ID: MRFR/F-B & N/1620-CR | March 2020 | Region: Global | 100 pages
As per the assessment by Market Research Future (MRFR), the market for nutraceuticals is anticipated to acquire the market value of USD 407,650.0 Million while thriving at a CAGR of 7.37% by 2025.
The outbreak of COVID-19 is likely to cast a positive impact on the market. The growing need to boost immunity is expected to grow the demand for nutraceuticals products significantly during the COVID era. The rising cases of COVID-19 across the globe are anticipated to augment the market that can strengthen the nutraceutical industry.
Growing Application of Nutraceuticals to Boost Health to Favor Market Growth During the Forecast Period
The growing demand for dietary additives in the form of tablets and capsules can augment the nutraceutical market share in the coming period. The increasing awareness about a balanced diet is anticipated to grow the importance and need for nutriment products, which is likely to develop the trade during the review timeframe. The growing demand for the treatment of cardiovascular is anticipated to further augment the nutraceuticals market size during the review timeframe. Furthermore, the rising disposable income and growing geriatric population can fuel the demand, thereby developing the market during the forecast period.
Growing Inclination towards Healthy Diet to Offer Significant Market Opportunity
The growing inclination of the population towards the adoption of a healthy diet is expected to offer various lucrative opportunities for market growth during the review timeframe. The surging requirement for functional foods is likely to strengthen the industry during the evaluation period.
High Expenses Associated with Nutraceuticals can hinder the Market Growth During the Forecast Period
The high expenses associated with nutraceuticals are projected to restrain the market rise during the analysis tenure.
Strict Rules Imposed by Governments to Pose a Significant Challenge During the Forecast Period
The stringent rules and regulations imposed by governments of various countries are anticipated to hamper the market rise during the review timeframe.
Cumulative Market Growth Analysis
MRFR asserts that the global market for nutraceuticals is predicted to display remarkable growth during the review period due to the surging requirement for immunity boosters among the health-conscious population. Also, the rising demand for personalized nutrition is rising, which is also likely to add to the market expansion in the forecast period.
The segmental analysis of the Global Market for Nutraceuticals is done by Source, Form, Type, and Distribution Channel.
The source-based segments of the global market for nutraceuticals are an animal, plant, and microbial. The plant-based segments can lead the industry during the assessment period. The rising inclination towards veganism is anticipated to be a significant factor that is likely to fuel the demand for it, thereby augmenting the segment during the review period. The microbial segment is likely to witness the highest growth rate in the review timeframe due to the growing awareness about the microbial.
The form-based segments of the global market for nutraceuticals are tablets & softgels, capsules, powder, and liquid & gummies. Among all, the capsules, tablets, & softgels segment is predicted to achieve the maximum market share during the review timeframe. On the other hand, the liquid & gummies segment is likely to witness the highest CAGR in the evaluation timeframe.
The type-based segments of the global market for nutraceuticals are omega fatty acids, probiotics, vitamins & minerals, proteins & peptides, and others. Among all, the vitamins & minerals segment is projected to acquire the largest market share during the review period. On the other hand, the proteins & peptides segment is predicted to be the fastest-growing segment during the review period. The growth of the segment can be attributed to the growing demand for protein-rich products.
By Distribution Channel
The distribution channel-based segments of the global market for nutraceuticals are store-based and non-store-based. The store-based segments are further segmented into supermarkets & hypermarkets, specialty stores, and others. Between the two segments, the store-based segments are expected to acquire a larger market share during the forecast period. On the other hand, the non-store based segments are projected to display a larger growth rate.
As per the nutraceuticals market analysis conducted by MRFR, the global market for nutraceuticals is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
North America to Dominate the Market During the Forecast Period During the Review Period
According to the nutraceuticals market report prepared by MRFR, North America is anticipated to lead the nutraceutical trade during the forecast timeframe due to the notable contribution of established players functioning in the region. Other salient factors propelling the market expansion are the adoption of a sedentary lifestyle, hectic work schedule, leading to chronic ailments, and the rising awareness about the health benefits of nutritional foods. Furthermore, the increasing initiatives to innovate the product is projected to fuel the demand for dietary supplements, which is projected to augment the market in the region.
APAC to Display the Highest CAGR During the Forecast Period
APAC region is likely to display the maximum CAGR in the evaluation timeframe due to the growing demand for health supplements among the health-conscious population. The presence of evolving nations such as India, China, and Japan are projected to make a significant contribution during the review period.
Europe to Display Significant Growth During the Forecast Period
Europe is anticipated to procure significant market share during the forecast period. The regional growth of the market can be attributed to the participation of eminent players contributing significantly to strengthening the market. In addition, the increasing demand for immunity boosters is expected to further augment the market during the forecast period.
MEA to Grow at a Slow Pace During the Review Period
MEA is expected to witness a slower growth during the forecast period owing to the presence of underdeveloped economies. However, the Middle East countries such as; Qatar and Saudi Arabia are expected to make a significant contribution in strengthening the trade during the review period.
The established players of the global market are adopting various strategies that can strengthen the market in the coming period. Various new players are entering the market, which is likely to intensify the competition among the key players.
Global Nutraceuticals Market, By Source
Global Nutraceuticals Market, By Form
Global Nutraceuticals Market, By Type
Global Nutraceuticals Market, By Distribution-Channel
Frequently Asked Questions (FAQ) :
Nutraceuticals market is expected to reach USD 319.6 billion by 2023.
Nutraceuticals market is expected to exhibit a strong 6.7% CAGR over the forecast period from 2017 to 2023.
The increasing demand for functional foods and food supplements is the major driver for the nutraceuticals market.
North America holds the largest share in the global nutraceuticals market.
Key players in the nutraceuticals market include GSK, Archer Daniels Midland Company, and BASF, among others.