Nutraceuticals Market Makes Rapid Progress as Health Awareness Soars
Nutraceuticals Market Analysis
As per the assessment by Market Research Future (MRFR), the Nutraceuticals Market for is anticipated to acquire the market value of USD 407,650.0 Million while thriving at a CAGR of 7.37% by 2025.
Major Drivers and Impediments
The Nutraceuticals Market explosive growth in recent years has been the result of the changes in consumers’ behavior along with the renewed interest in preventive healthcare. Nutraceuticals or nutritional supplements have gained acceptance among a growing number of people striving to bridge the nutrition gaps as a result of unhealthy diets. Nutraceuticals help prevent and manage certain lifestyle diseases and have become a vital part of the healthcare industry.
Expanding elderly population, rising healthcare costs, evolving lifestyles, and food innovations are bound to facilitate further market growth in the next few years. Aggressive promotions on the internet, especially via social media and the rise in celebrity endorsements have helped the major brands to a large extent. Nutraceuticals are rapidly garnering the attention of millennials and the Gen Z populations, which will also favor the global market.
Segmental Review
The sources covered in the MRFR analysis are plant, microbial, and animal.
The forms in which nutraceuticals are generally available in the global market include capsules, tablets & softgels, liquid & gummies, and powder.
The type-wise segments covered in the study are probiotics, omega fatty acids, proteins & peptides, vitamins & minerals, and more. The leading spot has been captured by the vitamins & minerals segment while the proteins & peptides segment will procure the fastest growth rate during the appraisal period.
Major distribution channels considered in the MRFR report are store-based along with non-store-based.
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Regional Insight
North America has been identified as the market leader, backed by the strong distribution networks of several affluent manufacturers in the region that offer high performance and quality supplements. Government assistance in terms of funds for exhaustive research and development activities and spreading awareness among people about the health benefits of nutraceuticals. The top markets in the region are Canada and the United States, thanks to the significant healthcare spending and health retailers as well as manufacturers shifting towards online platforms to bolster their sales.
Given the rising availability of high-quality nutraceuticals, along with the surging cognizance of their benefits among people, Europe has taken the second lead. The nutraceuticals market size is also fostered by the considerable healthcare expenditure as well as the surging focus on R&D activities.
Asia Pacific shall be one of the most attractive markets in the upcoming years, in view of the large-scale production of a variety of nutraceuticals. Dramatic rise in urbanization, increase in consumers’ disposable income and the rising spending among them on healthy products would ensure that the regional market continues to thrive throughout the conjectured period. The surging awareness levels about different diets, especially in populous economies such as India and China will also boost the sales in the ensuing years.
Competitive Analysis
Perrigo Company plc (Ireland), Glanbia Plc (Ireland), Danone SA (US), GlaxoSmithKline plc (UK), Abbott Laboratories (US), Daflorn Ltd (Bulgaria), Bactolac Pharmaceutical Inc (US) are some of the top nutraceutical’s manufacturers profiled in the MRFR analysis.
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Recent News
September 2021
Catalent is planning to acquire Bettera Holdings, a reputed nutraceutical company for USD 1 billion. Bettera Holdings is a producer of soft chew, lozenge, and gummy nutritional supplements. And its acquisition is expected to help Catalent accelerate its growth in the oral dose and softgel formulation as well as manufacturing services.
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