NEW
YORK, June 25, 2024 /PRNewswire/ -- The
global nutraceuticals market size is estimated to grow
by USD 279.8 bn from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 9.58% during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
The nutraceutical industry is thriving, driven by people's
growing interest in healthy eating and getting enough nutrients.
This trend is pushing companies to develop new and exciting
products. For example, a Swiss company called Innutrigel is using
special technology to create chewable gummies as an alternative for
those who dislike swallowing pills. Research is also focused on
incorporating antioxidants and enhancing absorption through a
process called nanoencapsulation. These innovations are a boon for
the market, making nutraceuticals more appealing and effective.
Consumers are increasingly drawn to functional foods and
supplements that support their health goals. This is reflected in
the popularity of protein bars, granolas, and protein powders.
These products are packed with nutrients and functionality, making
them a perfect fit for health-conscious individuals. Fiber,
vitamins, minerals, and antioxidants are some of the most
sought-after ingredients. Europe,
North America, and Asia Pacific are leading the global
nutraceutical market. Manufacturers are constantly adapting their
products to cater to evolving preferences, with a focus on
sustainability, convenience, and innovation.
Dietary supplements, functional beverages, and functional foods
are the major categories in this market, and its growth is expected
to continue due to rising health awareness and the expanding
variety of nutraceutical offerings.
However, despite the promising outlook, there are challenges
that the nutraceutical market needs to address. The high cost of
production, particularly expensive raw materials, is a major hurdle
for market expansion. For instance, a supplement containing
ingredients like serrapeptase, bromelain, and rutin can cost around
USD$120. Yet, the preference for
nutraceuticals over traditional medical treatments is expected to
propel the market forward.
Other obstacles include navigating regulations and complying
with changing guidelines. The industry also needs to stay ahead of
the curve regarding consumer preferences, such as the growing
interest in functional foods and personalized nutrition.
Sustainability and ethical sourcing are gaining importance as well.
Nutraceuticals also face stiff competition from conventional food
and beverage companies. Additionally, improvements are needed in
logistics and distribution networks to reach a wider customer
base.
In conclusion, the nutraceuticals market presents exciting
opportunities but also significant challenges. By embracing
innovation and addressing these hurdles, the industry can ensure
its continued success and growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Product
-
- Functional Food
- Functional Beverages
- Dietary Supplements
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio