Manufacturers lay emphasis on clean label and organic formulations along with personalized nutrition objectives to appeal to a wider consumer demographic.
NEW YORK, NY / ACCESSWIRE / April 13, 2021 / Nutraceutical supplements in recent years are witnessing a strong rise in consumption, driven by growing consumer interest and awareness towards healthy and balanced dietary requirements. According to market research firm Fact.MR, increasing investments by key stakeholders towards personalized medicine and nutrition, and the growing interest for natural ingredients are emerging as major drivers for the nutraceutical supplements market. Consequently, the global nutraceutical supplements market is estimated to expand at around 6% CAGR over the forecast period (2021-2031).
"The global rise in the geriatric demographic, in addition to rising prevalence of chronic ailments, has led to changes in consumption patterns. Growing concerns associated with inadequacy of nutrient profiles in daily diets, rather than that of specific health conditions or nutrient deficiencies is likely to support the sales and consumption of multi-nutrient supplements for the foreseeable future," projects Fact.MR.
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Nutraceutical Supplements Market - Key Findings
- Vitamin-based supplements will account for significant market share on the back of growing consumer awareness on deficiencies.
- Capsules continue to display faster growth owing to better dosage compliance and ease of administration.
- Europe is displaying strong growth, supported by a large geriatric demographic and demand for anti-aging offerings.
- India is emerging as a high potential market owing to relatively faster population growth and nutrition awareness initiatives.
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Nutraceutical Supplements Market - Key Driving Factors
- Changes in consumer perceptions in terms of healthy diets is a leading driver for the consumption of nutraceutical supplements.
- A conductive outlook towards personalized medical nutrition in light of widespread malnutrition and deficiencies support growth.
- Rising research and development into organic and clean label product formulations creates lucrative opportunities.
Nutraceutical Supplements Market - Key Restraints
- High costs associated with nutraceutical supplements is a key factor holding back widespread adoption.
- Clean label consumption trends are reducing the scope of applications for synthetic nutraceutical supplements.
Nutraceutical Supplements Market - Covid-19 Impact
The coronavirus outbreak is expected to have significant impact on the global nutraceutical supplements market. Growing health consciousness among consumers during the crisis has boosted the sales and consumption of nutraceuticals.
The pandemic has caused increased demand for immunity boosting supplements, with multi-purpose offerings gaining increased attention. On the other hand, costs of supplements can be a concern, limiting adoption, as consumers increasingly redirect their incomes towards essential commodities. Demand is expected to remain strong even after the pandemic subsides, with significant interest in fat-loss and muscle-building products in the market.
Competitive Landscape
Some of the prominent players profiled in this Fact.MR report include, but are not limited to, The Nature's Bounty Co., Abbott Laboratories, Pfizer Inc., Amway, E. I. du Pont de Nemours and Co., Bayer AG, Herbalife Nutrition Ltd., BASF SE, Koninklijke DSM N.V., and Glanbia plc.
Industry leaders continue to focus on nutraceutical supplements with personalized nutrition objectives gaining interest. Moreover, research into product development for differentiation and strategic collaborations for production and distribution is expected to gain ground through the forecast period.
In April 2021, Medolife Rx Inc. an integrated bioceutical company announced the receipt of a major purchase order for its nutraceutical Immunapen product aimed towards pain management, immune support and sleep aid applications. Also, PAO Group Inc. announced a management update to its CBD Pharmaceutical Development Program with COPD management applications through cannabis nutraceuticals. Further, iX Biopharma announced a collaboration deal with the China Resources Pharmaceutical Commercial Group for nutraceutical production and distribution within China.
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About the Report
This 170-page study offers in-depth commentary on the nutraceutical supplements market. The study provides compelling insights on the nutraceutical supplements market on the basis of product type (vitamins & minerals, herbal, protein & amino acid, prebiotics & probiotics), consumer orientation (men, women, kids, and unisex), form (softgel, capsule, liquids, tablets, powder & granules), and sales channel (drug stores, health & beauty stores, modern trade, direct selling, online retail, and convenience stores), across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East & Africa).
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About Fact.MR
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SOURCE: Fact.MR
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