Global Nutraceuticals Market Predicted to Gather $516.5 Billion by 2028, Growing at CAGR of 7.60% from 2021-2028 [175-Pages] | Says Research Dive
Nutraceuticals market is expected to grow by 2028 due to increasing demand for dietary supplements. Functional foods sub-segment is expected to be the most dominant. Market in North America to be the fastest growing.
NEW YORK, July 21, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Nutraceuticals Market by Product (Functional Foods, Functional Beverages, and Dietary Supplements), Distribution Channel (Supermarket & Hypermarket, Specialty Stores, E-commerce, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
As per the report, the global nutraceuticals market is predicted to grow at a noteworthy CAGR of 7.60% in the 2021-2028 timeframe, thereby gathering $516.5 billion by 2028.
Download an Exclusive PDF Sample of Nutraceuticals Market (Including Tables, TOC, and Figures)
Dynamics of the Nutraceuticals Market:
Drivers: The increasing prevalence of functional foods is expected to be the primary growth driver of the nutraceuticals market in the forecast timeframe. Additionally, strategic alliances between key players of the market are predicted to augment the growth rate of the market.
Opportunities: The rising importance of dietary supplements is seen to boost the demand for nutraceuticals and similar nutritional supplements since the last few years. This growing demand is anticipated to offer numerous growth opportunities to the market in the analysis timeframe. Moreover, the increasing demand for dietary supplements and functional foods is expected to boost the market even further.
Restraints: However, the high investment costs associated with research and development of nutraceuticals is expected to hamper the growth of the nutraceutical market.
Impact of Covid-19 on the Nutraceuticals Market:
The Covid-19 pandemic, since its outbreak, has been catastrophic for several industries and businesses across the globe. The subsequent lockdowns ordered by various governments have made the situation worse by hampering global supply chains. The nutraceuticals market has, however, witnessed a growth despite these challenges. A growth in demand for dietary supplements due to a general increase in awareness regarding the importance of immunity boosting foods has positively impacted the nutraceuticals industry.
Segments of the Nutraceuticals Market:
The report has fragmented the nutraceuticals market into different segments based on product, distribution channel, and region.
- By product, the functional foods sub-segment is predicted to have the highest market share by garnering a revenue of $225.4 billion by 2028. It is also projected to become the fastest growing sub-segment of the nutraceutical market in the 2021-2028 timeframe. Advancements in the medical world with respect to the development of new technologies like nanoencapsulation and bioencapsulation is expected to boost the market.
- By distribution channel, the supermarket & hypermarket sub-segment of the nutraceutical market is expected to register a revenue of $233.5 billion by 2028, thereby becoming the fastest growing as well as the most dominant sub-segment. The wide range of choice with respect to the selection of different products which is provided by these supermarkets is expected to be the leading growth factor of this sub-segment in the 2021-2028 timeframe.
- By regional analysis, the nutraceuticals market in North America region is expected to grow at the fastest rate and gather $160.6 billion by 2028. Increasing working population and growth in the average incomes of people in this region is estimated to become the main growth driver of the market in this region.
Significant Nutraceuticals Market Players:
The significant market players of the nutraceuticals market are
- Cargill Inc.
- Amway Corporation
- BASF SE
- DuPont de Nemours, Inc.
- Koninklijke DSM N.V.
- Archer Daniels Midland Company
- Nestle S.A.
- Danone
- PepsiCo Inc.
- General Mills Inc., among others.
These key market players are developing different business strategies like product development, mergers and acquisitions, partnerships and collaborations to gain a commanding position in the market. – Inquire here to get an access for Key Manufacturers development Strategic Report
For instance, in August 2021, Grove Inc., a Nevada-based hemp-related products manufacturing company, announced the acquisition of VitaMedica, a leading supplier of health and beauty supplements. With this acquisition, Grove Inc. has announced its entry in the nutraceutical industry and is further expected to forge many more business deals in order to strengthen its position in the market.
The ResearchDive report also summarizes many crucial aspects of the nutraceuticals market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Nutraceuticals Market:
- The Global Nutraceuticals Market to Experience Enhanced Growth due to Collaborations Like That of Danone With Brightseed
- What Health Benefits and Side Effects do Nutraceuticals Have?
Some Trending Article Links:
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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