Global Nutraceuticals Market
As stated in our extensive report; the Global Nutraceuticals Market accounted for USD 451.6 Billion in the year 2021.
While the COVID-19 epidemic has severely harmed many industries, some, such as the pharmaceutical and Nutraceuticals sectors, have seen significant development potential. Our data shows that the continuing epidemic has successfully changed consumer preferences toward goods promoting health. Because consumers are becoming more aware of the multiple health benefits of Nutraceuticalss, they are becoming more and more popular on a global scale. The demand for these products has increased as more is known about their potential to stop or delay the development of various health conditions. In addition, people looking for alternative and natural ways to enhance and maintain general health and wellness are also increasingly drawn to these items.
Key factors influencing Nutraceuticals Market Growth
The growth of the global Nutraceuticals market can be attributable to the following:
- The region’s population has grown due to better healthcare options, a decline in mortality, and consumer willingness to spend on health and wellbeing. This has given the global growth of the Nutraceuticalss industry the required momentum.
- The International Food Information Council (IFIC) research from 2017 states that for almost two-thirds of American consumers, purchasing food and beverages is heavily influenced by healthfulness.
- Sales performance has increased due to consumer tastes changing toward functional foods and beverages.
- Consumers are more likely to want a concentrated nutrition supply, and dietary supplements have efficiently and conveniently met this demand.
- Since the global pandemic, people have become exponentially more aware of its importance for promoting physical and mental health, which will benefit the expansion of the global market in the years to come.
- A manufacturer’s production technology and quality are favorably impacted by the significant expenditure made in research and development efforts.
- In the last few years, the Nutraceuticals market has developed quickly in response to the rising demand for goods with health benefits.
- The exponential rise in the number of Nutraceuticals product launches in the functional beverage, and dietary supplement categories serve as evidence of this. Our health has suffered because antibiotics are frequently used as over-the-counter medications.
- There are instances of illnesses brought on by microorganisms resistant to antibiotics. This necessitates the creation of Nutraceuticals products that deliver microbiota with a wide variety, enabling improved immunity and general well-being.
- Despite the increased demand for the goods, several obstacles limit market expansion. One is the intricate regulatory framework that is very strict and applies to selling Nutraceuticals products.
Asia Pacific Region to Lead the Market
Asia Pacific Nutraceuticals market is getting more significant with maximum market share during the forecast period. This supremacy results from the region’s expanding population increased disposable income, and rising living standards. A significant element in the market’s growth is the rising awareness of foods promoting health. Asia Pacific now has a significant market share and is expected to expand at a CAGR of 9.83% during the following years. The expansion of the regional market has been aided by the rising popularity of functional foods and drinks in several Asia Pacific nations. For example, the China Food Information Center (CFIC) released a poll report in June 2020 that found that 70% of Chinese people agreed that probiotics have health benefits. Probiotics’ rising appeal among consumers as a means of enhancing gut health, which in turn helps to avoid several chronic health disorders, may help further fuel market expansion.
The consumer willingness to spend on health and well-being, among other things, is positively influencing the overall Nutraceuticals market.
Some of the key players in the Global Nutraceuticals Market include- Cargill Incorporated (U.S.), Archer Daniels Midland Company (U.S.), DuPont (U.S.), Nestle S.A. (Switzerland), Danone (France), Royal DSM N.V (Netherlands), General Mills (U.S.), Innophos (U.S.), WR Grace (U.S.), Amway Corporation (U.S.), AOR Canada (Canada), Arkopharma Laboratories S.A (France) and others.