The Global Nutraceuticals Market size is expected to reach $743. 6 billion by 2027, rising at a market growth of 8. 6% CAGR during the forecast period. Nutraceuticals are food-based supplements that can also be used for therapeutic purposes.
New York, April 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Nutraceuticals Market Size, Share & Industry Trends Analysis Report By Type, By Dietary Supplements, By Functional Beverages, By Sales Channel, By Form, By Regional Outlook and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06249515/?utm_source=GNW
Because they are manufactured from food materials and extracts, these products are also known as bioceuticals. Nutraceuticals products are available in a variety of forms and are utilized for a wide range of purposes. These products are unregulated in several parts of the globe because they are considered food supplements or additives. The demand for nutraceuticals is steadily expanding. The key cause for the rise in demand for nutraceuticals is a growing knowledge of the health advantages associated with the use of nutraceuticals and nutraceutical supplements.
Furthermore, a growth in athletes’ participation in sports at the national and international levels is predicted to enhance demand for functional beverages. The functional food industry is being driven by a growing urbanized population, increased spending on health-related products, and an increase in cardiovascular, chronic, and obesity-related diseases. Functional foods are high in omega fatty acids, which aid in weight management and blood circulation control in the body.
Over the forecast period, rising healthcare expenses, along with an increasing worldwide elderly population, are expected to aid the overall nutraceuticals market growth. Consumers have a very favorable attitude toward functional foods, owing to the additional health and wellness benefits that these products provide. The overall growth has been assisted by the rising older population; rising healthcare costs, changing lifestyles, food innovation, and expectations regarding higher prices.
Because starting a Nutraceuticals production business is relatively simple, the Nutraceuticals market has a strong presence of regional companies. Many types of Nutraceuticals have gained a lot of attention in recent years, resulting in a flood of low-quality Nutraceuticals items on the market. The correct type of nutraceuticals product has no negative effects on the consumers’ health.
Impact of COVID 19
The demand for nutritional supplements and functional foods has risen dramatically in the wake of the COVID-19 outbreak. Over the last year, immune-boosting supplements have become more mainstream, resulting in major changes in purchasing patterns and consumer behaviour. Furthermore, following the COVID-19 pandemic, various preventive healthcare measures like nutritional supplements are becoming popular. As a result, the worldwide COVID-19 pandemic has cleared the road for nutraceuticals to establish a prominent presence in the market.
The COVID-19 pandemic has had a significant and positive impact on the global economy. According to estimates, demand for products that promise to improve health and immunity has skyrocketed. The widespread dissemination of medical advice encouraging people to include functional foods and dietary supplements into their everyday lives to help their immune systems considerably adds to the widespread use of these goods.
Increased consumer awareness of the benefits of taking health supplements, expanding awareness of preventative healthcare measures, and a growing number of affluent and health-conscious customers are driving the industry’s rise.
Market Growth Factors
Rising health consciousness among people would lead to high demand for fortified food products
According to a survey performed by the International Food Information Council (IFIC), 87 percent of consumers in the United States agreed that certain foods provide health advantages beyond their basic nutrition in 2009, and 89 percent agreed in 2011. This reflects the growing interest among consumers in learning more about functional and fortified foods. Health issues are rising, and health awareness is expanding among Canadian consumers, according to the Business Development Bank of Canada in 2013, and will continue to accelerate as the aging population, with 25% of the people above the age of 65 by 2031. According to a study done by the United Nations Department of Economic and Social Affairs in 2013, the ageing population, together with rising chronic disease rates, has resulted in an increase in chronic disease incidences.
Product and technological advancements in nutraceuticals industry
Customized medical technologies are quickly being implemented by nutraceutical ingredient manufacturers in order to create better-suited and tailored end products for consumers. Consumer goods firms are progressively gathering data to enable accurate analysis of purchasing behavior and lifestyle in order to present customers with customized solutions based on their preferences. For example, Tesco announced in 2013 that it would utilize its Clubcard data to track numerous chronic ailments that consumers are aware of in order to provide customized solutions to enhance healthier eating habits. This information not only helps consumer companies develop individualized nutritional recommendations, but it also helps pharmaceutical companies forge important collaborations to assist personalize over-the-counter supplements.
Market Restraining Factors
Huge cost of nutraceutical products
Functional foods and beverages, pharmaceuticals, animal nutrition, and personal care products are just a few of the applications for nutraceutical components. The addition of nutraceutical ingredients to food and beverage products, feed products, pharmaceuticals, and personal care items, however, raises the pricing of these end products. As a result, lesser acceptance of such products occurs, which would restrict the adoption of the nutraceutical products across the world. Since consumers have been more careful about eating the right foods, there has been a rise in demand for healthier alternatives to consumables in recent years.
