Nutraceuticals are gaining wide acceptance worldwide as more & more consumers are becoming aware of their numerous health benefits & ability to prevent or delay the occurrence of various disorders. They are also gaining immense popularity among people seeking natural ways to maintain their overall health & wellness. In view of their mounting demand globally and active efforts of manufacturers in introducing more effective products, a recent research report has stated that the Global Nutraceutical Products Market is set to register around 7.2% CAGR during 2023-28.
The growing interest of consumers in functional foods owing to their ever-increased health consciousness, especially with the advent of Covid-19, coupled with the globally increasing incidence of chronic ailments, as well as stringent norms about food fortification imposed by governments of different countries, are the key factors projected to drive the industry in the forecast years. Some of the recent developments in the industry include the following:
Moreover, the rapid inclination of consumers toward medical nutrition owing to the growing application of dietary supplements in treating cardiovascular diseases & malnutrition, alongside the rising elderly population and increasing healthcare costs, are further opening pathways for the industry participants to yield significant revenue in the global market.
Top Factors Underlying the Topical Pain Relief Market Dynamics
How is the Nutraceutical Industry performing in North America?
The US is the largest nutraceutical product market in entire North America, owing mainly to the dramatically growing demand for dietary supplements in the country, coupled with the burgeoning consumer focus on nutrition & dietary supplements for weight management & reducing the risk of cardiovascular diseases, which has instigated manufacturers to introduce innovative products in order to cater to evolving demands. Moreover, the increasing number of retail stores selling nutraceuticals in the country, along with the mounting incidence of lifestyle diseases like obesity & diabetes that has surged the consumption of prebiotics & probiotics in the US, are other prominent aspects driving the North America Nutraceutical Products Market.
With ever-increased consumer awareness about health and growing demand for functional food products & herbal supplements, the need for nutraceutical manufacturers is constantly rising across different corners of the world. Regulatory authorities are rigorously scrutinizing the quality, safety, & efficacy of these products. As the population level & healthcare expenditures rise, and the consumption of potential nutrients as well as micronutrients like Vitamin C, Zinc, Vitamin D, & Vitamin A, the nutraceutical products market is set to witness significant expansion in the coming years.