The global nutraceutical supplements market reached US$ 87.41 billion in 2022, according to a recently published study by Fact.MR. Demand for nutraceutical supplements recorded a steady CAGR of 5.1% from 2018 to 2022. The market is projected to advance faster going ahead at a CAGR of 7.9% and reach a value of US$ 201.75 billion by the end of 2033.
The growing interest among consumers in health and fitness has increased demand for on-the-go healthy snacks. Patients looking for helpful supplements to control their allergies, Alzheimer’s, Parkinson’s, obesity, and cardiovascular disorders. To achieve clinical and biochemical outcomes, nutritional substances have the ability to target the pathophysiology of metabolic diseases and other related problems. Multivitamins are one of the nutraceutical products that are increasingly important to leading a healthy lifestyle.
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Competitive landscape:
Maintaining product standards, quality control, and strengthening supply chain management systems are some key initiatives that are contributing to market growth opportunities.
The global market is highly competitive due to the presence of several players. Prominent players are concentrating on strengthening their position and gaining traction in the global market.
For instance :
- Nestlé S.A. and KKP, in April 2022, entered into an agreement. Through this agreement, Nestlé acquired The Bountiful Company’s core brands for a specific amount. This traction included some high-growth brands that are projected to become part of Nestlé Health Science while creating a global leader in minerals, nutritional supplements, and vitamins.
- Kellogg’s, in January 2020, launched plant-based breakfast cereals for children as part of an initiative to involve more than 1,500 parents and 1,000 children. This initiative was taken by the company to combat issues of picky eating among children.
Key players in the nutraceutical supplements market include The Hain Celestial Group, General Mills, Kraft Heinz Company, Conagra Foods, Kellogg’s, Amway, Nestlé S.A., Pfizer Inc., Barilla Group, and Freedom Food Group Limited.
Softgel Remains Highly Preferred Form, Popularity of Capsules and Tablets to Grow
Fact.MR studied demand-supply scenario of different forms of nutraceutical supplements available. The study reveals that demand for the softgel form of nutraceutical supplements remained higher in the past few years and the status quo will be maintained in the coming years. In 2019, demand for softgels is projected to generate revenues worth over one fourth of the global revenues.
Owing to the superiority in delivery format and enhanced bioavailability, demand for softgels will continue to grow steadily in the future. Liquid is another form which is highly preferred by consumers for nutraceutical supplements intake. Fact.MR finds that demand for liquid will closely follow softgels in the coming years.
Segmentation of Nutraceutical Supplements Industry Research:
· By Product Type :
- Vitamins & Minerals
- Prebiotics & Probiotics
- Proteins & Amino Acids
- Herbal
· By Form :
- Capsules
- Softgels
- Tablets
- Liquids
- Powder & Granules
· By Consumer Orientation :
- Men
- Women
- Kids
- Unisex
· By Sales Channel :
- Drug Stores
- Modern Trade Channels
- Health & Beauty Stores
- Direct Selling
- Convenience Stores
- Online Retailers
· By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Nutraceutical Supplements make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Nutraceutical Supplements Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
About Fact.MR
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