According to the current analysis of Reports and Data, the Global Nutraceutical Products Market was USD 303.70 Billion in 2021 and is projected to grow at a CAGR of 7.1% from 2021 to 2030. A variety of terms have appeared worldwide, such as nutraceuticals, medifoods, vitafoods, functional foods, and the more traditional dietary supplements and fortified foods. However, the term functional foods have become the predominant one even though several organizations have attempted to differentiate this emerging food category. Nutraceutical products are considered as the food or a part of food that delivers nutritional value to the diet. It is also called as a functional food that contains standardized nutrient and pharmaceutical-grade. These supplements act as source for a dietary supplement to the body through diet & works to prevent diseases. With cumulative educational level, people are becoming ready to accept diverse types of food & beverages that have added nutritional supplements. Hence with this change, nutraceutical products are gaining a traction across the world.
Globally, nutraceutical products are gaining importance and are becoming a part of the consumer’s daily diet. The primary reasons for this change have been the increasing prevalence of lifestyle diseases and people consciously taking preventive healthcare measures. Growing the utilization of functional food and beverages by the baby boomer population is expected to augment nutraceutical products market growth over the forecast period. Much of the technological progress in the field of nutraceutical producers will require patience, deep pockets, and a willingness to place risky bets. Nutraceutical products manufacturing companies will need to achieve genuine breakthroughs to tackle a wide range of conditions. Nutraceutical products are likely to benefit from the trend of personalized medicine; therefore, using and creating technology which aids this movement will be a crucial factor.
Development of new supplements with distinctive genetics, ecotype could provide local producers with access to more stable and specialized markets. Globally, the market for nutraceutical products is driven by increasing consumer awareness of aging populations, rising health care costs, diet-disease links, and advances in food technology and nutrition. Currently, health concerns like cholesterol reduction, cardiovascular disease, and osteoporosis are the most attractive targets for nutraceutical products, followed by child development, high blood pressure, diabetes, GI disorders, menopause-related ailments, and lactose intolerance.
The Asia Pacific region is anticipated to be the fastest-growing market during the forecast period with a CAGR of 8.0%. An increasingly hectic pace of life is now becoming commonplace in Asian countries. The strategies of the nutraceutical manufacturing companies must be to invest heavily in advertising to help consumers understand the health benefits. The region with its large population shows significant potential for manufacturers, and the focus is on weight management, which is driving the growth of the nutraceutical products market for weight-loss ingredients.
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The research report offers details about leading companies in the global Nutraceutical Products market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market.
Some of the Leading Market Players Are Listed Below:
- BASF SE
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Nutraceutical Products Market Segmentation based on Types:
- Dietary Supplements
Nutraceutical Products Market Segmentation based on Distribution Channel:
- Hypermarkets or Supermarkets
- Convenience Stores
- Online Stores
For comprehensive coverage, the report discusses growth prospects, opportunities, and challenges. The market report considers various key factors across the leading regions.
Nutraceutical Products Market Segmentation based on Regions:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Spain, Benelux, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East & Africa)
Key Features of the global Nutraceutical Products Market:
- The report offers detailed estimations at the regional level with manufacturers, consumption, sales and import/export dynamics.
- The report provides accurate details related of the manufacturers/vendors in the market, company overview, pricing analysis, financial standing, product portfolio, and gross profit of leading companies.
- Company profiling with prevalent expansion strategies, revenue generation, and recent developments.
- Optimum strategic initiatives for new players in the market.
- Manufacturing processes, suppliers, cost, rates of production and consumption, transport mode and cost structuring, and value chain analysis.
- The study also includes supply chain trends, including elaborate descriptions of the latest technological development
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