Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) — The “Nutraceuticals Market – Global Outlook & Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global nutraceuticals market is expected to grow at a CAGR of 8.47% from 2022-2028.
E-commerce will Be the Revolutionary Sales Channel for Vendors
E-commerce channels improve the sale of nutraceuticals in both B2B and B2C business models. Post-pandemic, most vendors in the global nutraceuticals market are shifting their sales to e-commerce, based on the understanding that online sales not only increase sales of the products but also deliver the marketing, promotional, and revenue generation opportunities in a short period without spending as much capital as traditional marketing and promotional activities.
Shifting Preference for Non-pill Nutraceuticals Products
Nutraceuticals are available in several forms, such as tablets, liquid, and powder, which have gained high popularity in the past several years. But behind this form, some emerging forms of nutraceutical products format gained high attention and changed the sudden market landscape. The changing landscape from only tablet and liquid format-based nutraceuticals offers high consumer attention in the nutraceuticals market. Gummies and effervescent format are easy and most preferred nutraceuticals nowadays. In the pediatric population, gummies are becoming more popular. In the older population, gummies are becoming popular due to aversion to swallowing tablets and capsules or struggle to do so.
Rising Demand for Nutraceuticals in Health Management
Nutraceuticals have a broad history in the healthcare industry, but the momentum shift towards nutraceutical uses in preventive health management has gained high industry growth in the past few years. The factors behind increased attention towards preventive care with nutraceutical use are the rapidly changing lifestyle of people, rising awareness about preventive healthcare check-ups and intake of vital supplements, and rising per capita income in health management.
Presence of Potential Consumer Base
Globally, a significant number of people suffer from chronic disease and several other general to severe health conditions. Chronic illness causes millions of deaths globally. Millions of people started using nutraceutical products such as functional food, vitamins, supplements, and many more in preventive care and management, propelling the nutraceuticals market growth.
High Demand for Personalised Nutrition
Worldwide, the significantly changed personal care and management environment among all individuals shifted people towards personalized care preference. Millennials and Gen-Zs are most interested in personalized nutrition, and around 30% prioritize their health compared to previous decades (2022).
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCTS
The functional food products segment will dominate the global nutraceuticals market in 2022. Functional food is highly nutritious and associated with several advantages. Also, functional food has achieved significant popularity among health and wellness enthusiasts. On the other hand, the functional beverages segment is expected to have a high growth rate during the forecast period. The increasing preference for energy drinks, sports drinks, and healthy and herbal juices among people is accelerating the sale of the functional beverages segment. The broad consumer base, such as athletes, sports persons, and gym athletes, offers lucrative segmental growth opportunities. Also, vendors can collaborate with sports centers, clubs, gyms, cardio centers, and others where functional beverages are in high demand. Also, functional beverages are easy to consume and effective compared to functional food, which is expected to deliver high revenue growth in upcoming years.
Segmentation by Product
- Functional Food
- Functional Beverages
- Vitamins & Dietary Supplement
INSIGHTS BY SALES CHANNELS
Supermarkets and hypermarket sales channels accounted for the higher share of the global nutraceuticals market in 2022. Both the sales channels experience that consumers trust established brands, whereas supermarkets and hypermarkets offer a broad selection of reputable brands with discounts, affordable prices, and gifts. However, the rapidly growing online sales channels such as e-commerce channels, vendors’ own online sales websites, and e-pharmacies offering direct contact and sale of nutraceutical products to each corner of the world are projected to increase during the forecast period. The vast distribution network and attention of consumers for easy purchasing and affordable prices with e-commerce channels offer high nutraceutical industry growth opportunities. On the other side, developing markets such as Latin America, the…
Read More: Global Nutraceuticals Market Report 2023-2028: High Demand