NEW YORK, Nov. 24, 2023 /PRNewswire/ — The nutraceuticals market is expected to grow by USD 223.56 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 8.52% during the forecast period. The increasing cost of medical treatment is notably driving the nutraceuticals market. However, factors such as the high cost of nutraceuticals may impede the market growth. The market is segmented by distribution channel (offline and online), product (functional food, functional beverages, and dietary supplements), and geography (North America, APAC, Europe, Middle East and Africa, and South America).
Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format
Key Segment Analysis
The market share growth by the offline segment will be significant during the forecast period. Offline promotion, display, and sales of goods in the physical store environment where face-to-face interaction exists between persons who engage in business activities. Department stores, supermarkets, hypermarkets, and convenience stores are included in the offline segment. Tesco plc, Walmart Inc. Walmart, and Target Corp. are some of the world’s biggest retailer chains with their own specialized sections selling nutritional supplements in their stores. The suppliers of dietary supplements are using advertising and marketing strategies, such as marking signs or discounts at the outlets. Hence, these factors are expected to drive segment growth during the forecast period.
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Geographical Market Analysis
The nutraceuticals market in APAC is expected to be the fastest-growing geographical segment during the forecast period, with Japan, China, Singapore, India, and Australia emerging as the major contributors. Several companies in this region offer nutraceuticals, which has resulted in the potential growth of the market. Furthermore, people in APAC are increasingly adopting healthy eating habits because of growing health concerns. In addition, overweight and obesity are becoming increasingly prevalent in APAC countries due to unhealthy eating habits, the intake of high-calorie foods, lack of physical exercise, and genetics. People with health disorders are increasingly opting for functional and natural healthy foods to curb diseases. This is contributing significant revenue to the market.
Company Insights
The nutraceuticals market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including Abbott Laboratories, Advanced Orthomolecular Research Inc., Amway Corp., Archer Daniels Midland Co., BASF SE, Bayer AG, Better Being Corp., Cargill Inc., COSUCRA, Danone SA, General Mills Inc., Herbalife International of America Inc., Innutrigel AG, International Flavors and Fragrances Inc., LKK Health Products Group, Nestle SA, PepsiCo Inc., Pfizer Inc., RBK NUTRACEUTICALS Pty Ltd., and The Coca Cola Co.
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