The global nutraceuticals market is estimated to be valued at $516.5 billion by 2028, surging from $288.5 billion in 2020, at a noteworthy CAGR of 7.60%.
Impact Analysis of COVID-19 on the Nutraceuticals Market
The global market for Nutraceuticals is estimated to experience a high growth amid the COVID-19 pandemic. This growth is the result of increased adoption of foods that are good for health and act as immunity boosters during the pandemic. Therefore, demand for nutraceuticals is also consequently projected to witness a rise.
Furthermore, certain key vendors operating in nutraceuticals market are adopting certain strategies and innovations for staying upfront in the competitive environment. For instance, in August 2021, Enlightlife Science Pvt. Ltd., Indian wellness company, announced that they have launched their nutraceutical products during the pandemic; their nutraceuticals will increase the immunity of the body. All such factors are predicted to positively impact the global nutraceuticals market amid the pandemic.
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Due to the COVID-19 pandemic, people are focusing more on health and therefore preferring the food that has high nutrition and good for immunity. These factors are anticipated to create lucrative investment opportunities in the market during the forecast period.
Global Nutraceuticals Market Analysis
The enormous growth of the global nutraceuticals market is mainly attributed to increasing trends of fortified foods among people. Moreover, increasing disposable income will motivate people to spend more on the healthy food, which will further complement the global nutraceuticals market. Furthermore, most of the fortified foods have medicinal properties that will provide healing benefits to the body apart from energy. These types of factors are creating awareness among people to adopt nutraceuticals and thus fueling the market growth.
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There are certain nutraceuticals that can negatively affect the body such as supplements can negatively affect the body if taken in high amount. For example, high consumption of vitamin A can cause headaches, reduce bone strength, cause birth defects, and liver damage. Such key issues may create a negative impact on the market during the forecast period.
The increasing adoption of herbal medicines may create huge opportunities for the market in the future. Herbal medicines contain ingredients that are derived from natural resources such as plant. Herbal medicines are taken as health supplements by many people. These medicines come in powder, capsules, tablets, and different tea forms; such products do not have side effects and they are the safest option to improve health and other body function. Such aspects is expected to raise the demand for nutraceuticals globally.
Furthermore, in many countries primary focus on nutraceuticals is ayurveda as they do not have side effects and they are tried and tested. For example, in India, there are thousands of plants that are contributing to medicines and nutraceuticals. Some of the trending ayurvedic products are Chyawanprash and herbal honey. Such elements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Nutraceuticals Market, Segmentation
The global nutraceuticals market is segmented based on product, distribution channel, and region.
The product segment is further classified into functional foods, functional beverages, and dietary supplements. Among these, the functional foods type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $225.4 billion by 2028, with an increase from $121.8 billion in 2020.
The market growth can be attributed to growing adoption of functional foods among the people. Functional food is defined as the modified food that improves health and will reduce the risk of developing various diseases by offering essential proteins and nutrients. These factors may create a positive impact on the sub-segment throughout the forecast period.
The distribution channel segment is further divided into supermarket hypermarket, specialty stores, e-commerce, and others. The supermarket hypermarket sub-segment is anticipated to have a dominating share as well as be the fastest growing sub-segment in the global market and register a revenue of $233.5 billion during the analysis timeframe.
This growth of the sub-segment is owing to availability of diverse range of nutraceuticals products in the supermarket under the same roof and other facilities. Furthermore, in supermarkets, goods are available at affordable prices with discounts on original price. Such factors may create huge opportunities for the sub-segment throughout the forecast period.
The nutraceuticals market in the North American region is projected to witness rapid growth. This market generated a revenue of $81.7 billion in 2020 and is further projected to reach up to $160.6 billion by 2028.
The demand for nutraceuticals is surging in the North America region specifically because of factors such as increasing prevalence of diet supplements along with increasing consumer spending on healthy foods. Moreover, the strong presence of leading nutraceuticals providers and manufacturers will be one of the key factors for the growth of market in the region. For instance, Archer Daniels Midland (ADM), in January 2020, announced that they have acquired Yerbalatina Phytoactives, producer of natural plant-based extracts and other ingredients. Yerbalantina has more than 100 botanical products that include healthy ingredients, functional nutrition, and various healthy products. All such factors are anticipated to boost the market in the North America region.
Key Players in the Global Nutraceuticals Market
Some of the leading global nutraceuticals market players are
- Amway Corporation
- Archer Daniels Midland Company
- DuPont de Nemours, Inc.
- BASF SE
- Cargill, Inc.
- General Mills Inc.
- Koninklijke DSM N.V.
- Nestle S.A.
- PepsiCo, Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Nutraceuticals Market
Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Moreover, unpredictable demands in supplier pricing may impact company profitability. Hence, there will be low threat from the supplier side. Thus, the bargaining power of the suppliers is low.
Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of nutraceuticals that are offered at low prices. The buyers can hence choose the nutraceuticals that best fit their preferences. Hence, the bargaining power of buyers is high.
Threat of New Entrants: Startups entering this market are providing innovative nutraceuticals to the customers. However, companies that are in the nutraceuticals are much more globalized.Thus, the threat of the new entrants is moderate.
Threat of Substitutes: There are different types of nutraceuticals available for various applications.Therefore, the threat of substitutes is low.
Competitive Rivalry in the Market: The ventures operating in the global nutraceuticals are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.Therefore, competitive rivalry in the market is high.
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