Nutraceuticals Industry is anticipated to register 5.2% CAGR between 2022 and 2030 due to rising number of sporting events and awareness pertaining to health products.
SELBYVILLE, Del., Aug. 9, 2022 /PRNewswire/ -- According to the report, the nutraceuticals market value is set to cross USD 636.6 billion by 2030, according to a new research report by Global Market Insights Inc.
A surge in sports activities and participation at the national and international levels will complement the nutraceuticals industry growth, says the report. Increasing awareness associated with the benefits of health supplements for various medical concerns will drive the demand for nutraceutical products.
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Increased funding and grants to boost gender equality in the sports sector have escalated women's participation in the Olympics to 47% in 2020, which will favor the nutraceutical business. High prevalence of infectious diseases and the emergence of novel disorders will further drive consumer inclination, enabling them to purchase preventative care and functional foods and beverages. The COVID-19 outbreak also led to significant growth in sales of nutraceuticals and supplements.
The development of counterfeit dietary supplements and nutraceuticals may considerably hamper nutraceuticals market growth, cites the report. According to Nestle S.A, pirated goods accounted for nearly 2.5% of the global trade in 2019.
Based on product, the report bifurcates the global nutraceutical industry into functional beverages, functional foods, and dietary supplements. Functional beverages will exhibit 4.3% CAGR over the forecast period. The segment growth can be attributed to various health benefits of functional beverages including targeting diseases, boosting immunity, and fighting stress, among others.
Browse key industry insights spread across 270 pages with 439 market Tables & Figures from the report, "Nutraceuticals Market Size By Product, Condition, Distribution Channel, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 - 2030" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/nutraceuticals-market
The report identifies that nutraceutical products in the form of gummies will depict significant remuneration of USD 40 billion by 2030. Gummies are widely available in different flavors, sizes, shapes, and concentrations of CBD. Rapid legalization of cannabis-infused supplements and healthcare products across several countries will favor the segmental growth.
Sun damage, nutritional deficiencies, genetics, exposure to tobacco smoke, and medications or drug abuse are some of the causes of skin disorders. Nutraceuticals consumption for personal care use will soar in the forthcoming years. As per the report, the industry size from skin and hair may witness 4.6% CAGR between 2022 and 2030 driven by their ability to prevent, delay, or minimize premature aging of the skin.
Lack of nutrient-rich diet and busy lifestyles are driving consumers toward using hair and skin supplements. For instance, Vitamin A and vitamin D deficiencies are considered to increase the risk of eczema, which is a skin condition that causes the skin to become dry and itchy.
In terms of distribution channels, the report segregates the nutraceuticals market into pharmacies, e-commerce, and Brick and Mortar stores. Pharmacies segment will be worth USD 224.2 billion by 2030 driven by the rising popularity of nutraceutical products and the availability of a wide variety of products at local drug stores.
The report cites the Middle East and Africa nutraceuticals market size was valued at more than USD 11 billion in 2021. The growth can be credited to rising awareness of the health benefits associated with the consumption of nutraceutical products. Consumer inclination toward nutraceutical products owing to their benefits in disease prevention and maintaining overall health will accelerate product demand in the region.
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The competitive landscape of the global nutraceuticals market is inclusive of Kellogg's, Agro Tech, Kraft Heinz, Nestle S.A., Abbott, PepsiCo, Herbalife International of America, Inc., Amway Corporation, Danone, Nutramax Laboratories, Inc., Zesty Paws, HempFlax Group BV, and Charlotte's Web. These companies primarily focus on new product development and strategic collaborations for product range expansion and to retain their foothold in the market.
For instance, in February 2022, Heinz partnered with a leading food-tech start-up TheNotCompany to advance the plant-based food products portfolio using AI technology. This collaboration allowed the company to modify its product portfolio and expand its business globally.
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