Nutraceuticals Market Hits Record Highs, the Market to Reach $693.06 Billion by 2028
Arizton is pleased to announce its latest report, nutraceuticals market - global outlook & forecast 2023-2028, shedding light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current nutraceuticals market dynamics and future prospects.
Browse 127 market data Tables and 132 Figures spread through 283 Pages and in-depth TOC on "the nutraceuticals market by product (functional food, functional beverages, and vitamins & dietary supplements), sales channels (supermarkets & hypermarkets, pharmacies, online, and others), consumers (adults and pediatric) and geography (North America, Europe, APAC, Latin America, and Middle East & Africa) - global forecast to 2028.”
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What are the Factors Reshaping the Market Opportunities?
The global nutraceuticals market is highly attractive, with tremendous advances and revenue-generating opportunities. Multiple factors positively and negatively impact the market landscape. In recent years, the market has witnessed several dramatic changes. A significant proportion of the global population understood the importance and impact of nutrition during the COVID-19 pandemic. The development of new formulations accelerates market growth. The nutraceuticals market has recently experienced notable expansion, propelled by a growing segment of informed consumers increasingly prioritizing their health. The surge in consumer health consciousness has played a pivotal role in this growth trajectory.
Additionally, there is increasing awareness regarding the advantages of leading a healthy lifestyle, coupled with a discernible preference for customized dietary solutions. Collectively, these factors can significantly propel the market toward further growth. Businesses operating in this sector can strategically emphasize personalized nutritional strategies tailored to meet the unique needs of individuals. By adapting to the ever-evolving consumer behavior, vendors can tap into the escalating demand for health-conscious products. The confluence of an educated consumer base, heightened health awareness, and a preference for personalized diets presents a promising landscape for sustained market development.
How Did the Shift Towards E-Commerce Models Benefit Vendors?
Huge Impact on B2B and B2C Sales
The COVID-19 pandemic disrupted the distribution and promotional activities for nutraceuticals; however, the market landscape underwent a significant transformation in the latter part of 2020 and the post-pandemic period, driven by the surge in e-commerce channels. E-commerce platforms played a pivotal role in boosting the sales of nutraceuticals, catering to both B2B and B2C models. Consequently, most vendors adopted e-commerce models for their post-pandemic sales strategy, recognizing the potential for increased product demand and rapid access to marketing, promotional, and revenue-generation opportunities. This shift was motivated by the cost-effectiveness of online sales compared to traditional marketing endeavors.
The nutraceutical industry faces challenges due to profound lifestyle changes, requiring vendors to innovate and stay competitive. The global demand for immunity boosters and preventive solutions is rising substantially. A considerable segment of the population, including patients and the general public, actively seeks advanced and high-quality nutritional support at affordable prices. E-commerce platforms have emerged as the preferred avenue for purchasing and delivering these sought-after solutions.
Development in e-commerce sales is a major change experienced in the nutraceuticals market. Glanbia Nutraceuticals, one of the leading market players, states that when traditional sales channels, such as brick-and-mortar, grew 2.8% in 2019, e-commerce sales increased by almost 27%, around 10 times higher. The company also states that supplement sales increased by around 60% through online sales channels in 2020. Furthermore, the Nutritional Business Journal 2021 revealed that most consumers who switched to online sales channels for supplements (nutraceutical products) are expected to continue to make online purchases for nutritional products, i.e., e-commerce will show long-term positive impacts on the market growth. Vitamins, herbs, and botanicals are major nutraceutical products in demand through e-commerce channels. E-commerce channels are an opportunity for new entries in the market. Globally, new start-ups are an effective way to gain high revenue, market penetration, consumers, and rapid popularity. Start-ups can collaborate with trendy e-commerce channels as nutraceuticals distribution channels have rapidly shifted toward e-commerce. Currently, almost all nutraceutical brands are available on e-commerce channels. Most leading vendors sell nutraceuticals through their own websites and tie up with third-party online platforms, which help them reach potential consumers and conveniently cater to the right category.
How is Personalized Nutraceutical Contributing to Overall Growth and Sustainability?
There are significant changes in the environment for personal care and management globally. Individuals prefer personalized care, of which personalized nutrition is among the top. Medical settings have become highly advanced in recent years, increasing medical costs. On the other hand, the pharmaceutical and biotech industries have shown tremendous growth in the R&D of key compounds. These two factors support each other but challenge the cost of care. Nutraceuticals offer the most advanced and affordable care model that provides a better health promise, leading to increased demand. The approach to personalized nutrition has positively influenced the market as the nutraceutical industry has grown in the past few years. Personalized nutrition reduces the extra cost of nutritional requirements and offers only key solutions individuals require. This approach supports several health conditions and associated care. Metabolism, genetics, biochemistry, and microbiota data can be considered while devising individual nutrition needs. It will help individuals to achieve optimal health. Increased consumer awareness about health and fitness accelerates the demand for personalized nutrition, of which dietary supplement products account for a higher market share, according to Arizton's study. This is followed by functional foods, beverages, and sports nutritional products. Amway, Herbalife, Nutrition, Nutrigenomix, BASF SE, and DSM are leading market players offering personalized nutraceuticals.
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