutraceuticals market is expected to generate a revenue of $203.5 billion during the estimated period. This is mainly because of the presence of health-concerned consumers in this region which motivates manufacturers to produce healthy functional beverages. Moreover, the rising population of young adults and athletes in this region is predicted to drive the regional growth of the market over the forecast timeframe.
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Covid-19 Impact on the Nutraceuticals Market
Though the rise of the novel coronavirus has devastated several other industries, it has had a positive impact on the nutraceuticals market. This is mainly because people started adopting good food habits during the pandemic period to boost their immunity. Moreover, the importance of nutraceuticals such as dietary supplements has skyrocketed during that period. In addition, several researchers and scientists have made strategic plans and steps to motivate society to recover from the chaotic situation. All these factors have inclined the growth of the market over the period of crisis.
Key Players of the Market
The major players of the nutraceuticals market include
- Danone
- Cargill Inc.
- General Mills Inc.
- BASF SE
- Koninklijke DSM N.V.
- DuPont de Nemours Inc.
- Nestle S.A.
- Archer Daniels Midland Company
- PepsiCo Inc.
- Amway Corporation
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
Broader Insights Pertaining for the Specific Segments or Regions of the Nutraceuticals Market
For instance, in August 2022, Hovione, a leading Portuguese multinational company that produces active pharmaceutical ingredients announced its collaboration with Zerion Pharma A/S, a pharmaceutical development company aspiring to transform the pharmaceutical landscape with a new formulation technology. With this collaboration, the companies aimed to enhance the solubility of dietary supplements to enhance Zerion’s Dispersome technology for the development and commercialization of certain nutraceutical products.
In addition, the report also summarizes other crucial aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
More about Nutraceuticals Market:
- What Health Benefits and Side Effects do Nutraceuticals Have?
- The Global Nutraceuticals Market to Experience Enhanced Growth due to Collaborations Like That of Danone With Brightseed
