In 2022, the global market size of Nutraceuticals will be valued at US$ 464.87 Mn and is estimated to rise at a CAGR of 9.2%. In 2022, 32.27% of the revenue share was held by APAC.
The term “Nutraceutical/Wellness Food is described as the food and dietary supplements associated with extra health benefits supporting the prevention and cure of diseases or deficiencies.
Nutraceutical/Wellness Food Industry developed a multibillion-dollar business in recent years. Over the forecast period, the low-calorie food and dietary supplement influenced a vast population and became a key driving factor to its expansion in the Market.
Evolved growth of Nutraceutical products in Asia Pacific is an outcome of the increasing aging population, rapidly changing lifestyle, and spending patterns on healthcare products. Due to rising awareness of Nutritional enrichment, it is predicted that India and China remain the favorable factor for market growth.
The increased risk of Cardiovascular diseases and Malnutrition cases gives a favorable outlook to the majority of the population toward the consumption of Nutraceutical Food. One of the factors behind its increasing demand is the rising healthcare costs, interconnected with the increasing geriatric population worldwide.
Due to the requirement for essential nutrients, Multivitamins are becoming a crucial part of Consumer’s lifestyles. Dietary Fibres and Minerals are handpicked as integral Supplements for Bodily maintenance and overall health benefits. In 2020 regarding probiotics, China Food Information Centre published a survey report that 70% of the Chinese population realized the benefits. After APAC, North America is the one to hold the second largest share of Nutraceutical in the Market. Same in Europe rising inclination towards preventive healthcare measures in the Market is primarily motivated by the majority of the population.
During the Pandemic, the effect of COVID-19 shifted people towards preventive measures, and the use of multivitamins, dietary fiber, and Supplements became a part of everyday life across the globe. Thus the Pandemic facilitated a way for Nutraceuticals/Wellness Products to form a strong appearance in the Market. Proteins and Amino Acid Supplements are vital for people to stay physically fit.
These products are gaining more popularity among youngsters nowadays as the trend of bodybuilding increases. For instant energy, sports drinks are gaining popularity among athletes and individuals performing physical activities. Rapid urbanization and varying lifestyles provoked consumers towards healthy diet options.
The existence of crucial players in the Market has formed a competitive landscape. For a new product to compete in a market, companies have implemented mergers and acquisitions as the key strategies while launching a product in the Market. These acquisitions and mergers facilitated companies to improve their quality and extend their reach, satisfying the changing customer needs and trends across the globe.
Some noticeable players in global Nutraceuticals are Herbalife Ltd., Nestle S.A., and Matsun Nutrition. To expand the presence of Nutraceuticals in the Market, the regional key players are mounting towards new product developments.
Our Food and Beverage category segmentation encompasses:
Food and Beverage Additives & Supplements Read More ▾
Food Services and Hospitality
Processed & Frozen Foods
Agriculture & Agri Products