Nutraceuticals Market to Reach $693.06 Billion by 2028, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2023-2028 - Arizton
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The global nutraceuticals market by product is segmented into functional foods, functional beverages, and vitamins. In 2022, the functional foods segment accounted for a 45.01% market share and is expected to dominate the market during the forecast period. Functional food products are nutrient-rich solutions that are a part of daily life nutritional support in humans. On the other hand, the functional beverages segment is expected to witness a high growth rate during the forecast period. The increased preference for energy drinks, sports drinks, and healthy and herbal juices accelerates the sale of functional beverages. The broad consumer base of athletes, sports persons, and gym-goers offers lucrative segmental growth opportunities. Vendors can collaborate with sports centers, clubs, gyms, and cardio centers where functional beverages are in high demand.
E-commerce Act as a Revolutionary Sales Channel for Market Vendors
E-commerce channels are an opportunity for new entries in the market. Globally, new start-ups are an effective way to gain high revenue, market penetration, consumers, and rapid popularity. Start-ups can collaborate with trendy e-commerce channels as distribution channels in nutraceuticals have rapidly shifted toward e-commerce. Currently, almost all nutraceutical brands are available on e-commerce channels. Most leading vendors sell nutraceuticals through their own websites and tie up with third-party online platforms, which help them reach potential consumers and conveniently cater to the right category.
The online sales of vitamins and botanicals is expected to reach around $3 billion by the end of 2023 (Glanbia Nutraceuticals estimation), of which vitamins will account for around $2.2 billion and botanicals for $1.9 billion.
Supermarkets & Hypermarkets to Contribute the Largest Market Share by 2028
Supermarkets and hypermarkets are major distribution platforms for food and supplement products. Supermarkets primarily focus on selling a broad range of food products, vitamins, functional food, and beverages. On the other side, hypermarkets are major retail stores that combine the features of traditional department stores and supermarkets and offer an extensive selection of nutraceuticals under one roof. Both sales channels are retail stores that provide consumers with a broad range of nutraceutical products and contribute higher revenue generation for market growth. In 2022, the supermarkets & hypermarkets segment accounted for a 35.33% share of the global nutraceuticals market.
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North America accounted for the largest share of the global nutraceuticals market, accounting for over 32% in 2022. The factors governing the industry growth in the region are high awareness and high expenditure. Most people in North America consume nutraceutical products such as functional food. Furthermore, the increasing utilization of functional food and beverages by young adults and baby boomers is the leading factor propelling significant industry growth in the region.
Key Company Profiles
International Flavors & Fragrances Inc. (IFF)
BELLRING BRANDS, INC.
CSPC Pharmaceutical Group
E.I.D. - Parry
Elmed Life Sciences
Kerry Group PLC
Nature's Sunshine Products
OmniActive Health Technologies
Tate & Lyle
THE GHT COMPANIES
The Craft Heinz Company
UASANA Health Sciences
ZIVO BIOSCIENCE, INC.
Vitamins & Supplement
Supermarkets & Hypermarkets
Middle East & Africa
Key Questions Answered in the Report:
How big is the nutraceuticals market?
What is the growth rate of the global nutraceuticals market?
Which region dominates the global nutraceuticals market share?
What are the significant trends in the nutraceuticals industry?
Who are the key players in the global nutraceuticals market?
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