Nutraceutical Product Market Size to Hit US$ 442 Bn by 2026

LOS ANGELES, Feb. 6, 2020 /PRNewswire/ -- Acumen Research and Consulting, recently published report on "Nutraceutical Product Market Size, Share 2019 - 2026".

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In 2018, North America accounted for the largest share in the market and also expected to lead the regional market over the forecast period. Apart from this, Asia Pacific is projected to be the fastest-growing region over the forecast period. The rapidly increasing population and rising demand for nutritional and healthy food products are boosting the demand in the market. The growing purchasing power of the individuals in the emerging economies of the region including China and India is further propelling the market growth. For instance, Kraft Heinz Company has announced the acquisition of a US-based company, Primal Nutrition, LLC in January 2019. The company offers various products including condiments, sauces, and dressings, along with a diverse product portfolio for healthy snacks.

By Type, the food segment dominated the nutraceutical product market in the year 2018, and the segment is also anticipated to dominate the market over the forecast period. The food products segment further split into snacks, confectionery products, bakery products, dairy products, and infant products. For instance, Kraft Heinz Company has launched a new brand named Fruitlove in June 2018. The brand is intended to enter the yogurt market. The company has launched its products in different flavors including strawberry, banana, twirl and harvest berry blend.

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Furthermore, conventional stores such as grocery stores, mass merchandisers, warehouse clubs, online retailers dominated the global nutraceutical product market. The easy access and economical price of products at conventional stores are primarily driving the segment growth. For instance, AXIM Biotechnologies, Inc. announced that its nutraceutical division, AXIM® Wellness, has launched a nutraceutical product line, Wellness Gum, at the Benzinga Cannabis Capital Conference in Chicago. AXIM has started accepting consumer and wholesale orders through its new Wellness Gum website. Additionally, the company is offering its participants an opportunity to earn commission online or in stores sales.

Some of the leading competitors are The Hain Celestial Group, Kraft Heinz Company, Conagra, Kellogg's, General Mills, Nestlé, Amway, Nature's Bounty, Barilla,  Hero Group, Pfizer Inc., Raisio Group, and Freedom Foods Group Limited. The major players involved in mergers and acquisition and strategic partnerships and new product development for expanding the product portfolio and ultimately the market share of the company.

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Some of the key observations regarding nutraceutical product industry include:

• Nestle Health Science, a wholly-owned subsidiary of the food giant Nestle, has announced the acquisition of Persona, a personalized vitamin program delivered right to customers' doors. In addition, Nestle Health Science is heavily investing in companies that treat everything from gut health to Alzheimer's.
• Conagra has launched a new product line under its brand EVOL in November 2018. The new product line includes breakfast rich in vitamins and nutrients.
• Radient Technologies Inc. and The Edlong Corporation Announced that they have entered into a Memorandum of Understanding (MoU) to form a Strategic Partnership. The purpose of the partnership is to Develop cannabidiol (CBD) Flavors & Ingredients for Global Food & Beverage, and pet food industries. Radient Technologies serves global market leaders in industries including foods & beverages, nutraceutical, pharmaceuticals, cosmetics, and personal care.
• Nutritional Products International (NPI) provides critical FDA compliance services to health and wellness companies, which are seeking to sell dietary supplements in the U.S. Market. NPI is a private company, specializing in the retail distribution of snacks and beverages, nutraceutical, dietary supplements, functional beverages, and skin-care products.
• Relevium Technologies Inc. announced that it has entered into a manufacturing agreement with Bio V Pharma and Registers 400 Natural Product Numbers (NPNs) with health Canada through its main brand, Bioganix. BioV Pharma Inc. is a Quebec-based, manufacturer of pharmaceutical and nutraceutical products including food, vitamins, botanical products, and veterinary supplements.

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