Demand: Nutraceuticals Market Expected to Garner $516.5 Billion and Grow at 7.60% CAGR in the 2021 to 2028 Timeframe [175-Pages] | Research Dive
The global nutraceuticals market is predicted to grow tremendously by 2028, primarily due to the increasing demand for dietary supplements. Moreover, technological advancements and medical innovations are expected to make the functional foods sub-segment of the market as the most profitable one. The nutraceutical market in the Asia-Pacific region is expected to be the most dominant by 2028.
New York, USA, April 20, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global nutraceuticals market is anticipated to grow at a stunning CAGR of 7.60%, thereby garnering a revenue of $516.5 billion in the 2021-2028 timeframe. This comprehensive report provides a brief outlook of the current framework of the nutraceuticals market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Nutraceuticals Market:
Drivers: A growing trend is being witnessed over the years wherein there has been an increase in demand for dietary supplements like vitamins, minerals, omega-3 fatty acids, etc. This growing demand for dietary supplements is expected to boost the nutraceuticals market in the 2021-2028 timeframe. Along with this, there is a growth in the prevalence of functional foods which is expected to increase the growth of the market in the forecast timeframe.
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Opportunities: Strategic alliances between the leading market players of the nutraceuticals market is expected to offer huge growth opportunities to the market in the analysis timeframe. Additionally, the increase in demand for dietary supplements is expected to boost the market even more.
Restraints: High investment cost with respect to research and development of nutraceuticals is however expected to become a restraint in the growth of the nutraceuticals market.
Impact of Covid-19 on the Nutraceuticals Market:
The Covid-19 pandemic and the subsequent lockdowns across the globe has severely impacted various industries, mainly due to virtual stoppage of manufacturing processes and disruptions in global supply chains. However, the nutraceuticals market has proved to be one of the few exceptions. The Covid-19 pandemic, in a way, increased the awareness among people with respect to importance of dietary supplements to boost immunity. This growing awareness has helped in boosting the demand for nutraceuticals which has, in turn, helped in increasing the growth rate of the market despite the pandemic situation.
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Segments of the Nutraceuticals Market:
The report has divided the market into certain segments based on product, distribution channel, and region.
Product: The Functional Foods Sub-segment to be the Most Profitable
By product, the functional foods sub-segment is expected to be the fastest growing sub-segment as well as have the most dominating market share. It is expected to register a revenue of $225.4 billion in the 2021-2028 timeframe. Technological advancements and medical innovations like nanoencapsulation and bioencapsulation are expected to boost the demand for functional foods. This rising demand is expected to be the prime factor behind the growth of this sub-segment.
Distribution Channel: The Supermarket & Hypermarket Sub-segment to be the Most Lucrative
By distribution channel, the supermarket & hypermarket sub-segment of the nutraceuticals market is expected to have the largest market share and garner $233.5 billion by 2028. Over the years, supermarkets and hypermarkets are increasingly being preferred due to the wide range of products they feature, which provides customers with a choice of selection. This is predicted to boost this sub-segment in the coming years.
Region: Nutraceuticals Market in Asia-Pacific Region to be the Most Dominant
By regional analysis, the nutraceuticals market in the Asia-Pacific region is anticipated to be the most dominant sub-segment by registering a revenue of $203.5 billion by 2028. This high growth rate of the market in Asia-Pacific region is attributed to the growth in demand for functional foods owing to the increasing young population and athletes in various countries of this region.
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Prominent Nutraceuticals Market Players:
Some of the key players in the nutraceuticals market are
- Amway Corporation
- BASF SE
- Koninklijke DSM N.V.
- Archer Daniels Midland Company
- Nestle S.A.
- Cargill, Inc.
- DuPont de Nemours, Inc.
- Danone
- PepsiCo, Inc
- General Mills Inc., among others.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market. – Inquire Here@ https://www.researchdive.com/purchase-enquiry/4665
For instance, in August 2021, Catalent, a US-based multinational pharmaceutical company, announced the acquisition of Bettera, a US-based nutraceutical and functional foods manufacturer. This acquisition is expected to help Catalent to augment its manufacturing capabilities and help it to increase its foothold in the nutraceuticals industry.
Finally, the report also summarizes many crucial aspects of the nutraceuticals market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
Some Trending Article Links:
- The Global Nutraceuticals Market to Experience Enhanced Growth due to Collaborations Like That of Danone With Brightseed
- What Health Benefits and Side Effects do Nutraceuticals Have?
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