Global Nutraceuticals Market Report 2022-2027: Growing Demand for Personalized Nutrition to have Positive Impact
DUBLIN, Oct. 25, 2022 /PRNewswire/ -- The "Nutraceuticals Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Product Type, By Form, By Source, By Distribution Channel, By Region" report has been added to ResearchAndMarkets.com's offering.
The Global Nutraceuticals Market is expected to grow at a CAGR of 9.07% and reach USD446.35 billion in 2027
This can be attributed to the growing prevalence of various problems such as obesity, diabetes, cardiovascular diseases, malnutrition among others. Nutraceuticals can be used for effective management and treatment of these problems. This in turn is expected to positively influence the market growth during the forecast period.
Additionally, growing healthcare awareness among the population worldwide and need for maintaining a healthy lifestyle is further expected to support the market growth in the coming years. Healthcare awareness has highlighted the importance of preventive health care among the consumers thereby has significantly increased the demand for nutraceuticals.
Benefits of Nutraceuticals
The growing awareness among the population related to the benefits associated with nutraceuticals is expected to drive the market growth during the forecast period. Consumption of nutraceuticals and nutraceuticals supplements not only help in managing several diseases but also helps in preventing the occurrence of various types of diseases. Functional Foods, type of nutraceuticals, are rich in omega fatty acid and help in maintaining and managing weight.
Additionally, they also help in controlling blood circulation in the body. Similarly, dietary supplements help in providing all the nutrients, vitamins & minerals to the body which the normal diet is unable to provide. This in turn has increased the consumption of different nutraceuticals not only in the general population but also by the sports and athletes' community.
Growing Demand for Personalized Nutrition
Personalized Nutrition focuses on the individual rather than group of people for providing nutrition strategies that prevent ageing, help in managing and treating diseases, thereby optimize overall health. The growing awareness and adoption of personalized nutrition has significantly increased the demand for different nutraceuticals, thereby supporting the market growth.
As a result of this many nutraceuticals companies have started offering personalized nutrition services. For instance, in April 2020, Indian nutraceutical start-up company BhookhaHaathi launched Artificial Intelligence (AI) based personalized nutrition service. This AI based system provides a set of lifestyles, diet and nutraceuticals recommendations.
Sudden Outbreak and Spread of Pandemic COVID-19 to Drive Global Nutraceuticals Market
The sudden outbreak and spread of pandemic COVID-19 across the globe have driven the growth of the Global Nutraceuticals Market. As of 26th June 2022, COVID-19 has spread across 224 countries and has affected around 549.03 million people worldwide. The COVID crisis has highlighted the need for maintain a healthy lifestyle and having strong immunity, thereby increasing the demand for nutraceuticals significantly.
During the pandemic crisis in 2020 and even after that the consumption of several multi-vitamins comprising of vitamin C, vitamin D, zinc, sodium, among others has significantly risen. Along with this, the demand for several functional foods has increased. Post pandemic crisis also nutraceuticals are in huge demand on account of the inclination of population worldwide towards health and wellbeing.
Regionally, North America dominated the nutraceuticals market among Europe, Asia Pacific, South America, and Middle East & Africa regions. The United States dominated the North America market in 2021 and stood at USD76.19 billion on account of the growing importance of preventive health care among consumers. Consumers have been preferring multivitamins that provide the essential nutrients to the human body. Multivitamins are becoming an integral part of the lifestyle among consumers in the United States.
Company Profiles
Major players operating in the market are following strategies such as mergers and acquisitions, new therapy, among others, to stay competitive and have an edge over other players in the market.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Nutraceuticals Market.
- Archer-Daniels-Midland Company
- BASF SE
- Nestle S.A.
- Danone S.A.
- General Mills, Inc.
- Koninklijke DSM N.V.
- Herbalife Nutrition Ltd.
- Abbott Laboratories, Inc.
- Pfizer Inc.
- GlaxoSmithKline plc.
Report Scope:
Global Nutraceuticals Market, By Product Type:
- Dietary Supplements
- Functional Foods
- Functional Beverages
Global Nutraceuticals Market, By Form:
- Tablets
- Capsules
- Powder
- Liquid
- Others
Global Nutraceuticals Market, By Source:
- Animal
- Plant
- Microbial
Global Nutraceuticals Market, By Distribution Channel:
- Specialty Stores
- Online
- Pharmacies
- Hypermarkets/Supermarkets
Global Nutraceuticals Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Italy
- Germany
- United Kingdom
- France
- Spain
- Asia Pacific
- China
- Japan
- South Korea
- Australia
- India
- Indonesia
- Vietnam
- South America
- Brazil
- Argentina
- Colombia
- Chile
- Middle East & Africa
- Turkey
- Egypt
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/ve5dbc
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