January 15, 2021
According to the research report titled ‘Global Nutraceutical Product Market Analysis, 2020‘, available with Market Study Report, global nutraceutical product market is expected to witness a growth rate of 7.2% CAGR during 2020-2025.
Rapid urbanization, rising disposable income of individuals, along with shifts in consumer lifestyles, dietary habits, and buying patterns are the fueling global nutraceutical product market growth. Moreover, increasing awareness and demand of nutrients, coupled with growing focus among several companies on product innovations and nutrition-rich offerings are significantly contributing to the market growth. Further, rising investments by established companies in startups is favoring the business landscape.
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For those unfamiliar, nutraceutical products are food fortified supplements which has several health and medical benefits, including prevention or treatment of diseases.
In terms of distribution channel, global nutraceutical product industry is classified into drug stores, conventional stores, pharmacies, and specialty stores. With respect to source, the industry is fragmented into minerals, probiotics, vitamins, and prebiotics.
Based on type, global nutraceutical product market is fragmented into dietary supplements, food, and beverages. Among these, food segment held highest industry share in 2019 and is poised to witness significant gains in coming years.
As per the trusted sources, Kraft Heinz declared an investment of USD 100 million in 2019, in a start-up called ‘New Culture’ which makes animal-free cheese from Casein Protein. Moreover, Conagra announced to develop an innovation center in Chicago. Further, Amway India introduced Nutrilite Cal Mag D Plus, in 2019, to strengthen its nutrition portfolio.
From a regional frame of reference, North America nutraceutical products market currently holds majority revenue share and is poised to experience strong growth in the coming years. U.S, Canada, and Mexico the key contributors of the overall regional growth owing to rising health-consciousness among individuals and increasing awareness regarding benefits of nutrients in the body. Also, flourishing retail sector in the region, in line with high consumer preference towards convenience stores due to easy availability of various products from several vendors under one roof is enhancing the industry outlook.