New York, April 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nutritional Supplements Global Market Report 2023" - https://www.reportlinker.com/p06451154/?utm_source=GNW
, DSM Human Nutrition & Health, Herbalife Nutrition Ltd., Pfizer Inc., The Healing Power of Nature, GlaxoSmithKline plc, Bayer AG, Glanbia Plc, Carlyle Group, Stepan Company, Nu Skin, and XanGo.
The global nutritional supplements market is expected to grow from $363.92 billion in 2022 to $389.38 billion in 2023 at a compound annual growth rate (CAGR) of 7%. 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 nutritional supplemens market is expected to reach $507.43 billion in 2027 at a CAGR of 6.8%.
The nutritional supplement market consists of sales of iron nutrition pills, fat burner powder, dietary supplements, functional foods, and whey proteins.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.
Nutritional supplements are any vitamin or mineral added to foods or diet that improves the nutritive content of the meal and occasionally supplies only those nutrients that customers are lacking. They are used to enhance diets and usually include vitamins, minerals, herbs, or amino acids.
Asia-Pacific was the largest region in the nutritional supplements market in 2022.Latin America is expected to be the fastest-growing region in the forecast period.
The regions covered in the nutritional supplement report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of nutritional supplements are vegan sports nutrition, meal replacement shakes, food supplements, and others.Vegan sports nutrition is consumed by athletes and comes in the form of energy bars, capsules, powders, gummies, and liquids.
Vegan sports nutrition is used to assist in training and enhance recovery by athletes.The different types of formulations used are tablets, capsules, powder, soft gels, liquid, and others, that uses ingredients such as botanicals, vitamins, minerals, proteins, amino acids, fish oils, fibers, specialty carbohydrates, enzymes, and others.
It is sold through supermarket/hypermarket, retail pharmacies, direct selling, drug stores, and e-commerce, which is used by infants, children, adults, pregnant women, and elderly people.
The increasing prevalence of non-communicable diseases is driving demand for the nutritional supplement market.Non-communicable diseases refer to a group of medical conditions that are usually not caused by an acute infection.
These health consequences typically require long-term treatment and care.Noncommunicable diseases such as diabetes can be managed by several supplements, including alpha-lipoic acid supplementation to address diabetic complications.
For instance, in December 2021, according to the statistics published by the International Diabetes Federation, a Belgium-based, non-profit diabetes association, 537 million adults (20–79 years) were recorded as living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide with diabetes. Therefore, the increasing prevalence of non-communicable diseases will drive the growth of the nutritional supplement market.
New product innovations are a key trend gaining popularity in the nutritional supplements market.Major nutritional supplement players are focused on developing new products to sustain their marketplace.
For instance, in February 2022, Amway India Enterprises Private Limited, an India-based company engaged in the production and development of nutritional supplements, launched nutrition supplements in a unique, tasty, convenient, and simplified format.This new line of products is created, under the umbrella brand Nutrilite as mouth-watering candies and jelly strips that dissolve in the mouth to fit modern lifestyles.
Amway has developed this compact nutrition product, especially for the modern lifestyle and millennials.
In August 2021, Nestlé Health Science, a Switzerland-based pharmaceutical and nutritional manufacturing company, acquired The Bountiful Company for USD 5.75 billion. With this agreement, Nestle acquired the Bounty®, Solgar®, Osteo Bi-Flex®, Puritan’s Pride®, Ester-C®, and Sundown brands from Bountiful. Nestlé will establish a dominant position in the fragmented market of vitamins, minerals, and supplements with the acquisition of The Bountiful Co., which has generated constant growth in consumer health care. The Bountiful Company is a US-based company engaged in developing and producing dietary supplements.
The countries covered in the nutritional supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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 nutritional supplements market research report is one of a series of new reports that provides nutritional supplements market statistics, including nutritional supplements industry global market size, regional shares, competitors with a nutritional supplements market share, detailed nutritional supplements market segments, market trends and opportunities, and any further data you may need to thrive in the nutritional supplements industry. This nutritional supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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