When nutraceutical components are added to any type of food or beverage product, functional food and beverages are created, which provide a health benefit in some way. There are many people with medium or low-income level, who would restrict themselves from the adoption of such nutrient-enriched products and hence, hindering the growth of the nutraceuticals market over the forecast period.
Based on Type, the market is segmented into Functional Food, Dietary Supplements, and Functional Beverages. Further, on the basis of Functional food, the market is segmented into Vitamins, Minerals, Carotenoids, Dietary Fibers, Prebiotics & Probiotics, Fatty Acids, and Others. Based on Dietary Supplements, the market is segmented into Vitamins & Minerals, Proteins & Amino Acids, Fibers & Specialty Carbohydrates, Botanicals, Omega Fatty Acids & Others. Based on Functional Beverages, the market is segmented into Energy & Sports Drinks, Functional Juices, and Others. The functional beverages segment witnessed a promising revenue share in the nutraceuticals market in 2020. This growth is attributed to various factors like rise in popularity of beverages containing nutrient benefits. In addition, since beverages are easy to digest, many people opt for it and hence, contribute to the growth of the segment.
Sales Channel Outlook
Based on Sales Channel, the market is segmented into Pharmacy, Specialty Stores, Hypermarket/Supermarket, and Online Channels. Pharmacy segment garnered the largest revenue share in the nutraceuticals market in 2020. It is owing to the high reliability and authenticity of the products, these stores provide. Since pharmacies obtain government license, consumers tend to trust more on these stores, which would escalate the growth of this segment.
Based on Form, the market is segmented into Capsule & Tablets, Liquid, Powder, and Others. The Liquid segment acquired a substantial revenue share in the nutraceuticals market in 2020. Since liquid form of nutraceuticals can be easily added to the daily diet of the people, the demand for liquid nutraceuticals would increase. In addition, nutraceutical drinks are gaining more momentum as people are looking forward for the alternative of carbonated drinks.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific emerged as the leading region in the nutraceuticals market with the highest revenue share in 2020. The primary drivers of the regional market are rising consumer health concerns and increased knowledge of nutraceuticals. Also, the nutraceutical industry’s rise in Asia Pacific has been aided by an ageing population, changing healthcare expenditure patterns, and changing lifestyles. The expanding trend of fortifying foods with nutraceutical goods, on the other hand, is expected to provide a considerable potential opportunity for this industry.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Nestle S.A.is the major forerunners in the Nutraceuticals Market. Companies such as General Mills, Inc., Danone, S.A. and Koninklijke DSM N.V. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nestle S.A., General Mills, Inc., Archer Daniels Midland Company, Danone, S.A., Koninklijke DSM N.V., International Flavors & Fragrances, Inc., Herbalife International, Inc., The Hain Celestial Group, Inc., Amway Corporation, and Cargill Corporation.
Recent Strategies Deployed in Nutraceuticals Market
Partnerships, Collaborations, and Agreements:
Oct-2021: ADM formed a joint venture with Qingdao Vland Biotech, a leading producer of enzymes and probiotics. This joint venture aimed to fulfill the demands of human probiotics in enlarging the Chinese market. In addition, this venture aimed to help the clients be aware of the strong linkage between the health of the gut microbiome and their overall health.
Jul-2021: ADM formed a partnership with iHealth, provider of a wide range of connected health products. Through this partnership, iHealth would provide Culturelle, weight, and metabolism management products featuring ADM BPL strain. Moreover to support customers’ metabolic health needs across the world.
Dec-2020: Dupont Nutrition and Biosciences expanded its partnership with Plug and Play. Through this partnership, the companies aimed to influence the enterprising start-ups to bring the latest innovative technology in plant-based proteins, consumer testing, and functional ingredients.
Jul-2020: Amway formed a partnership with Holzapfel Effective Microbes, provider of the microbiome and microbiological research. This partnership focused on developing personalized probiotics that would support gut health-related benefits such as weight management, skin health, immunity, skin health, brain health, and more.
Acquisitions and Mergers:
Dec-2021: Royal DSM completed the acquisition of Vestkorn Milling, the leading European producer of peas and beans. This acquisition focused on stepping in DSM strategy to build an alternative protein business.
