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Nutritional Food and Drink Market is Projected to Grow Expeditiously: to Reach USD 320.7 Billion by 2032, Report
Nutritional Food and Drink Market
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The increasing health consciousness among people, the growing prevalence of chronic diseases globally, and the rising demand for health supplements are the factors expected to drive the growth of the global nutritional food and drink market in the forecast period from 2023 to 2032. However, the growing usage of artificial flavors and preservatives may restrict market growth in the coming future. On the contrary, increase in investments in R&D and the continuous growth in the fitness industry are expected to offer remunerative opportunities for the expansion of the nutritional food and drink market during the forecast period.
The drink sub-segment accounted for the largest global nutritional food and drink market share of 64.7% in 2022 and is expected to dominate by growing at the highest CAGR of 12.6% during the forecast period. This significant growth is mainly due to the increasing popularity of sugar and fat substitutes, which reflects a growing consumer concern about health issues like obesity and diabetes, driving demand for low-sugar and low-fat options. Besides, the inclusion of fat substitutes, such as avocado and coconut oil-based products offers healthier fat alternatives, appealing to health-conscious consumers. Mostly, the booming trend of sports nutrition, fueled by a growing emphasis on fitness and health, further propels market expansion.
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The sports & fitness sub-segment held the largest market share of 52.7% in 2022 and is predicted to grow at the highest CAGR of 13.0% during the forecast period. This is mainly due to the increased health and fitness consciousness among consumers, facilitated by the widespread availability of sports supplements and the proliferation of gyms & fitness facilities. Moreover, continuous product innovation and research efforts into new ingredients are anticipated to further propel market expansion.
The North America nutritional food and drink market accounted for the largest share of 34.2% in 2022 and is predicted to continue to dominate in terms of market share by 2032. This growth is mainly owing to the increasing health and fitness awareness among people in the region. Besides, the frequent introduction of new sports supplements in the region suggests sustained high demand in the future. Moreover, governmental support for sports-related initiatives and the aging population's interest in products promoting healthy aging contribute significantly to market growth.
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Leading Players in the Market:
Abbott
DUPONT
Bionova
Nestle
Health Food Manufacturers' Association
Glanbia Plc
Amway
Herbalife International of America, Inc.
GSK plc
Bayer AG
The report provides a detailed analysis of the key players of the global nutritional food and drink market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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