Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Nutraceuticals Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the nutraceuticals market is expected to grow from $ 252.54 Bn in 2018 to $ 465.71 Bn by 2027; it is estimated to grow at a CAGR of 7.1% from 2019 to 2027. Rising health consciousness among consumers across the globe is one of the major factors driving the nutraceuticals market growth.
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Nutraceuticals Market: Competitive Landscape
Amway, The Nature’s Bounty Co., Nestle SA, General Mills, Inc., Kellogg Co., Herbalife International of America Inc., Abbott, Danone SA, GlaxoSmithKline Plc, Helion Nutraceuticals LLC, are among the major players operating in the global nutraceuticals market. Companies in this market focus on strategies such as investments in research and development activities and new product launches which provide strong growth potential to the nutraceuticals manufacturers over the forecast period.
Asia Pacific is projected to grow at the fastest CAGR in the nutraceuticals market from 2021 to 2028. Rising concern about the chronic diseases in urban areas is further projected to boost the growth of Nutraceuticals products such as functional foods and beverages, dietary supplements and others in Asian countries. Nowadays, the demand for Nutraceuticals is increasing in developed countries such as China, Japan, and Australia due to its potential nutritional, safety and therapeutic effects. The growing awareness regarding the consumption of healthy foods will result in augmented demand for Nutraceuticals in Asia-Pacific. Consumers are increasingly becoming aware of the risks associated with chronic diseases, and this is expected to result in an increase in the number of people purchasing Nutraceuticals during the forecast period. These factors are anticipated to propel the nutraceuticals market growth in the region.
Increasing Spectrum of Nutraceuticals in Sports Nutrition
Nutrition plays an essential role in an athlete’s performance. Vitamins and minerals are crucial for a variety of activities in the body, such as turning food into energy and keeping bones healthy. Recent studies have proved that a number of nutrients and dietary supplements have been shown to help improve performance. Some of the most important dietary supplements in sports nutrition are sports foods, health supplements, protein, and amino acid supplements and ergogenic supplements. Athletes normally need other important essential substances, such as omega-3 fatty acids or glucosamine, to support recovery and the repair of damaged tissues (muscles and joints) during intensive periods of training. Nutraceutical products help to provide an adequate amount of nutrition that is required to maintain a healthy lifestyle. This is translating into increasing demand for Nutraceutical products in sports nutrition. Thus, the rising demand for sports nutrition is potentially driving the market.
Nutraceuticals Market: Segmental Overview
Based on type, the nutraceuticals market is segmented into functional food, functional beverages, dietary supplements, and personal care & pharmaceuticals. The functional food segment held the largest share in the nutraceuticals market in 2018. The application of Nutraceuticals in functional food has proven to prevent cardiovascular diseases. Functional foods are known to be rich in proteins that help in improving the immunological response in the body. Besides disease prevention, Nutraceuticals functional food has also been proven to play a vital role in disease management and therapy.
Based on Application, the nutraceuticals market is segmented into general wellness, beauty & anti-aging, wright management, digestive health, sports & energy. The digestive health segment is projected to register the fastest CAGR from 2021 to 2028. The probiotic and prebiotic ingredients of Nutraceuticals play a vital role in the digestive health of the consumer. Probiotics include living microbial food ingredients that prove to be advantageous to health. Prebiotics are indigestible carbohydrates that help in enhancing the intestinal microbial action. These Nutraceuticals help in enhancing the intestinal and digestive health and also have been proven to prevent colon cancer by the breakdown of the enzymes that contribute to colon cancer.
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Impact of COVID-19 Pandemic on Nutraceuticals Market
The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverage industry. The pandemic induced recession across the global economies as the marketplace remained shut due to lockdowns and border restrictions. However, in the wake of the COVID-19 pandemic, the demand for dietary supplements and functional foods has soared. Immunity-boosting supplements have become mainstream over the past year, significantly changing buying patterns and consumer behavior. Moreover, after the COVID-19 pandemic, preventive healthcare measures such as dietary supplements will become a part of people’s everyday lives. Thus, the COVID-19 pandemic has paved the way for nutraceuticals to build a strong presence in the global market.
In 2021, the governments of various countries announced relaxation in lockdown restrictions and also permitted the manufacturers to operate with full capacity. This held the manufacturers to procure the raw materials smoothly and overcome the demand-supply gap. Also, the manufacturers planned to expand their production due to availability of resources and labor in abundance after the relaxation of restrictions. All these factors had a positive impact on the nutraceuticals market growth.
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