Friday 16 June 2023, Amsterdam
The global nutraceutical products market is projected to reach $691.87 billion by 2030, at a CAGR of 7.8% from 2023–2030
Based on type, in 2023, the functional food segment is expected to account for the largest share of the global nutraceutical products market. The large market share of this segment is attributed to the growing demand for nutritional & fortifying food products and rising awareness about the health benefits of consuming these products. Consumers are increasingly drawn to foods with functional ingredients to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular diseases, which contribute to the growth of this segment.
Based on source, the prebiotics segment is slated to register the highest CAGR during the forecast period. The fastest growth of this segment is attributed to the rising chronic disorders and increasing health concerns regarding gut health, increasing consumption of prebiotics, and rising awareness about the benefits of prebiotics.
The growing use of prebiotics in infant formulas is expected to create growth opportunities for players in this market.
Based on distribution channel, in 2023, the supermarkets & hypermarkets segment is expected to account for the larger share of the global nutraceutical products market. The large market share of this segment is attributed to the rapid urbanization, rising per capita disposable incomes, consumers’ increasing adoption of healthy eating habits, and increased sales of functional food and beverages in well-established supermarkets and hypermarkets.
An in-depth geographic analysis of the industry provides detailed qualitative and quantitative insights into the five major regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) and the coverage of major countries in each region.
In 2023, North America is expected to account for the largest share of the nutraceutical products market. The large market share of this region is attributed to the well-established food & beverage industry; high awareness of the health benefits of nutraceuticals; the growing popularity of protein bars, shakes, and cookies among millennials; the rising demand for clean-label nutraceutical products; growing vegan trend and increasing health-conscious consumers; and advancements in nutrition and technology.
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