Nov-2021: ADM took over Deerland Probiotics & Enzymes, specializing in customized enzyme and probiotic-based formulations. This acquisition aimed to boost up the leadership in functional foods and dietary supplements to serve consumers across the globe.
Aug-2021: Nestle Health Science took over The Bountiful Company, including Osteo Bi-Flex, Solgar, Nature’s Bounty, Ester-C, Puritan’s Pride, and Sundown. Under the acquisition, the company aimed to enhance the health of consumers across the world with a wide range of trusted products.
Oct-2020: Royal DSM took over Erber Group, a global science-based company in Nutrition. Under this acquisition, Erber Group Biomin would strengthen DSM’s expertise and reputation offering in animal health and nutrition solutions for farm sustainability and productivity with feed consumption efficiency, emissions reduction, and better use of land and water.
Jan-2020: Archer Daniels Midland took over Yerbalatina Phytoactives, a Brazilian plant-based extracts and ingredients manufacturer. Through this acquisition, the company aimed to strengthen the company’s leadership in microbiome solutions for human and animal health with a wide range of natural botanical extracts, including organic-certified ingredients, combined with their R&D capabilities and market expertise.
Apr-2020: Royal DSM took over Glycom, the world’s leading supplier of Human Milk Oligosaccharides. Under the acquisition of Glycom, the company would add HMO to its offering.
Product launches and Product Expansions:
Oct-2021: Danone India introduced AptaGrow, a health drink category for children. The product is designed to deliver nutritional value to children’s growth as well as concern mother regarding their children’s nutrition intake.
Sep-2021: Amway India launched Nutrilite Vitamin D Plus1 for Special Dietary Usage space. Through this launch, the company focused on targeting Osteoporosis patients to build up nutrition offerings for more targeted audiences with certain needs.
Mar-2021: Royal DSM introduced ampli-D, a fast-acting form of vitamin D for dietary supplements. The product would boost up the Vitamin D level in the human body to support immune health in a faster and more effective way for Australian consumers in just a few days or weeks.
Mar-2021: Amway India launched Chyawanprash by Nutrilite. The product is aimed to support immunity, boosts strength and stamina, rejuvenation the body helps to fight day-to-day infections. Additionally, Amway struck into the Chyawanprash section, to capture the growth of the Ayurvedic market in the country.
Jun-2021: Amway India introduced Nutrilite Vitamin C Cherry Plus. The product provides the benefit of extended-release technology for weak immunity consumers. In addition, the product aimed to build its nutrition and immunity offering in the country, Amway launched special dietary plans for consumers with weak immunity systems.
Jan-2021: DuPont Nutrition & Biosciences introduced HOWARU Calm, a dietary supplement that decreases consumer stress. Through this launch, the product provides probiotic stress-reducing and mental well-being supplements manufactured by a dietary supplement to fulfill market demands.
Dec-2020: Cargill expanded its product line in plant-based foods with pea protein to a European ingredient offering. The product line would help in increasing demand for plant-based nutritious products in European food and beverage producer.
Apr-2020: Nestlé introduced nesQuino, a customizable beverage product. The solution provides 100% natural personalized healthy superfood drink easy to ready at home or office. Moreover, customers can customize 21 different healthy superfood drinks planned by nutritionists with natural ingredients.
Feb-2020: Cargill introduced plant-based patty and ground products. Through this launch, the company delivers a wide range of protein options for retail customers, private label solutions, and food services. Moreover, manufacturing plant-based products across the global supply chain would help to fulfill consumer needs and bring worth to this business.
Jan-2020: Herbalife Nutrition released Beta Heart, a product that helps in maintaining cholesterol levels in the blood. The company focused on providing quality products manufactured after extensive research to access good nutrition to the clients.
Scope of the Study
Market Segments covered in the Report:
• Functional Food
o Dietary Fibers
o Prebiotics & Probiotics
o Fatty Acids
• Dietary Supplements
o Vitamins & Minerals
o Proteins & Amino Acids
o Fibers & Specialty Carbohydrates
o Omega Fatty Acids & Others
• Functional Beverages
o Energy & Sports Drinks
o Functional Juices
By Sales Channel
• Specialty Stores
• Online Channels
• Capsule & Tablets
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Nestle S.A.
• General Mills, Inc.
• Archer Daniels Midland Company
• Danone, S.A.
• Koninklijke DSM N.V.
• International Flavors & Fragrances, Inc.
• Herbalife International, Inc.
• The Hain Celestial Group, Inc.
• Amway Corporation
• Cargill Corporation
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06249515/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001