A recent study by Fact.MR reveals that the global nutraceutical supplements market reached a substantial value of USD 87.41 billion in the year 2022. Notably, there has been a consistent and steady demand for nutraceutical supplements over the years, with a CAGR of 5.1% recorded from 2018 to 2022. Looking ahead, the market is expected to witness an even more accelerated growth rate, with a projected CAGR of 7.9%.
Several key factors are contributing to the robust growth of the nutraceutical supplements market. One of the primary drivers is the increasing interest among consumers in health and fitness, which has led to a rising demand for convenient, on-the-go healthy snacks and nutritional supplements. Patients seeking effective solutions to manage various health conditions, including allergies, Alzheimer’s, Parkinson’s, obesity, and cardiovascular disorders, have also fueled the demand for nutraceutical supplements.
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Maintaining product standards, quality control, and strengthening supply chain management systems are some key initiatives that are contributing to market growth opportunities.
The global market is highly competitive due to the presence of several players. Prominent players are concentrating on strengthening their position and gaining traction in the global market.
For instance :
- Nestlé S.A. and KKP, in April 2022, entered into an agreement. Through this agreement, Nestlé acquired The Bountiful Company’s core brands for a specific amount. This traction included some high-growth brands that are projected to become part of Nestlé Health Science while creating a global leader in minerals, nutritional supplements, and vitamins.
- Kellogg’s, in January 2020, launched plant-based breakfast cereals for children as part of an initiative to involve more than 1,500 parents and 1,000 children. This initiative was taken by the company to combat issues of picky eating among children.
Key players in the nutraceutical supplements market include The Hain Celestial Group, General Mills, Kraft Heinz Company, Conagra Foods, Kellogg’s, Amway, Nestlé S.A., Pfizer Inc., Barilla Group, and Freedom Food Group Limited.
Softgel Remains Highly Preferred Form, Popularity of Capsules and Tablets to Grow
Fact.MR studied demand-supply scenario of different forms of nutraceutical supplements available. The study reveals that demand for the softgel form of nutraceutical supplements remained higher in the past few years and the status quo will be maintained in the coming years. In 2019, demand for softgels is projected to generate revenues worth over one fourth of the global revenues.
Owing to the superiority in delivery format and enhanced bioavailability, demand for softgels will continue to grow steadily in the future. Liquid is another form which is highly preferred by consumers for nutraceutical supplements intake. Fact.MR finds that demand for liquid will closely follow softgels in the coming years.
Segmentation of Nutraceutical Supplements Industry Research:
· By Product Type :
- Vitamins & Minerals
- Prebiotics & Probiotics
- Proteins & Amino Acids
· By Form :
- Powder & Granules
· By Consumer Orientation :
· By Sales Channel :
- Drug Stores
- Modern Trade Channels
- Health & Beauty Stores
- Direct Selling
- Convenience Stores
- Online Retailers
· By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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The insights and market estimations offered in the Fact.MR report on the demand for Nutraceutical Supplements are poised to make a significant difference by providing a comprehensive understanding of the market dynamics and influencing factors. Here’s how these insights will contribute:
- Addressing Economic Turmoil: The report delves into the impact of major economic disruptions, with a special focus on the recent COVID-19 pandemic. This analysis helps stakeholders navigate through challenging times and make informed decisions.
- Embracing Automation Technologies: By assessing key growth dynamics, the report sheds light on the attractiveness of new automation technologies. Readers gain valuable insights into the potential of these technologies during the forecast period, enabling them to adapt to evolving market trends.
- Balanced Perspective: The report strives to strike a balance by offering perspectives on both mature and less dynamic markets. This comprehensive view helps stakeholders identify opportunities across a broad spectrum of market segments.
- Government Policy Influence: By scrutinizing industry trends that have shaped government policies, the report provides an understanding of the regulatory landscape. This knowledge is crucial for market participants seeking to navigate complex regulatory environments.
- Highlighting Breakthroughs: The report accounts for major breakthroughs in all market segments. These breakthroughs have the potential to significantly alter the course of the market, and understanding them is vital for market players to stay competitive.
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