New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nutraceuticals Global Market Report 2023" - https://www.reportlinker.com/p06284115/?utm_source=GNW
, Innophos, W. R. Grace & Co.-Conn., and Bactolac Pharmaceutical Inc.
The global nutraceuticals market grew from $372.27 billion in 2022 to $409.12 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The nutraceuticals market is expected to grow to $596.81 billion in 2027 at a CAGR of 9.9%.
The nutraceuticals market consists of sales of dietary supplements, functional food, medicinal food, and farmaceuticals.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The nutraceuticals are classified as food but are also used for medical purposes.Nutraceuticals are specially designed consumable products from various food sources that contain a high concentration of bioactive compounds that have several nutritional, health, and medicinal benefits.
Nutraceutical products and supplements can be taken by an individual along with a normal daily diet to get additional nutrients to promote good health and wellbeing.Nutraceutical products are used to improve health, prevent chronic diseases, increase life expectancy, and support the physical and mental health of an individual.
They are also proven to have a potentially positive effect on health conditions like cardiovascular disease, hypertension, diabetes, inflammation, cancer, and others.
North America was the largest region in the nutraceutical market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the nutraceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of nutraceuticals are vitamins and minerals; probiotics; proteins and peptides; omega fatty acids; and others.Vitamins and minerals are nutrients required for the body’s daily functioning.
Vitamins and minerals are added into food products to increase the nutritional value of food to improve the health of an individual and provide them with high immunity.These are classified according to their source, which can be plant, animal, or microbial.
These nutraceutical products are used in various applications, such as functional food, functional beverages, dietary supplements, personal care, animal nutrition, and others.They have various product forms, which are capsules, tablets, softgels, powder, liquids, and gummies.
The various distribution channels through which nutraceuticals are available are: specialty stores; supermarkets and hypermarkets; convenience stores; drug stores and pharmacies; online retail stores; and other distribution channels.
The rise in the geriatric population is significantly contributing to the growth of the nutraceutical market.Nutraceuticals are products that can be taken by an individual along with a normal daily diet to get additional nutrients to promote good health and immunity.
After a certain age, especially after 65 years or above, an individual requires additional nutrients to build immunity to fight against a number of diseases like diabetes, cholesterol, blood pressure, and other age-related issues.Nutraceuticals are used as daily supplements to meet the daily requirements of nutrients.
For instance, in 2020, according to the United Nations, there were approximately 727 million people aged 65 and above worldwide, and that number is expected to reach approximately 1.5 billion by 2050. Therefore, the rise in the geriatric population is driving the growth of the nutraceutical market.
New product development is the key trend being followed by the companies operating in the nutraceutical market.This is due to the presence of a large number of nutraceutical companies operating in the market and their desire to extend their growth in new areas to be a leader in the market.
For instance, in December 2021, Nestlé Health Science, a Switzerland-based nutrition company, developed a product named Reducose with the use of the plant-based ingredient mulberry leaf extract powder as an artificial sweetener for prediabetic patients, which helps to maintain a normal blood glucose response.The Reducose by Nestle Health Science has been proven to have a positive effect on postprandial blood glucose levels by reducing them by 40%.
It can be added to meals or drinks to sweeten them without altering the original taste and texture of the food.
In November 2021, ADM, a US-based multinational food processing company, acquired Deerland Probiotics & Enzymes for an undisclosed amount.Through this acquisition, ADM aims to enhance its prebiotics, probiotics, and postbiotics supplement portfolio in customised food and beverage products to meet growing demands from consumers across the globe for a wide variety of dietary supplements, functional foods, beverages, and pet nutrition that enhance health and wellbeing.
Deerland Probiotics & Enzymes, Inc. is a US-based dietary supplement manufacturing company. The company specialises in the development of science-backed solutions that benefit health using probiotic, prebiotic, and enzyme technology.
Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, and the United States are among the countries covered in the Nutraceuticals Market market report.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The nutraceuticals research report is one of a series of new reports that provides nutraceuticals statistics, including nutraceuticals industry global market size, regional shares, competitors with nutraceuticals share, detailed nutraceuticals segments, market trends and opportunities, and any further data you may need to thrive in the nutraceuticals industry. This nutraceuticals research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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