Product Code: RP-ID-10086059 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10086059
Market Overview:
Global Nutraceuticals Market - Analysis By Type (Functional Beverages, Functional Food, Dietary Supplements), Distribution Channel, By Region, By Country: Opportunities and Forecast (2018-2023) - By Region (N.America, Europe, APAC), By Country (U.S, Canada, Germany, U.K, Italy, China, Japan, India) Outlook 2030
" In 2021, the global nutraceuticals market is estimated to be valued at ~USD 500 billion and is expected to grow at a compound annual growth rate of ~9% during the forecast period 2022-2030. In view of the increasing applications for the treatment of cardiovascular diseases and malnutrition, the good prospects of medical nutrition may stimulate the growth of dietary supplements. During the forecast period, the rising cost of medical care and the growth of the global elderly population are expected to promote the growth of the global functional food industry.
Consumers’ growing interest in healthy eating has led to the recent boom in the food and beverage market, and this trend is expected to continue into the forecast period. The demand for functional foods is on the rise because it is believed that their nutritional content can provide superior health benefits. This is expected to further promote the growth of the nutraceutical market. Consumers’ positive attitudes towards functional foods are mainly due to the additional health and health benefits provided by these nutritious foods, which are driving market growth.
The growth of the elderly population, the rising cost of medical care, lifestyle changes, food innovations and expectations for higher prices all contribute to the overall growth of the nutrition and health products industry. According to reports, nine out of ten adults consume 55% of minerals and more than 50% of vitamins in their daily diet.
The Asia-Pacific region has the largest market share in 2020, at 32%, and may maintain its leading position during the forecast period. Increasing levels of disposable income in emerging economies, changes in lifestyles, and changing preferences for healthier diets are expected to drive demand for nutritional and health products in the Asia-Pacific region.
During the forecast period, the compound annual growth rate of Brazil, China and India may be faster. In recent years, the global nutraceutical industry has made significant progress in product innovation and product portfolio expansion. Listed companies have been actively formulating strategies to gain a competitive advantage in the nutrition and health products industry. In the short term, private real estate market participants are expected to follow suit.
Product information: In terms of products, the global nutraceutical market is divided into dietary supplements, functional beverages and functional foods. In 2020, the functional beverage segment led the overall nutritional and health products market, followed by functional foods and dietary supplements. Technological improvements and product development are expected to promote the development of the functional beverage industry in the next few years.
For ingredient formulations, particle size reduction and microencapsulation technologies have expanded the product range of nutraceutical manufacturers. Advances in the production of new ingredients to compensate for the unpleasant taste of omega-3 fatty acids and amino acids have also had a significant impact on the growth of this market segment. Sports drinks are becoming more and more popular among athletes and those engaged in high-intensity sports activities.
Due to the high purchasing power of millennials, their willingness to pay for health products, their strong interest in sports, and their growing interest in sports activities, millennials have exponentially promoted the development of the sports drink market. It will reach USD ~40 million by 2030, and it will grow at a compound annual growth rate of 10% from 2022 to 2030. Omega-3 is considered a heart-healthy fat and can reduce the risk of heart disease. According to statistics provided by the US Health Ranking, more than 40% of US citizens do not meet the recommended requirements, increasing the risk of heart disease.
REGIONAL INFORMATION:
Due to consumers’ increasing health concerns and increasing awareness of nutraceuticals, the Asia-Pacific region has become the main region of the nutraceuticals market in 2020. In addition, the growth of population aging, changes in consumption patterns of healthcare products and changes in lifestyle have promoted the growth of the nutrition and healthcare industry in the Asia-Pacific region.
A wide range of product portfolios and government supervision of nutraceuticals are some of the factors that inhibit the development of the health care products industry. However, the growing trend of fortifying foods with nutritious foods is expected to create growth opportunities for the nutritious food industry. The increasing awareness of nutritional fortification in China and India is expected to continue to be a favorable factor for the growth of the nutraceutical industry.
In addition, in view of regulatory support to promote investment, the expansion of retail markets in countries such as China, Indonesia, Malaysia, and India is expected to increase the accessibility of buyers during the forecast period, thereby driving the development of the nutraceutical market. With rapid urbanization, it has also prompted consumers to switch to healthy diet choices, which has had a positive impact on the growth of the nutraceutical market. Vitamins are considered essential to the normal functioning of the human body, and also help wound healing and prevent various diseases. In addition, a large number of vegetarians in the Asia-Pacific region prefer high-quality plant-based protein sources, which has promoted the growth of soy products.
NUTRITION AND HEALTH PRODUCT MARKET SHARE INFORMATION:
The health products industry is characterized by the presence of major international players. Major industry players include Cargill, Archer Daniels Midland, DuPont, Nestlé SA, Danone, General Mills, Innophos, WR Grace and Amway. Strategic divestments, mergers and acquisitions, and new product launches are some of the key strategies adopted.
The nutraceutical manufacturer expands its customer base. For example, in October 2018, the Coca-Cola Company and Coca-Cola Amatil jointly acquired a 45% stake in the Australian beverage manufacturing company Made (Aust) Pty Ltd. Product range and improve product quality. In addition, the introduction of new products helps the company provide better products to meet the changing consumer needs of the nutrition and health products industry."
Danone, Abbott Nutrition, Amway, Yakut, Nestle S.A., DuPont, DSM, GlaxoSmithKline, Monster Beverages Corporation, BASF
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