The global nutraceuticals market size is expected to gain momentum by reaching USD 658.11 billion by 2028 while exhibiting a CAGR of 9.3% between 2021 and 2028. Fortune Business Insights™ in its latest report, titled, “Nutraceuticals Market, 2021-2028,” mentions that the market stood at USD 320.00 billion in 2020. Factors such as the increasing personalization in nutritional diet and the increasing investment in R&D activities are expected to propel the demand for the product in the forthcoming years. For instance, in July 2019, General Mills announced its collaboration with GoodBelly to produce and distribute lactose-free yogurts and a probiotic-based cereal to cater to the growing demand from consumers. Therefore, the increasing focus on personalization of nutrition has propelled the companies to introduce healthy food products worldwide.
A List of Renowned Companies Present in This Market:
- Herbalife Nutrition Ltd. (California, United States)
- Archer Daniels Midland Company (Illinois, United States)
- General Mills (Minnesota, United States)
- PepsiCo Inc. (New York, United States)
- BASF SE (Mannheim, Germany)
- Abbott (Illinois, United States)
- Amway (Michigan, United States)
- Glanbia Plc. (Ireland)
- Danone S.A. (Paris, France)
- Nestle S.A. (Vevey, Switzerland)
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What does the Report Include?
The global
market for nutraceuticals report includes in-depth analysis of the market and
focuses on crucial aspects such as materials, leading companies, applications,
and products. Also, the report offers insights into latest trends and
highlights key industry developments. The
report further includes historical data & forecasts revenue growth at
global, regional, and country levels and analyzes the industry's latest
dynamics and opportunities that will impact the market growth between 2021 and
2028.
DRIVING FACTORS
Increasing Investment in Product Development
to Favor Growth
In January
2020, Archer Daniels Midland Company announced the acquisition of Yerbalatina
Phytoactives, a leading manufacturer of natural plant-based extracts and
ingredients. The company with its investment aims to strengthen its position in
the market. Similarly, several companies are focusing on investing in R&D
activities to develop and introduce health-benefiting food products to cater to
the growing demand for nutritious products worldwide. Moreover, the development
of natural food products devoid of any harmful substances will boost the global
nutraceuticals market growth in the forthcoming years.
Read a Detailed Summary of This Report:
COVID-19 IMPACT-
Massive Spike in Demand for Healthy Food
Products amid COVID-19
The COVID-19
pandemic has brought upon a turbulent time for several economies worldwide.
However, it has also been an eye-opener for people globally to adopt a healthy
and nutritious diet with a core focus on building strong immunity. The demand
for vitamins and minerals has surged significantly and the people are consuming
immunity boosting products to ensure protection from chronic and infectious
diseases. This is expected to bode well for the growth of the market in the
forthcoming years.
REGIONAL INSIGHTS
Asia-Pacific to Remain at Forefront Stoked by
Enhance Standard of Living
Among all
the regions, Asia-Pacific is expected to remain dominant and hold the highest
position in the market during the forecast period. The dominance is
attributable to the presence of a large population and the improving living
standards in countries such as India, Japan, and South Korea, among others that
will boost the demand for nutraceuticals in the region. Moreover, the region stood
at USD 124.70 billion in 2020.
The market
in North America is expected to hold the second position in the market backed
by the increasing demand for plant-based nutritional products and the growing
demand for functional food in countries such as the U.S. between 2021 and 2028.
COMPETITIVE LANDSCAPE
Merger and Acquisition between Major
Companies to Brighten Their Market Prospects
The global
market comprises small, medium, and large companies that are striving to
maintain a stronghold. The large companies are focusing to expand their nutraceuticals
portfolio by acquiring other small companies. Moreover, other key players are
adopting strategies such as facility expansion, partnership, and collaboration
to gain a competitive edge over their rivals that will favor the market growth
in the forthcoming years.
AN INDUSTRY DEVELOPMENT:
September 2020 - Nuliv Science introduced a new
compound, Senactiv that helps to promote muscle energy and regeneration. The
company further reports that the new sports product is manufactured taking into
consideration the surging demand for dietary supplement among consumers.
Read
Press Release: https://www.fortunebusinessinsights.com/press-release/nutraceuticals-market-9682
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