ID: MRFR/F-B & N/1620-CR | February 2021 | Region: Global | 100 pages
the Nutraceuticals market is anticipated to acquire the market value of USD 407,650.0 Million while thriving at a CAGR of 7.37% by 2025. Various factors could contribute to the market's solid performance, like increased demand for dietary additives and increased awareness of nutritional products and the associated health benefits.
Nutraceuticals are used as pharmaceutical alternatives. In recent times, nutraceutical products have increased significantly. They can give rise to several psychological benefits to the users while protecting them from different kinds of chronic medical conditions, improving health, delaying the aging process, increasing life expectancy, or supporting the structure or function of the body. The Centers for Disease Control and Prevention (CDC) has highlighted the National Health and Nutrition Examination Survey findings, which shows that 57.6 % of U.S. adults over the age of 20 use dietary supplements. The rise in nutraceutical products has played a key role in increasing the demand in the nutraceuticals market setting.
A comprehensive nutraceuticals industry analysis has been performed to ascertain its growth potential in the future. Several nutraceuticals market trends have been considered in the analysis as they could influence the market growth in the future market.
Covid 19 Analysis
The nutraceuticals market is one of the few markets that the COVID 19 pandemic has positively impacted. Due to the high prevalence of the infection, people have been showing their inclination towards healthy and nutritionally rich products. As nutraceutical products are rich in nutritional content and help boost immunity, the demand in the market could surge further in the forecasted period. Thus, the nutraceuticals market revenue is expected to rise as people adopt healthier lifestyles.
Chief variables existing in the market
Key market drivers
Several market drivers are expected to lead to the solid performance of the nutraceuticals industry, such as a rise in obesity among people, solid performance of the retail sector, rise in medical services costs, and the rise in the population of older people. During the forecasted period, the market players must devise a suitable strategy to use the drivers to their advantage and capture a considerable portion of the nutraceuticals market share.
Several challenges exist in the market setting, such as ample finance to work on research and development activities and evolving technological landscape. These factors must be taken into consideration by the market players in the future to be effectively addressed. To sustain and survive in the competitive market, businesses would have to tabulate the challenges and mold their strategic approach accordingly.
Opportunities in the Global Market
Numerous opportunities exist in the global market landscape that could be exploited during the forecasted period. The chief opportunity that is expected to drive the market growth in the future is the rise in inclination towards healthy diet and products. There is also an opportunity for business payers to integrate new technology into the business processes to introduce high-quality nutraceuticals in the market setting.
A few restraints exist in the nutraceuticals market that restrict its attractiveness. Some of the major restraints include stringent regulations and guidelines introduced by the government and the high cost of production. These elements could act as bottlenecks and limit the growth of the market during the forecasted period. The businesses that function in the dynamic market must consider these restraining factors so that they can adapt to the evolving market landscape.
Cumulative Evaluation of the Market
The in-depth and critical nutraceuticals market outlook report presented gives an insight into its future growth potential. Several factors that would impact its performance have been identified, such as market opportunities and restraints. While the opportunities could positively impact the performance, the restraints can hamper the market growth. Based on the integrated market evaluation, it can be considered an attractive market setting. As more people have been moving towards a healthy lifestyle, there is scope for the market to further expand in the future.
Overview of the Main Market Segments
The nutraceuticals market can be segmented into vitamins and minerals, probiotics, proteins and peptides, omega fatty acids, and others. The vitamins and minerals segment is expected to drive the global market growth during the forecasted period. The 'proteins and peptides' segment is also expected to showcase exemplary performance in the future and contribute to the expanded nutraceuticals market size. The chief factor that could lead to its growth is the rise in demand for protein-rich nutraceutical products.
Based on the source, the nutraceuticals market can be fragmented into the plant, animal, and microbial. During the forecasted period, the plant-based market segment is expected to take a leadership position. The high inclination of people towards veganism could serve as the catalyst that could boost the growth potential of the specific nutraceuticals industry segment. The microbial segment is likely to experience a surge in demand owing to the increase in awareness.
Based on form, the nutraceuticals market can be segmented into capsules, tablets and soft gels, powder and liquid, and gummies. The capsules, tablets, and soft gels segment are likely to lead to the nutraceuticals industry growth in the future.
By Distribution Channel
The nutraceuticals market can be divided into store-based and non-store-based categories. The store-based segment of the market can be further divided into supermarkets and hypermarkets, specialty stores, and others. It is expected that the store-based segment could play a key role in driving the performances of the global market during the forecasted period.
The nutraceuticals market can be divided into several regional segments such as North America, Europe, the Asia Pacific, and the rest of the world. Based on the nutraceuticals market forecast, in each geographical region, varying factors could exist that could influence its growth and performance. It is expected that the North American segment would lead in the global setting during the forecasted period. The chief factor that could favor the regional segment is the presence of prominent and successful companies in the region. Other variables that could help the region gain a lead in the competitive global market setting are:
Competitive intensity in the industry
The competitive intensity in the global nutraceuticals market is high, and it is evident that several businesses operate in the industry. The operating entities have been working on strategic approaches to expand their captured nutraceutical market share in the dynamic business landscape. The role of the market players would be of paramount importance to influence the growth of the industry. Some of the prominent businesses that operate in the global nutraceuticals market landscape have been listed below:
Recent Market Developments
The detailed nutraceuticals market forecast report has captured the key variables in the market and influenced its performance. A comprehensive evaluation of the global market has been performed by investigating the macro factors in the market, the chief businesses that function in the industry, and the strategic approaches they adopt to sustain profitably in the market. Some of the chief analytical tools that have aided in the critical nutraceuticals market analysis include PESTLE analytical model and SWOT framework. The competitiveness of the market has been evaluated with the help of Porter's Five Force model. A thorough market study has been conducted by focusing on these aspects as they could have a major implication on the global market revenue.
Key Industrial segments
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.