(PharmaNewsWire.Com, December 08, 2021 ) The nutraceutical products market is projected to reach USD 404.8 billion by 2025 and was estimated at USD 267.4 billion in 2019, recording a CAGR of 7.2% from 2019. Key factors driving the nutraceutical products market include the increasing aging population and focus on preventive healthcare. In addition, increasing mandates pertaining to food fortification by government organizations is projected to reflect positively on the market growth.
The beverages segment is projected to grow at the highest CAGR in the nutraceutical products market during the forecast period.
The beverages segment is projected to be the fastest-growing segment due to the increasing consumer inclination towards healthy beverages fortified with several organic and nutraceutical ingredients, which is projected to drive the demand for functional beverage products. In addition, functional beverages serve the purpose of hydration, energy & rejuvenation, health & wellness, and weight management. Due to these factors, manufacturing companies are focusing on introducing new fortified functional beverages.
The specialty stores segment is projected to witness the highest growth in the nutraceutical products market during the forecast period due to the increasing availability of specialty products through this distribution channel.
The specialty stores segment is projected to record the highest CAGR during the forecast period. Specialty stores are retail businesses that focus on specific product categories than on offering different categories of products. However, the type of products provided by these stores does not solely determine their status as specialty stores, but also their diverse portfolios. Specialty stores that sell nutraceutical products mainly include bakery stores, confectionery stores, and gourmet stores. Due to these factors, the specialty stores segment is projected to record the fastest growth during the forecast period.
North America is projected to account for the largest share in the nutraceutical products market during the forecast period.
The North American market accounted for the largest share in 2019; it is majorly driven by the market in the US, which is a major market for nutraceutical products. Consumers in this region are gradually becoming aware of the health benefits of prebiotics, proteins & amino acids, and omega-3 fatty acids, and their significance in weight management. These factors are projected to drive the demand for nutraceutical products further in the region.
Major vendors in the global nutraceutical products market are Kraft Heinz Company (US), The Hain Celestial Group (US), Conagra (US), General Mills (US), Kellogg’s (US), Nestlé (Switzerland), Nature’s Bounty (US), Amway (US), Hero Group (US), Barilla Group (Italy), Raisio Group (Finland), Pfizer Inc.(US), and Freedom Food Group Limited (Australia).
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