Global Nutraceuticals Market Outlook Report 2023-2028: Shifting Preference for Non-pill Nutraceuticals Products

DUBLIN, Dec. 20, 2023 /PRNewswire/ — The “Nutraceuticals Market – Global Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.

The global nutraceuticals market is expected to grow at a CAGR of 8.47% from 2022-2028.

Competitive rivalry is significantly high across the global nutraceuticals market. Nutraceutical products are sold and promoted as medicinal food, which witnessed high competition from the pharmaceutical and food industry. In addition, across the nutraceutical industry, several domestic, national, and international vendors are present worldwide, showing highly competitive rivalry.

Some of the key players in the global nutraceuticals market include BASF, Herbalife, International Flavors & Fragrances Inc. (IFF), Nestle, and Meiji Holdings. Nestle is one of the leading industry players, which is present in more than 120 countries and generates around USD 16 billion in total revenue. In 2022, the company offer 129.2 billion fortified products serving affordable nutritional products. 

INSIGHTS BY PRODUCTS

The functional food products segment will dominate the global nutraceuticals market in 2022. Functional food is highly nutritious and associated with several advantages. Also, functional food has achieved significant popularity among health and wellness enthusiasts. On the other hand, the functional beverages segment is expected to have a high growth rate during the forecast period.

The increasing preference for energy drinks, sports drinks, and healthy and herbal juices among people is accelerating the sale of the functional beverages segment. The broad consumer base, such as athletes, sports persons, and gym athletes, offers lucrative segmental growth opportunities.

Also, vendors can collaborate with sports centers, clubs, gyms, cardio centers, and others where functional beverages are in high demand. Also, functional beverages are easy to consume and effective compared to functional food, which is expected to deliver high revenue growth in upcoming years.

INSIGHTS BY SALES CHANNELS

Supermarkets and hypermarket sales channels accounted for the higher share of the global nutraceuticals market in 2022. Both the sales channels experience that consumers trust established brands, whereas supermarkets and hypermarkets offer a broad selection of reputable brands with discounts, affordable prices, and gifts. However, the rapidly growing online sales channels such as e-commerce channels, vendors’ own online sales websites, and e-pharmacies offering direct contact and sale of nutraceutical products to each corner of the world are projected to increase during the forecast period.

The vast distribution network and attention of consumers for easy purchasing and affordable prices with e-commerce channels offer high nutraceutical industry growth opportunities. On the other side, developing markets such as Latin America, the Middle East & Africa are emerging regions that witnessed high sales of nutraceutical products through supermarkets & hypermarkets, and pharmacies.

INSIGHTS BY CONSUMERS

The global nutraceuticals market by consumers is segmented into adults and pediatric, of which the adults segment accounted for the highest industry share in 2022. In the adult population, the heightened awareness and preference towards preventive care and high expenditure are crucial elements that drive higher segmental growth. Moreover, the prevalence of chronic diseases among adults is significantly higher than the pediatric population, which requires a daily intake of additional nutrients.

On the other side, the pediatric population witnessed high malnutrition prevalence, which accelerated the pediatric segmental growth in the nutraceuticals industry.

KEY QUESTIONS ANSWERED:

How big is the nutraceuticals market?What is the growth rate of the global nutraceuticals market?Which region dominates the global nutraceuticals market share?What are the significant trends in the nutraceuticals industry?Who are the key players in the global nutraceuticals market?

Market Opportunities & Trends

Advances in NutraceuticalsE-Commerce as a Revolutionary Sales Channel for VendorsPreference for Non-Pill Nutraceuticals

Market Growth Enablers

Demand for Nutraceuticals in Health ManagementLarge Potential Consumer BaseHigh Demand for Personalized Nutrition

Market Restraints

High Cost of NutraceuticalsStringent Regulatory NormsSide Effects & Concerns About Product Safety

Key Company Profiles

BASFHerbalifeInternational Flavors & Fragrances Inc. (IFF)NestleMeiji Holdings

Other Prominent Vendors

AmwayADMAden HealthcareAKER BIOMARINEBayer AGBellring BrandsBarentzChromaDexCSPC Pharmaceutical GroupE.I.D. – ParryDSMDanoneDivi’s NutraceuticalsElement NutritionElmed Life SciencesFANCL CORPORATIONGlanbiaGNC HoldingsGeneral MillsIngredionJAMIESON WellnessKerry GroupLifecare NeuroMatsun NutritionMedifastNature’s Sunshine ProductsNOW FoodsNuritasOmniActive Health TechnologiesPerrigo CompanyTate & LyleThrone HealthTechThe GHT CompaniesThe Craft Heinz CompanyVox NutritionUnileverUASANA Health SciencesYakult HonshaZIVO Bioscience

For more information about this report visit https://www.researchandmarkets.com/r/jveqpx

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